PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Given Average Recommendation of "Moderate Buy" by Brokerages

Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Get Free Report) have received a consensus rating of "Moderate Buy" from the eight brokerages that are currently covering the company, MarketBeat reports. Two analysts have rated the stock with a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $10.6667.

Several equities research analysts have weighed in on PFLT shares. UBS Group cut their price target on PennantPark Floating Rate Capital from $10.50 to $9.50 and set a "neutral" rating on the stock in a report on Tuesday, October 14th. JMP Securities restated a "market outperform" rating and set a $11.00 target price on shares of PennantPark Floating Rate Capital in a research note on Wednesday, September 3rd. LADENBURG THALM/SH SH raised shares of PennantPark Floating Rate Capital to a "strong-buy" rating in a report on Wednesday, August 13th. Finally, Keefe, Bruyette & Woods upgraded shares of PennantPark Floating Rate Capital from a "market perform" rating to an "outperform" rating and set a $10.50 price target for the company in a report on Monday, October 6th.

View Our Latest Stock Report on PFLT

PennantPark Floating Rate Capital Stock Performance

NASDAQ:PFLT opened at $9.12 on Friday. PennantPark Floating Rate Capital has a 52 week low of $8.40 and a 52 week high of $11.50. The company has a fifty day simple moving average of $9.04 and a two-hundred day simple moving average of $9.88. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57. The company has a market cap of $904.37 million, a price-to-earnings ratio of 6.51 and a beta of 0.96.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be issued a $0.1025 dividend. This represents a c) annualized dividend and a yield of 13.5%. The ex-dividend date of this dividend is Monday, November 17th. PennantPark Floating Rate Capital's dividend payout ratio is 168.49%.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Several hedge funds and other institutional investors have recently made changes to their positions in PFLT. Sovran Advisors LLC boosted its holdings in PennantPark Floating Rate Capital by 3.2% in the third quarter. Sovran Advisors LLC now owns 35,274 shares of the asset manager's stock valued at $320,000 after purchasing an additional 1,090 shares in the last quarter. Global Retirement Partners LLC lifted its position in shares of PennantPark Floating Rate Capital by 32.1% during the 3rd quarter. Global Retirement Partners LLC now owns 5,188 shares of the asset manager's stock worth $46,000 after buying an additional 1,260 shares during the last quarter. Cetera Investment Advisers lifted its position in shares of PennantPark Floating Rate Capital by 2.1% during the 2nd quarter. Cetera Investment Advisers now owns 63,704 shares of the asset manager's stock worth $658,000 after buying an additional 1,329 shares during the last quarter. PFG Advisors boosted its holdings in shares of PennantPark Floating Rate Capital by 1.8% in the 2nd quarter. PFG Advisors now owns 110,108 shares of the asset manager's stock valued at $1,137,000 after buying an additional 1,958 shares in the last quarter. Finally, Synergy Investment Management LLC grew its position in shares of PennantPark Floating Rate Capital by 8.4% in the 3rd quarter. Synergy Investment Management LLC now owns 27,102 shares of the asset manager's stock valued at $241,000 after buying an additional 2,091 shares during the last quarter. Institutional investors and hedge funds own 19.77% of the company's stock.

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.

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