PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) Receives $9.80 Consensus PT from Brokerages

Shares of PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) have earned an average recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $9.80.

Several analysts recently issued reports on PFLT shares. Citizens Jmp lowered their price target on PennantPark Floating Rate Capital from $11.00 to $10.00 and set a “market outperform” rating for the company in a report on Wednesday, April 22nd. Zacks Research downgraded PennantPark Floating Rate Capital from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. Wall Street Zen upgraded PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th. Truist Financial dropped their target price on PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, May 19th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research report on Friday, May 8th.

Insider Buying and Selling at PennantPark Floating Rate Capital

In other news, Director Jose A. Briones bought 5,770 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was acquired at an average cost of $8.67 per share, for a total transaction of $50,025.90. Following the completion of the purchase, the director owned 348,083 shares of the company’s stock, valued at $3,017,879.61. This trade represents a 1.69% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.00% of the company’s stock.

Institutional Trading of PennantPark Floating Rate Capital

Several large investors have recently modified their holdings of PFLT. Sovran Advisors LLC lifted its stake in PennantPark Floating Rate Capital by 3.4% in the fourth quarter. Sovran Advisors LLC now owns 36,464 shares of the company’s stock valued at $354,000 after buying an additional 1,190 shares during the last quarter. Cetera Investment Advisers grew its position in shares of PennantPark Floating Rate Capital by 2.1% during the second quarter. Cetera Investment Advisers now owns 63,704 shares of the company’s stock worth $658,000 after acquiring an additional 1,329 shares during the last quarter. PFG Investments LLC increased its holdings in shares of PennantPark Floating Rate Capital by 1.1% in the 4th quarter. PFG Investments LLC now owns 123,507 shares of the company’s stock worth $1,145,000 after acquiring an additional 1,372 shares during the period. Foundations Investment Advisors LLC lifted its position in PennantPark Floating Rate Capital by 7.9% in the 4th quarter. Foundations Investment Advisors LLC now owns 21,201 shares of the company’s stock valued at $197,000 after purchasing an additional 1,547 shares during the last quarter. Finally, Ethos Financial Group LLC boosted its stake in PennantPark Floating Rate Capital by 7.9% during the 4th quarter. Ethos Financial Group LLC now owns 21,308 shares of the company’s stock valued at $198,000 after purchasing an additional 1,555 shares during the period. 19.77% of the stock is currently owned by institutional investors and hedge funds.

PennantPark Floating Rate Capital Trading Down 0.9%

Shares of PFLT stock opened at $7.25 on Friday. The stock has a market cap of $718.83 million, a price-to-earnings ratio of 11.69 and a beta of 0.76. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 0.92. PennantPark Floating Rate Capital has a fifty-two week low of $7.02 and a fifty-two week high of $10.88. The firm’s 50 day moving average price is $7.81 and its two-hundred day moving average price is $8.44.

PennantPark Floating Rate Capital (NYSE:PFLT) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.01). PennantPark Floating Rate Capital had a return on equity of 9.95% and a net margin of 23.08%.The business had revenue of $44.81 million during the quarter. On average, analysts anticipate that PennantPark Floating Rate Capital will post 1.08 EPS for the current year.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently disclosed a special dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be paid a dividend of $0.0033 per share. The ex-dividend date is Wednesday, July 15th. This represents a dividend yield of 55.0%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is currently 154.84%.

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. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.