PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Receives $10.92 Consensus Price Target from Brokerages

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) has received an average recommendation of “Moderate Buy” from the eight research firms that are presently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $10.92.

A number of analysts have recently commented on the stock. Keefe, Bruyette & Woods cut their price objective on shares of PennantPark Floating Rate Capital from $11.50 to $11.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 8th. Maxim Group set a $11.50 price target on shares of PennantPark Floating Rate Capital and gave the stock a “buy” rating in a research report on Wednesday, May 14th. JMP Securities dropped their target price on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a “market outperform” rating on the stock in a report on Tuesday, June 24th. Citigroup reiterated an “outperform” rating on shares of PennantPark Floating Rate Capital in a report on Tuesday, June 24th. Finally, Truist Financial dropped their price objective on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, May 14th.

Insider Buying and Selling at PennantPark Floating Rate Capital

In related news, Director Jose A. Briones acquired 9,840 shares of the company’s stock in a transaction dated Wednesday, May 14th. The shares were bought at an average cost of $10.15 per share, with a total value of $99,876.00. Following the completion of the transaction, the director directly owned 329,438 shares of the company’s stock, valued at $3,343,795.70. This trade represents a 3.08% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.00% of the stock is owned by insiders.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

A number of large investors have recently made changes to their positions in PFLT. Synergy Investment Management LLC increased its position in PennantPark Floating Rate Capital by 8.9% during the 1st quarter. Synergy Investment Management LLC now owns 22,651 shares of the asset manager’s stock worth $253,000 after buying an additional 1,856 shares during the period. Bank of America Corp DE increased its position in PennantPark Floating Rate Capital by 14.6% during the fourth quarter. Bank of America Corp DE now owns 14,880 shares of the asset manager’s stock worth $163,000 after acquiring an additional 1,891 shares during the period. Graypoint LLC increased its position in PennantPark Floating Rate Capital by 2.8% during the first quarter. Graypoint LLC now owns 73,134 shares of the asset manager’s stock worth $818,000 after acquiring an additional 1,978 shares during the period. Legal & General Group Plc increased its position in PennantPark Floating Rate Capital by 0.4% during the fourth quarter. Legal & General Group Plc now owns 486,044 shares of the asset manager’s stock worth $5,315,000 after acquiring an additional 2,081 shares during the period. Finally, Tidal Investments LLC increased its holdings in shares of PennantPark Floating Rate Capital by 2.3% during the fourth quarter. Tidal Investments LLC now owns 103,334 shares of the asset manager’s stock worth $1,129,000 after purchasing an additional 2,322 shares during the period. Institutional investors own 19.77% of the company’s stock.

PennantPark Floating Rate Capital Trading Up 0.7%

NASDAQ PFLT opened at $10.54 on Tuesday. The stock’s 50 day moving average price is $10.23 and its two-hundred day moving average price is $10.62. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 7.53 and a beta of 0.96. PennantPark Floating Rate Capital has a 52 week low of $8.82 and a 52 week high of $12.02.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be paid a $0.1025 dividend. This represents a $1.23 dividend on an annualized basis and a yield of 11.68%. The ex-dividend date of this dividend is Tuesday, July 15th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is presently 136.67%.

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.