PennantPark Floating Rate Capital (NYSE:PFLT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of PennantPark Floating Rate Capital (NYSE:PFLT) from a sell rating to a hold rating in a report issued on Saturday morning.

Several other brokerages have also issued reports on PFLT. Maxim Group set a $10.50 price objective on shares of PennantPark Floating Rate Capital in a report on Wednesday, February 11th. Keefe, Bruyette & Woods lowered their target price on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating for the company in a research note on Thursday, February 12th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, PennantPark Floating Rate Capital currently has an average rating of “Moderate Buy” and an average price target of $10.42.

PennantPark Floating Rate Capital Stock Performance

Shares of PennantPark Floating Rate Capital stock opened at $7.79 on Friday. The stock has a market capitalization of $772.92 million, a price-to-earnings ratio of 22.91 and a beta of 0.77. PennantPark Floating Rate Capital has a fifty-two week low of $7.68 and a fifty-two week high of $11.27. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.92. The stock has a 50 day simple moving average of $8.65.

PennantPark Floating Rate Capital (NYSE:PFLT) last posted its earnings results on Monday, February 9th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.03). PennantPark Floating Rate Capital had a net margin of 13.03% and a return on equity of 9.72%. The business had revenue of $12.72 million during the quarter.

PennantPark Floating Rate Capital Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th will be paid a $0.1025 dividend. This represents a c) annualized dividend and a dividend yield of 15.8%. The ex-dividend date is Monday, March 16th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is presently 361.76%.

Insider Transactions at PennantPark Floating Rate Capital

In other news, Director Jose A. Briones purchased 5,895 shares of the stock in a transaction on Thursday, February 19th. The stock was bought at an average price of $8.48 per share, for a total transaction of $49,989.60. Following the acquisition, the director directly owned 342,313 shares of the company’s stock, valued at approximately $2,902,814.24. The trade was a 1.75% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Richard T. Allorto, Jr. acquired 15,000 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was purchased at an average cost of $8.15 per share, for a total transaction of $122,250.00. Following the completion of the transaction, the chief financial officer owned 25,000 shares in the company, valued at approximately $203,750. The trade was a 150.00% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

A number of institutional investors and hedge funds have recently modified their holdings of PFLT. Millennium Management LLC raised its stake in PennantPark Floating Rate Capital by 85.0% in the first quarter. Millennium Management LLC now owns 1,196,752 shares of the company’s stock valued at $13,392,000 after buying an additional 550,011 shares in the last quarter. Jane Street Group LLC lifted its holdings in PennantPark Floating Rate Capital by 692.7% during the 1st quarter. Jane Street Group LLC now owns 319,736 shares of the company’s stock worth $3,578,000 after buying an additional 279,399 shares during the last quarter. Cetera Investment Advisers boosted 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 company’s stock worth $658,000 after acquiring an additional 1,329 shares in the last quarter. Legal & General Group Plc boosted its position in shares of PennantPark Floating Rate Capital by 4.2% during the 2nd quarter. Legal & General Group Plc now owns 578,019 shares of the company’s stock worth $5,974,000 after acquiring an additional 23,301 shares in the last quarter. Finally, CreativeOne Wealth LLC purchased a new position in shares of PennantPark Floating Rate Capital in the 2nd quarter valued at about $124,000. 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. 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.