PennantPark Floating Rate Capital (NASDAQ:PFLT) Lowered to “Sell” Rating by StockNews.com

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

Separately, Raymond James initiated coverage on PennantPark Floating Rate Capital in a report on Friday, December 20th. They set a “market perform” rating on the stock.

PennantPark Floating Rate Capital Stock Down 0.1 %

Shares of PFLT opened at $11.10 on Wednesday. The company has a market capitalization of $975.87 million, a P/E ratio of 7.93 and a beta of 1.67. PennantPark Floating Rate Capital has a one year low of $10.28 and a one year high of $12.02. The business’s 50 day simple moving average is $11.14 and its 200-day simple moving average is $11.22. 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 disclosed a monthly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a $0.1025 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.23 annualized dividend and a dividend yield of 11.09%. PennantPark Floating Rate Capital’s dividend payout ratio is presently 87.86%.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

A number of large investors have recently added to or reduced their stakes in the company. Invesco Ltd. acquired a new position in shares of PennantPark Floating Rate Capital during the fourth quarter worth about $10,533,000. Strategic Financial Concepts LLC boosted its position in PennantPark Floating Rate Capital by 1,080.4% during the 4th quarter. Strategic Financial Concepts LLC now owns 723,566 shares of the asset manager’s stock worth $7,909,000 after acquiring an additional 662,266 shares during the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of PennantPark Floating Rate Capital by 57.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,507,513 shares of the asset manager’s stock valued at $16,477,000 after purchasing an additional 549,905 shares during the last quarter. Sound Income Strategies LLC lifted its position in shares of PennantPark Floating Rate Capital by 12.0% in the fourth quarter. Sound Income Strategies LLC now owns 3,320,039 shares of the asset manager’s stock worth $36,288,000 after purchasing an additional 356,781 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in PennantPark Floating Rate Capital by 94.4% during the fourth quarter. Millennium Management LLC now owns 646,741 shares of the asset manager’s stock worth $7,069,000 after purchasing an additional 314,064 shares during the last quarter. Institutional investors 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.