PennantPark Floating Rate Capital (NASDAQ:PFLT) Hits New 52-Week Low - Here's What Happened

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Get Free Report) shares hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $8.82 and last traded at $9.86, with a volume of 2704663 shares. The stock had previously closed at $9.18.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on PFLT shares. StockNews.com upgraded shares of PennantPark Floating Rate Capital from a "sell" rating to a "hold" rating in a research report on Saturday. Raymond James began coverage on PennantPark Floating Rate Capital in a research report on Friday, December 20th. They set a "market perform" rating for the company. Finally, 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, April 8th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $11.67.

PennantPark Floating Rate Capital Stock Performance

The company has a market capitalization of $851.85 million, a PE ratio of 6.90 and a beta of 1.30. The firm's fifty day simple moving average is $10.88 and its 200 day simple moving average is $11.08. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be paid a dividend of $0.1025 per share. This represents a $1.23 annualized dividend and a dividend yield of 12.70%. The ex-dividend date of this dividend is Tuesday, April 15th. PennantPark Floating Rate Capital's payout ratio is 87.86%.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

A number of hedge funds have recently made changes to their positions in PFLT. NewEdge Wealth LLC raised its holdings in shares of PennantPark Floating Rate Capital by 0.6% during 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 during the period. Bank of America Corp DE boosted its holdings in PennantPark Floating Rate Capital by 14.6% in the 4th quarter. Bank of America Corp DE now owns 14,880 shares of the asset manager's stock valued at $163,000 after purchasing an additional 1,891 shares during the last quarter. Graypoint LLC boosted its holdings in PennantPark Floating Rate Capital by 2.7% in the 4th quarter. Graypoint LLC now owns 71,156 shares of the asset manager's stock valued at $778,000 after purchasing an additional 1,897 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of PennantPark Floating Rate Capital by 0.4% during the 4th quarter. Legal & General Group Plc now owns 486,044 shares of the asset manager's stock worth $5,315,000 after buying an additional 2,081 shares during the last quarter. Finally, PFG Investments LLC raised its position in shares of PennantPark Floating Rate Capital by 2.0% during the 4th quarter. PFG Investments LLC now owns 107,180 shares of the asset manager's stock valued at $1,171,000 after buying an additional 2,118 shares during the period. 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.