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

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

Separately, Raymond James initiated coverage on PennantPark Floating Rate Capital in a research note on Friday, December 20th. They issued a "market perform" rating for the company.

PennantPark Floating Rate Capital Price Performance

Shares of PFLT stock traded down $0.14 on Friday, reaching $11.00. The company had a trading volume of 1,726,264 shares, compared to its average volume of 1,303,770. The business's 50-day moving average is $11.14 and its 200 day moving average is $11.22. PennantPark Floating Rate Capital has a one year low of $10.28 and a one year high of $12.02. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $967.69 million, a PE ratio of 7.86 and a beta of 1.67.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $0.1025 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.23 annualized dividend and a dividend yield of 11.18%. PennantPark Floating Rate Capital's dividend payout ratio is 87.86%.

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Hedge Funds Weigh In On PennantPark Floating Rate Capital

Hedge funds and other institutional investors have recently made changes to their positions in the stock. NewEdge Wealth LLC raised its position in shares of PennantPark Floating Rate Capital by 0.6% in the 4th quarter. NewEdge Wealth LLC now owns 288,372 shares of the asset manager's stock worth $3,152,000 after acquiring an additional 1,700 shares in the last quarter. Graypoint LLC raised its position in shares of PennantPark Floating Rate Capital by 2.7% during the third quarter. Graypoint LLC now owns 69,259 shares of the asset manager's stock worth $801,000 after purchasing an additional 1,844 shares during the period. Bank of America Corp DE raised its holdings in PennantPark Floating Rate Capital by 14.6% during the fourth quarter. Bank of America Corp DE now owns 14,880 shares of the asset manager's stock worth $163,000 after buying an additional 1,891 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of PennantPark Floating Rate Capital by 0.4% during the fourth quarter. Legal & General Group Plc now owns 486,044 shares of the asset manager's stock valued at $5,315,000 after buying an additional 2,081 shares during the last quarter. Finally, PFG Investments LLC lifted its holdings in shares of PennantPark Floating Rate Capital by 2.0% in the fourth quarter. PFG Investments LLC now owns 107,180 shares of the asset manager's stock valued at $1,171,000 after purchasing an additional 2,118 shares in the last quarter. 19.77% of the stock is 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.