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 research report released on Monday morning.

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

PennantPark Floating Rate Capital Price Performance

PFLT opened at $11.02 on Monday. PennantPark Floating Rate Capital has a twelve month low of $10.28 and a twelve month high of $12.63. 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 $809.10 million, a price-to-earnings ratio of 6.80 and a beta of 1.69. The company has a fifty day simple moving average of $11.42 and a 200 day simple moving average of $11.37.

PennantPark Floating Rate Capital Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be paid a dividend of $0.1025 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.23 annualized dividend and a yield of 11.16%. PennantPark Floating Rate Capital’s payout ratio is 75.93%.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Several large investors have recently bought and sold shares of PFLT. Quarry LP acquired a new position in shares of PennantPark Floating Rate Capital in the 2nd quarter worth approximately $34,000. Wilmington Savings Fund Society FSB acquired a new position in shares of PennantPark Floating Rate Capital in the 3rd quarter worth approximately $39,000. International Assets Investment Management LLC acquired a new position in shares of PennantPark Floating Rate Capital in the 2nd quarter worth approximately $41,000. UMB Bank n.a. acquired a new position in shares of PennantPark Floating Rate Capital in the 2nd quarter worth approximately $63,000. Finally, Strategic Financial Concepts LLC grew its stake in shares of PennantPark Floating Rate Capital by 1,151.8% in the 2nd quarter. Strategic Financial Concepts LLC now owns 698,506 shares of the asset manager’s stock worth $81,000 after purchasing an additional 642,706 shares during the last quarter. 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.