StockNews.com Downgrades PennantPark Floating Rate Capital (NASDAQ:PFLT) to Sell

StockNews.com lowered shares of PennantPark Floating Rate Capital (NASDAQ:PFLT - Free Report) from a hold rating to a sell rating in a report issued on Sunday.

Other equities analysts have also issued reports about the stock. UBS Group lowered their price target on shares of PennantPark Floating Rate Capital from $11.50 to $10.50 and set a "neutral" rating on the stock in a research report on Thursday, April 17th. Keefe, Bruyette & Woods dropped their price target on PennantPark Floating Rate Capital from $11.50 to $11.00 and set a "market perform" rating for the company in a research report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, PennantPark Floating Rate Capital presently has a consensus rating of "Hold" and a consensus target price of $11.38.

PennantPark Floating Rate Capital Price Performance

PFLT traded up $0.22 during trading on Friday, hitting $9.81. The company's stock had a trading volume of 657,018 shares, compared to its average volume of 1,026,507. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $862.85 million, a price-to-earnings ratio of 7.01 and a beta of 1.30. PennantPark Floating Rate Capital has a twelve month low of $8.82 and a twelve month high of $12.02. The business's fifty day simple moving average is $10.70 and its 200 day simple moving average is $11.00.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be issued a dividend of $0.1025 per share. This represents a $1.23 dividend on an annualized basis and a dividend yield of 12.54%. The ex-dividend date of this dividend is Tuesday, April 15th. PennantPark Floating Rate Capital's dividend payout ratio is presently 87.86%.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Several large investors have recently made changes to their positions in the stock. Sound Income Strategies LLC lifted its stake in PennantPark Floating Rate Capital by 12.0% during the 4th quarter. Sound Income Strategies LLC now owns 3,320,039 shares of the asset manager's stock worth $36,288,000 after acquiring an additional 356,781 shares in the last quarter. JPMorgan Chase & Co. grew its stake in PennantPark Floating Rate Capital by 72.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 251,733 shares of the asset manager's stock worth $2,913,000 after purchasing an additional 105,855 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in PennantPark Floating Rate Capital in the 4th quarter valued at about $283,000. LPL Financial LLC grew its position in shares of PennantPark Floating Rate Capital by 20.4% during the fourth quarter. LPL Financial LLC now owns 432,287 shares of the asset manager's stock worth $4,725,000 after buying an additional 73,365 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in PennantPark Floating Rate Capital in the fourth quarter valued at approximately $131,000. 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.