PennantPark Floating Rate Capital (NASDAQ:PFLT) Sets New 12-Month Low - Should You Sell?

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Get Free Report) reached a new 52-week low during trading on Friday . The stock traded as low as $10.26 and last traded at $10.29, with a volume of 2587426 shares traded. The stock had previously closed at $11.06.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PFLT. Keefe, Bruyette & Woods lowered 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 report on Tuesday. StockNews.com raised shares of PennantPark Floating Rate Capital from a "sell" rating to a "hold" rating in a research report on Thursday, April 3rd. Finally, Raymond James began coverage on shares of PennantPark Floating Rate Capital in a report on Friday, December 20th. They issued a "market perform" rating for the company. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, PennantPark Floating Rate Capital presently has an average rating of "Hold" and an average target price of $11.67.

PennantPark Floating Rate Capital Price Performance

The company has a 50-day moving average of $10.97 and a 200 day moving average of $11.12. 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 $866.81 million, a PE ratio of 7.04 and a beta of 1.30.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be issued a $0.1025 dividend. This represents a $1.23 annualized dividend and a yield of 12.48%. The ex-dividend date of this dividend is Tuesday, April 15th. PennantPark Floating Rate Capital's payout ratio is currently 87.86%.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Invesco Ltd. acquired a new position in PennantPark Floating Rate Capital during the 4th quarter worth about $10,533,000. Strategic Financial Concepts LLC lifted its position in shares of PennantPark Floating Rate Capital by 1,080.4% during the fourth quarter. Strategic Financial Concepts LLC now owns 723,566 shares of the asset manager's stock worth $7,909,000 after purchasing an additional 662,266 shares in the last quarter. Balyasny Asset Management L.P. boosted its stake in shares of PennantPark Floating Rate Capital by 57.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,507,513 shares of the asset manager's stock valued at $16,477,000 after purchasing an additional 549,905 shares during the period. Sound Income Strategies LLC grew its holdings in shares of PennantPark Floating Rate Capital by 12.0% in the fourth quarter. Sound Income Strategies LLC now owns 3,320,039 shares of the asset manager's stock valued at $36,288,000 after purchasing an additional 356,781 shares in the last quarter. Finally, Millennium Management LLC increased its stake in PennantPark Floating Rate Capital by 94.4% during the 4th quarter. Millennium Management LLC now owns 646,741 shares of the asset manager's stock worth $7,069,000 after buying an additional 314,064 shares during the period. Institutional investors and hedge funds own 19.77% of the company's stock.

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.