PennantPark Floating Rate Capital (NASDAQ:PFLT) Upgraded at StockNews.com

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

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

PennantPark Floating Rate Capital Stock Up 0.1 %

Shares of NASDAQ PFLT opened at $11.07 on Monday. The business has a 50-day moving average price of $11.39 and a 200 day moving average price of $11.36. The stock has a market cap of $812.76 million, a PE ratio of 7.74 and a beta of 1.69. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.60. PennantPark Floating Rate Capital has a 52-week low of $10.28 and a 52-week high of $12.63.

PennantPark Floating Rate Capital Announces Dividend

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PFLT. Graypoint LLC grew its position in PennantPark Floating Rate Capital by 2.7% in the 2nd quarter. Graypoint LLC now owns 67,415 shares of the asset manager’s stock valued at $778,000 after buying an additional 1,785 shares during the last quarter. Quarry LP acquired a new position in shares of PennantPark Floating Rate Capital during the second quarter worth about $34,000. PFG Investments LLC increased its stake in shares of PennantPark Floating Rate Capital by 3.0% during the second quarter. PFG Investments LLC now owns 104,886 shares of the asset manager’s stock worth $1,210,000 after acquiring an additional 3,051 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in PennantPark Floating Rate Capital in the third quarter valued at about $39,000. Finally, International Assets Investment Management LLC acquired a new stake in PennantPark Floating Rate Capital in the second quarter valued at about $41,000. 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.