PennantPark Floating Rate Capital (NASDAQ:PFLT) Sets New 1-Year Low – What’s Next?

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

Wall Street Analysts Forecast Growth

PFLT has been the topic of several analyst reports. Raymond James assumed coverage on PennantPark Floating Rate Capital in a research report on Friday, December 20th. They set a “market perform” rating on the stock. StockNews.com raised shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Thursday.

PennantPark Floating Rate Capital Price Performance

The stock has a market cap of $882.64 million, a PE ratio of 7.17 and a beta of 1.30. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15. The business has a 50 day moving average price of $11.14 and a two-hundred day moving average price of $11.19.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th will be given a $0.1025 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $1.23 annualized dividend and a yield of 12.26%. PennantPark Floating Rate Capital’s dividend payout ratio is currently 87.86%.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Several large investors have recently made changes to their positions in PFLT. NewEdge Wealth LLC boosted its holdings 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 buying an additional 1,700 shares during the last quarter. Bank of America Corp DE boosted its stake in PennantPark Floating Rate Capital by 14.6% in the fourth quarter. Bank of America Corp DE now owns 14,880 shares of the asset manager’s stock valued at $163,000 after acquiring an additional 1,891 shares during the last quarter. Graypoint LLC boosted its stake in PennantPark Floating Rate Capital by 2.7% in the fourth quarter. Graypoint LLC now owns 71,156 shares of the asset manager’s stock valued at $778,000 after acquiring an additional 1,897 shares during the last quarter. Legal & General Group Plc grew its position 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 valued at $5,315,000 after acquiring an additional 2,081 shares during the period. Finally, PFG Investments LLC increased its stake 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 worth $1,171,000 after purchasing an additional 2,118 shares during the last quarter. 19.77% of the stock is owned by hedge funds and other institutional investors.

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.