PennantPark Floating Rate Capital (NASDAQ:PFLT) Upgraded at StockNews.com

StockNews.com upgraded shares of PennantPark Floating Rate Capital (NASDAQ:PFLT) from a sell rating to a hold rating in a research note issued to investors on Monday.

Several other brokerages have also recently issued reports on PFLT. JMP Securities reduced their price objective on PennantPark Floating Rate Capital from $12.50 to $12.00 and set a “market outperform” rating on the stock in a research note on Tuesday, July 30th. Maxim Group upgraded PennantPark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Monday, August 12th.

PennantPark Floating Rate Capital Stock Up 0.1 %

PennantPark Floating Rate Capital stock opened at $11.07 on Monday. The company has a market capitalization of $812.76 million, a PE ratio of 7.75 and a beta of 1.69. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.22 and a current ratio of 0.22. PennantPark Floating Rate Capital has a fifty-two week low of $10.28 and a fifty-two week high of $12.63. The firm has a 50 day moving average price of $11.40 and a 200 day moving average price of $11.36.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be given a dividend of $0.1025 per share. The ex-dividend date is Friday, November 15th. This represents a $1.23 dividend on an annualized basis and a yield of 11.11%. PennantPark Floating Rate Capital’s payout ratio is 86.01%.

Institutional Trading of PennantPark Floating Rate Capital

Several hedge funds have recently made changes to their positions in the company. Sound Income Strategies LLC increased its holdings in shares of PennantPark Floating Rate Capital by 11.5% in the 3rd quarter. Sound Income Strategies LLC now owns 2,963,258 shares of the asset manager’s stock valued at $34,285,000 after purchasing an additional 306,690 shares in the last quarter. Millennium Management LLC lifted its position in shares of PennantPark Floating Rate Capital by 391.3% during the 2nd quarter. Millennium Management LLC now owns 783,912 shares of the asset manager’s stock valued at $9,046,000 after acquiring an additional 624,342 shares during the period. Van ECK Associates Corp boosted its stake in shares of PennantPark Floating Rate Capital by 22.5% during the 3rd quarter. Van ECK Associates Corp now owns 1,798,265 shares of the asset manager’s stock worth $20,554,000 after acquiring an additional 330,731 shares in the last quarter. Strategic Financial Concepts LLC grew its holdings in shares of PennantPark Floating Rate Capital by 1,151.8% in the 2nd quarter. Strategic Financial Concepts LLC now owns 698,506 shares of the asset manager’s stock worth $81,000 after acquiring an additional 642,706 shares during the period. Finally, Quadrature Capital Ltd purchased a new position in PennantPark Floating Rate Capital in the 1st quarter valued at approximately $498,000. 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.