PennantPark Floating Rate Capital (NASDAQ:PFLT) Stock Rating Upgraded by StockNews.com

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

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

PennantPark Floating Rate Capital Stock Performance

Shares of NASDAQ PFLT opened at $11.15 on Friday. 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 50 day simple moving average of $11.13 and a 200-day simple moving average of $11.22. The company has a market cap of $980.27 million, a PE ratio of 7.96 and a beta of 1.67. PennantPark Floating Rate Capital has a 12-month low of $10.28 and a 12-month high of $12.02.

PennantPark Floating Rate Capital Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a $0.1025 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.23 dividend on an annualized basis and a yield of 11.04%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is 87.86%.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

A number of institutional investors have recently added to or reduced their stakes in the company. Sound Income Strategies LLC lifted 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 lifted 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 valued at $21,704,000 after acquiring an additional 187,465 shares during the last quarter. Balyasny Asset Management L.P. lifted its position in shares of 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 during the last quarter. Invesco Ltd. acquired a new stake in shares of PennantPark Floating Rate Capital during the 4th quarter valued at $10,533,000. Finally, Strategic Financial Concepts LLC lifted its position in shares of PennantPark Floating Rate Capital by 1,080.4% during the 4th 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. 19.77% of the stock is currently owned by institutional investors and hedge funds.

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.