Analysts Set PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) PT at $10.96

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) has been given a consensus rating of “Moderate Buy” by the eight brokerages that are currently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $10.96.

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

PennantPark Floating Rate Capital Price Performance

Shares of PFLT opened at $10.50 on Friday. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 7.50 and a beta of 0.95. The stock has a 50 day moving average of $10.41 and a 200-day moving average of $10.59. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57. PennantPark Floating Rate Capital has a 52 week low of $8.82 and a 52 week high of $11.90.

PennantPark Floating Rate Capital Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be issued a $0.1025 dividend. This represents a $1.23 annualized dividend and a dividend yield of 11.71%. The ex-dividend date of this dividend is Tuesday, July 15th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is 136.67%.

Insider Activity

In related news, Director Jose A. Briones purchased 9,840 shares of the business’s stock in a transaction that occurred on Wednesday, May 14th. The shares were acquired at an average price of $10.15 per share, with a total value of $99,876.00. Following the acquisition, the director owned 329,438 shares in the company, valued at approximately $3,343,795.70. This trade represents a 3.08% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.00% of the company’s stock.

Institutional Trading of PennantPark Floating Rate Capital

Several hedge funds have recently made changes to their positions in the stock. Scoggin Management LP bought a new stake in PennantPark Floating Rate Capital during the 1st quarter valued at $16,446,000. Invesco Ltd. bought a new stake in PennantPark Floating Rate Capital during the 4th quarter valued at $10,533,000. Millennium Management LLC raised its stake in PennantPark Floating Rate Capital by 85.0% during the 1st quarter. Millennium Management LLC now owns 1,196,752 shares of the asset manager’s stock valued at $13,392,000 after acquiring an additional 550,011 shares in the last quarter. Balyasny Asset Management L.P. raised its stake in PennantPark Floating Rate Capital by 57.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,507,513 shares of the asset manager’s stock valued at $16,477,000 after acquiring an additional 549,905 shares in the last quarter. Finally, Sound Income Strategies LLC raised its stake in PennantPark Floating Rate Capital by 8.9% during the 2nd quarter. Sound Income Strategies LLC now owns 3,904,625 shares of the asset manager’s stock valued at $40,335,000 after acquiring an additional 319,424 shares in the last quarter. Institutional investors 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.