StockNews.com Upgrades PennantPark Floating Rate Capital (NASDAQ:PFLT) to “Hold”

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

A number of other equities research analysts have also issued reports on the stock. Maxim Group upgraded shares of PennantPark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a report on Monday, August 12th. JMP Securities reduced their price objective on PennantPark Floating Rate Capital from $12.50 to $12.00 and set a “market outperform” rating on the stock in a research note on Tuesday, July 30th.

PennantPark Floating Rate Capital Price Performance

PFLT opened at $11.07 on Monday. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.60. The firm has a market cap of $812.76 million, a price-to-earnings ratio of 7.74 and a beta of 1.69. The stock’s 50-day moving average price is $11.39 and its 200 day moving average price is $11.36. PennantPark Floating Rate Capital has a 12-month low of $10.28 and a 12-month high of $12.63.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be issued a dividend of $0.1025 per share. This represents a $1.23 annualized dividend and a yield of 11.11%. The ex-dividend date is Friday, November 15th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is presently 86.01%.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Tidal Investments LLC grew its stake in shares of PennantPark Floating Rate Capital by 7.4% during the third quarter. Tidal Investments LLC now owns 101,012 shares of the asset manager’s stock worth $1,169,000 after purchasing an additional 6,966 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in PennantPark Floating Rate Capital during the 3rd quarter worth about $39,000. XTX Topco Ltd acquired a new position in shares of PennantPark Floating Rate Capital during the 3rd quarter worth about $182,000. Paloma Partners Management Co purchased a new position in shares of PennantPark Floating Rate Capital in the 3rd quarter valued at about $174,000. Finally, Advisors Asset Management Inc. raised its position in shares of PennantPark Floating Rate Capital by 9.2% during the 3rd quarter. Advisors Asset Management Inc. now owns 281,626 shares of the asset manager’s stock worth $3,258,000 after acquiring an additional 23,836 shares in the last quarter. 19.77% of the stock is currently owned by institutional investors and hedge funds.

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.