PennantPark Floating Rate Capital (NASDAQ:PFLT) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of PennantPark Floating Rate Capital (NASDAQ:PFLT) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning.

Separately, Raymond James started coverage on PennantPark Floating Rate Capital in a research note on Friday, December 20th. They issued a “market perform” rating on the stock.

PennantPark Floating Rate Capital Stock Performance

PennantPark Floating Rate Capital stock opened at $11.03 on Wednesday. PennantPark Floating Rate Capital has a 12-month low of $10.28 and a 12-month high of $12.13. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.18 and a quick ratio of 0.18. The company has a market capitalization of $918.03 million, a price-to-earnings ratio of 8.59 and a beta of 1.65. The firm’s fifty day moving average price is $11.01 and its 200 day moving average price is $11.26.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be issued a $0.1025 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $1.23 annualized dividend and a yield of 11.15%. PennantPark Floating Rate Capital’s dividend payout ratio is presently 86.01%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Quarry LP acquired a new stake in shares of PennantPark Floating Rate Capital in the 2nd quarter valued at about $34,000. Wilmington Savings Fund Society FSB bought a new stake in PennantPark Floating Rate Capital in the third quarter valued at about $39,000. Calton & Associates Inc. bought a new stake in PennantPark Floating Rate Capital in the third quarter valued at about $119,000. Jmac Enterprises LLC acquired a new stake in PennantPark Floating Rate Capital during the third quarter valued at approximately $120,000. Finally, Paloma Partners Management Co bought a new position in PennantPark Floating Rate Capital during the 3rd quarter worth approximately $174,000. 19.77% of the stock is owned by institutional investors and hedge funds.

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.