PennantPark Floating Rate Capital (NASDAQ:PFLT) Raised to “Hold” at StockNews.com

StockNews.com upgraded shares of PennantPark Floating Rate Capital (NASDAQ:PFLT) from a sell rating to a hold rating in a research report sent to investors on Thursday morning.

Separately, Raymond James assumed coverage on PennantPark Floating Rate Capital in a research note on Friday, December 20th. They issued a “market perform” rating for the company.

PennantPark Floating Rate Capital Stock Down 9.3 %

PFLT opened at $10.04 on Thursday. The firm’s 50-day simple moving average is $11.14 and its 200-day simple moving average is $11.19. PennantPark Floating Rate Capital has a twelve month low of $10.02 and a twelve month high of $12.02. The firm has a market cap of $882.64 million, a price-to-earnings ratio of 7.17 and a beta of 1.67. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be issued a dividend of $0.1025 per share. This represents a $1.23 annualized dividend and a yield of 12.26%. The ex-dividend date of this dividend is Tuesday, April 15th. PennantPark Floating Rate Capital’s dividend payout ratio is 87.86%.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Large investors have recently made changes to their positions in the company. Sound Income Strategies LLC increased its position in PennantPark Floating Rate Capital by 12.0% in the fourth quarter. Sound Income Strategies LLC now owns 3,320,039 shares of the asset manager’s stock worth $36,288,000 after purchasing an additional 356,781 shares during the period. Van ECK Associates Corp grew its position in shares of PennantPark Floating Rate Capital by 10.4% during the 4th quarter. Van ECK Associates Corp now owns 1,985,730 shares of the asset manager’s stock worth $21,704,000 after buying an additional 187,465 shares during the period. Balyasny Asset Management L.P. raised its stake in shares of PennantPark Floating Rate Capital by 57.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,507,513 shares of the asset manager’s stock worth $16,477,000 after buying an additional 549,905 shares during the last quarter. Invesco Ltd. acquired a new position in PennantPark Floating Rate Capital in the fourth quarter valued at approximately $10,533,000. Finally, Strategic Financial Concepts LLC boosted its stake in PennantPark Floating Rate Capital by 1,080.4% in the fourth quarter. Strategic Financial Concepts LLC now owns 723,566 shares of the asset manager’s stock valued at $7,909,000 after acquiring an additional 662,266 shares during the last quarter. 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.