PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) have been assigned a consensus rating of “Moderate Buy” from the eight ratings firms that are presently covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $10.6667.

Several research analysts have recently weighed in on PFLT shares. UBS Group dropped their target price on shares of PennantPark Floating Rate Capital from $10.50 to $9.50 and set a “neutral” rating on the stock in a research report on Tuesday, October 14th. JMP Securities reiterated a “market outperform” rating and set a $11.00 price objective on shares of PennantPark Floating Rate Capital in a research report on Wednesday, September 3rd. Keefe, Bruyette & Woods raised shares of PennantPark Floating Rate Capital from a “market perform” rating to an “outperform” rating and set a $10.50 target price on the stock in a research note on Monday, October 6th. Finally, LADENBURG THALM/SH SH raised PennantPark Floating Rate Capital to a “strong-buy” rating in a research report on Wednesday, August 13th.

PennantPark Floating Rate Capital Trading Up 1.5%

Shares of PFLT opened at $9.26 on Monday. The business’s 50-day moving average price is $9.31 and its 200 day moving average price is $9.97. 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 stock has a market capitalization of $918.26 million, a P/E ratio of 6.61 and a beta of 0.96. PennantPark Floating Rate Capital has a 1-year low of $8.40 and a 1-year high of $11.50.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be paid a $0.1025 dividend. This represents a c) annualized dividend and a yield of 13.3%. The ex-dividend date of this dividend is Monday, November 17th. PennantPark Floating Rate Capital’s dividend payout ratio is currently 146.43%.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Large investors have recently made changes to their positions in the business. Sound Income Strategies LLC lifted its position in shares of PennantPark Floating Rate Capital by 5.8% in the third quarter. Sound Income Strategies LLC now owns 4,131,430 shares of the asset manager’s stock worth $35,654,000 after purchasing an additional 226,805 shares in the last quarter. Scoggin Management LP purchased a new position in PennantPark Floating Rate Capital during the first quarter valued at approximately $16,446,000. Millennium Management LLC increased its stake in PennantPark Floating Rate Capital by 85.0% in the 1st quarter. Millennium Management LLC now owns 1,196,752 shares of the asset manager’s stock valued at $13,392,000 after buying an additional 550,011 shares during the period. Invesco Ltd. lifted its position in PennantPark Floating Rate Capital by 2.5% in the 2nd quarter. Invesco Ltd. now owns 1,076,310 shares of the asset manager’s stock worth $11,118,000 after buying an additional 26,502 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of PennantPark Floating Rate Capital by 4.2% during the 2nd quarter. Legal & General Group Plc now owns 578,019 shares of the asset manager’s stock valued at $5,974,000 after buying an additional 23,301 shares during the period. Institutional investors and hedge funds own 19.77% of the company’s stock.

About PennantPark Floating Rate Capital

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.