PennantPark Floating Rate Capital (NASDAQ:PFLT) Upgraded by LADENBURG THALM/SH SH to “Buy” Rating

LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital (NASDAQ:PFLT) from a neutral rating to a buy rating in a research report report published on Tuesday, Marketbeat.com reports. The firm currently has $10.50 target price on the asset manager’s stock.

A number of other brokerages also recently weighed in on PFLT. Keefe, Bruyette & Woods cut their price target on shares of PennantPark Floating Rate Capital from $11.50 to $11.00 and set a “market perform” rating for the company in a report on Tuesday, April 8th. UBS Group cut their price target on shares of PennantPark Floating Rate Capital from $11.50 to $10.50 and set a “neutral” rating for the company in a report on Thursday, April 17th. Finally, StockNews.com raised shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $11.20.

PennantPark Floating Rate Capital Price Performance

Shares of NASDAQ PFLT opened at $10.14 on Tuesday. PennantPark Floating Rate Capital has a twelve month low of $8.82 and a twelve month high of $12.02. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $891.87 million, a price-to-earnings ratio of 7.24 and a beta of 1.01. The firm has a 50-day moving average of $10.36 and a two-hundred day moving average of $10.84.

PennantPark Floating Rate Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th will be paid a dividend of $0.1025 per share. This represents a $1.23 dividend on an annualized basis and a yield of 12.13%. The ex-dividend date of this dividend is Thursday, May 15th. PennantPark Floating Rate Capital’s dividend payout ratio is presently 87.86%.

Institutional Trading of PennantPark Floating Rate Capital

Hedge funds have recently bought and sold shares of the company. Quarry LP lifted its stake in PennantPark Floating Rate Capital by 190.2% during the fourth quarter. Quarry LP now owns 3,674 shares of the asset manager’s stock valued at $40,000 after buying an additional 2,408 shares in the last quarter. Mpwm Advisory Solutions LLC purchased a new stake in PennantPark Floating Rate Capital during the fourth quarter valued at about $55,000. Investment Partners LTD. purchased a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter worth approximately $109,000. Sigma Planning Corp purchased a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter worth approximately $119,000. Finally, Miracle Mile Advisors LLC purchased a new stake in shares of PennantPark Floating Rate Capital in the first quarter worth approximately $124,000. 19.77% of the stock is owned by hedge funds and other institutional investors.

PennantPark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital Ltd. is a business development company. It seeks to make secondary direct, debt, equity, and loan investments. The fund seeks to invest through floating rate loans in private or thinly traded or small market-cap, public middle market companies. It primarily invests in the United States and to a limited extent non-U.S.