PennantPark Floating Rate Capital (NASDAQ:PFLT) Hits New 1-Year Low – Here’s Why

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)’s stock price reached a new 52-week low during trading on Tuesday . The stock traded as low as $8.40 and last traded at $8.4950, with a volume of 702021 shares changing hands. The stock had previously closed at $8.63.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PFLT. Maxim Group set a $10.50 target price on PennantPark Floating Rate Capital in a research note on Wednesday, February 11th. Keefe, Bruyette & Woods decreased their price target on PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating for the company in a report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, PennantPark Floating Rate Capital currently has an average rating of “Buy” and an average price target of $10.42.

PennantPark Floating Rate Capital Stock Performance

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 company has a market capitalization of $846.83 million, a PE ratio of 6.10 and a beta of 0.76. The company has a 50 day moving average price of $9.32 and a 200 day moving average price of $9.44.

PennantPark Floating Rate Capital Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Tuesday, February 17th will be given a $0.1025 dividend. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a c) annualized dividend and a dividend yield of 14.4%. PennantPark Floating Rate Capital’s payout ratio is presently 361.76%.

Institutional Trading of PennantPark Floating Rate Capital

Several hedge funds and other institutional investors have recently bought and sold shares of PFLT. Allworth Financial LP lifted its holdings in PennantPark Floating Rate Capital by 1,603.7% during the 2nd quarter. Allworth Financial LP now owns 2,777 shares of the asset manager’s stock worth $29,000 after buying an additional 2,614 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of PennantPark Floating Rate Capital during the 4th quarter valued at approximately $33,000. Quarry LP acquired a new stake in shares of PennantPark Floating Rate Capital during the 3rd quarter valued at approximately $36,000. State of Alaska Department of Revenue bought a new position in PennantPark Floating Rate Capital during the third quarter worth $41,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in PennantPark Floating Rate Capital in the second quarter worth $41,000. 19.77% of the stock is owned by institutional investors.

PennantPark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital, Inc (NASDAQ: PFLT) is a closed-end management investment company organized as a business development company (BDC) under the Investment Company Act of 1940. The firm’s primary objective is to generate current income and, secondarily, capital appreciation for its shareholders through debt and equity investments in middle-market companies. PennantPark Floating Rate Capital focuses on floating-rate instruments to help mitigate interest-rate risk and align cash flows with its dividend strategy.

The company’s portfolio is concentrated in senior secured loans, second-lien debt, mezzanine securities and, from time to time, equity investments.