PennantPark Floating Rate Capital (NASDAQ:PFLT) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of PennantPark Floating Rate Capital (NASDAQ:PFLT - Free Report) from a hold rating to a sell rating in a research note released on Tuesday morning.

Separately, Raymond James began coverage on shares of PennantPark Floating Rate Capital in a report on Friday. They set a "market perform" rating for the company.

PennantPark Floating Rate Capital Price Performance

PFLT stock traded up $0.14 during midday trading on Tuesday, hitting $10.86. 382,229 shares of the stock were exchanged, compared to its average volume of 783,848. The stock's 50-day moving average price is $11.15 and its 200-day moving average price is $11.31. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.18 and a current ratio of 0.18. The stock has a market cap of $903.88 million, a price-to-earnings ratio of 7.59 and a beta of 1.66. PennantPark Floating Rate Capital has a fifty-two week low of $10.28 and a fifty-two week high of $12.63.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Monday, December 16th will be paid a dividend of $0.1025 per share. This represents a $1.23 dividend on an annualized basis and a yield of 11.33%. The ex-dividend date of this dividend is Monday, December 16th. PennantPark Floating Rate Capital's dividend payout ratio is currently 86.01%.

Institutional Trading of PennantPark Floating Rate Capital

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP acquired a new stake in PennantPark Floating Rate Capital during the second quarter worth about $34,000. Wilmington Savings Fund Society FSB purchased a new position in PennantPark Floating Rate Capital in the third quarter valued at approximately $39,000. International Assets Investment Management LLC acquired a new position in PennantPark Floating Rate Capital during the second quarter valued at approximately $41,000. UMB Bank n.a. purchased a new stake in PennantPark Floating Rate Capital during the second quarter worth approximately $63,000. Finally, Strategic Financial Concepts LLC increased its position in shares of PennantPark Floating Rate Capital by 1,151.8% in the second quarter. Strategic Financial Concepts LLC now owns 698,506 shares of the asset manager's stock worth $81,000 after acquiring an additional 642,706 shares in the last quarter. 19.77% of the stock is currently owned by institutional investors and hedge funds.

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.