BidaskClub downgraded shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) from a hold rating to a sell rating in a research note issued to investors on Thursday morning.
PFLT has been the topic of several other reports. Zacks Investment Research upgraded shares of PennantPark Floating Rate Capital from a sell rating to a hold rating in a research report on Friday, May 12th. Keefe, Bruyette & Woods upgraded shares of PennantPark Floating Rate Capital from a market perform rating to an outperform rating and lifted their price objective for the company from $15.00 to $15.50 in a research report on Wednesday, May 10th. Finally, Ladenburg Thalmann Financial Services upgraded shares of PennantPark Floating Rate Capital from a neutral rating to a buy rating and set a $14.75 price objective on the stock in a research report on Thursday, May 11th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $14.79.
Shares of PennantPark Floating Rate Capital (PFLT) traded down 0.07% on Thursday, hitting $14.22. 99,110 shares of the stock were exchanged. The firm’s 50 day moving average price is $14.18 and its 200 day moving average price is $13.96. PennantPark Floating Rate Capital has a one year low of $12.21 and a one year high of $14.45.
PennantPark Floating Rate Capital (NASDAQ:PFLT) last issued its quarterly earnings data on Tuesday, May 9th. The asset manager reported $0.27 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by $0.01. The firm had revenue of $13.22 million during the quarter, compared to the consensus estimate of $14.43 million. PennantPark Floating Rate Capital had a net margin of 87.29% and a return on equity of 7.45%. On average, equities research analysts expect that PennantPark Floating Rate Capital will post $1.10 earnings per share for the current fiscal year.
The business also recently declared a monthly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Thursday, July 20th will be given a dividend of $0.095 per share. The ex-dividend date is Tuesday, July 18th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 8.02%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is 68.26%.
Several hedge funds have recently added to or reduced their stakes in PFLT. Muzinich & Co. Inc. increased its stake in PennantPark Floating Rate Capital by 95.5% in the first quarter. Muzinich & Co. Inc. now owns 1,083,721 shares of the asset manager’s stock worth $15,107,000 after buying an additional 529,519 shares during the period. UBS Group AG increased its stake in PennantPark Floating Rate Capital by 50.3% in the first quarter. UBS Group AG now owns 806,964 shares of the asset manager’s stock worth $11,249,000 after buying an additional 270,153 shares during the period. LGT Capital Partners LTD. increased its stake in PennantPark Floating Rate Capital by 34.9% in the first quarter. LGT Capital Partners LTD. now owns 580,000 shares of the asset manager’s stock worth $8,085,000 after buying an additional 150,000 shares during the period. Janney Montgomery Scott LLC increased its stake in PennantPark Floating Rate Capital by 33.4% in the first quarter. Janney Montgomery Scott LLC now owns 416,835 shares of the asset manager’s stock worth $5,811,000 after buying an additional 104,371 shares during the period. Finally, Greenwich Investment Management Inc. increased its stake in PennantPark Floating Rate Capital by 121.4% in the first quarter. Greenwich Investment Management Inc. now owns 165,679 shares of the asset manager’s stock worth $2,309,000 after buying an additional 90,849 shares during the period. Institutional investors own 34.38% of the company’s stock.
About PennantPark Floating Rate Capital
PennantPark Floating Rate Capital Ltd. is a business development company. The Company is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate loans and other investments made to the United States middle-market companies.
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