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

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)’s share price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $8.29 and last traded at $8.3250, with a volume of 525828 shares. The stock had previously closed at $8.44.

Analysts Set New Price Targets

PFLT has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods dropped their price objective on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating on the stock in a research report on Thursday, February 12th. Maxim Group set a $10.50 price objective on shares of PennantPark Floating Rate Capital in a research report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $10.42.

PennantPark Floating Rate Capital Price Performance

The stock’s 50-day moving average is $9.21 and its 200 day moving average is $9.36. 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 stock has a market capitalization of $836.90 million, a PE ratio of 6.03 and a beta of 0.76.

PennantPark Floating Rate Capital Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Tuesday, February 17th will be issued a $0.1025 dividend. This represents a c) annualized dividend and a dividend yield of 14.6%. The ex-dividend date of this dividend is Tuesday, February 17th. PennantPark Floating Rate Capital’s payout ratio is presently 361.76%.

Insider Activity

In other news, Director Jose A. Briones purchased 5,895 shares of the company’s stock in a transaction that occurred on Thursday, February 19th. The shares were purchased at an average price of $8.48 per share, for a total transaction of $49,989.60. Following the purchase, the director directly owned 342,313 shares of the company’s stock, valued at $2,902,814.24. This represents a 1.75% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

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

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.