Brokerages Set PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Target Price at $10.50

Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) have been given an average rating of “Buy” by the seven brokerages that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $10.4167.

A number of equities analysts have recently commented on the stock. Maxim Group set a $10.50 target price on shares of PennantPark Floating Rate Capital in a research report on Wednesday, February 11th. Keefe, Bruyette & Woods reduced their price objective on PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating on the stock in a report on Thursday, February 12th.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Several institutional investors have recently bought and sold shares of PFLT. Sound Income Strategies LLC raised its position in shares of PennantPark Floating Rate Capital by 12.4% in the 4th quarter. Sound Income Strategies LLC now owns 4,643,958 shares of the asset manager’s stock worth $44,257,000 after acquiring an additional 512,528 shares in the last quarter. Van ECK Associates Corp raised its holdings in PennantPark Floating Rate Capital by 7.4% in the third quarter. Van ECK Associates Corp now owns 2,533,205 shares of the asset manager’s stock worth $22,520,000 after purchasing an additional 174,630 shares in the last quarter. Marshall Wace LLP raised its holdings in PennantPark Floating Rate Capital by 42.9% in the third quarter. Marshall Wace LLP now owns 2,057,399 shares of the asset manager’s stock worth $18,290,000 after purchasing an additional 617,657 shares in the last quarter. UBS Group AG lifted its position in shares of PennantPark Floating Rate Capital by 5.5% during the fourth quarter. UBS Group AG now owns 1,367,442 shares of the asset manager’s stock valued at $12,676,000 after buying an additional 71,372 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of PennantPark Floating Rate Capital by 17.3% in the 3rd quarter. Invesco Ltd. now owns 1,262,880 shares of the asset manager’s stock valued at $11,227,000 after buying an additional 186,570 shares in the last quarter. 19.77% of the stock is owned by hedge funds and other institutional investors.

PennantPark Floating Rate Capital Stock Down 1.1%

NASDAQ:PFLT opened at $8.54 on Wednesday. The company has a market cap of $846.83 million, a price-to-earnings ratio of 6.10 and a beta of 0.76. PennantPark Floating Rate Capital has a twelve month low of $8.40 and a twelve month high of $11.46. 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 fifty day simple moving average of $9.30 and a 200-day simple moving average of $9.43.

PennantPark Floating Rate Capital Dividend Announcement

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

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.