PennantPark Floating Rate Capital (NASDAQ:PFLT) Cut to “Sell” at StockNews.com

StockNews.com downgraded shares of PennantPark Floating Rate Capital (NASDAQ:PFLT) from a hold rating to a sell rating in a research report report published on Tuesday.

Separately, Raymond James started coverage on PennantPark Floating Rate Capital in a research report on Friday, December 20th. They set a “market perform” rating on the stock.

PennantPark Floating Rate Capital Price Performance

Shares of NASDAQ:PFLT opened at $11.22 on Tuesday. The company has a market cap of $986.43 million, a PE ratio of 8.01 and a beta of 1.65. PennantPark Floating Rate Capital has a fifty-two week low of $10.28 and a fifty-two week high of $12.02. The firm has a 50-day simple moving average of $11.09 and a 200 day simple moving average of $11.22. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57.

PennantPark Floating Rate Capital Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be paid a dividend of $0.1025 per share. This represents a $1.23 dividend on an annualized basis and a yield of 10.97%. The ex-dividend date of this dividend is Tuesday, February 18th. PennantPark Floating Rate Capital’s payout ratio is 87.86%.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Large investors have recently made changes to their positions in the company. Sound Income Strategies LLC increased its position in PennantPark Floating Rate Capital by 12.0% in the 4th quarter. Sound Income Strategies LLC now owns 3,320,039 shares of the asset manager’s stock valued at $36,288,000 after acquiring an additional 356,781 shares during the period. Van ECK Associates Corp grew its stake in shares of PennantPark Floating Rate Capital by 10.4% in the fourth quarter. Van ECK Associates Corp now owns 1,985,730 shares of the asset manager’s stock worth $21,704,000 after purchasing an additional 187,465 shares in the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of PennantPark Floating Rate Capital by 57.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,507,513 shares of the asset manager’s stock valued at $16,477,000 after purchasing an additional 549,905 shares during the period. Invesco Ltd. bought a new stake in shares of PennantPark Floating Rate Capital during the fourth quarter valued at about $10,533,000. Finally, Strategic Financial Concepts LLC lifted its holdings in PennantPark Floating Rate Capital by 1,080.4% in the fourth quarter. Strategic Financial Concepts LLC now owns 723,566 shares of the asset manager’s stock worth $7,909,000 after purchasing an additional 662,266 shares during the period. Institutional investors and hedge funds own 19.77% of the company’s stock.

About PennantPark Floating Rate Capital

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.