StockNews.com Downgrades PennantPark Floating Rate Capital (NASDAQ:PFLT) to Sell

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

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

PennantPark Floating Rate Capital Stock Performance

PFLT opened at $11.21 on Tuesday. PennantPark Floating Rate Capital has a 52-week low of $10.28 and a 52-week high of $12.02. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57. The company has a market cap of $985.55 million, a P/E ratio of 8.00 and a beta of 1.65. The firm’s 50-day moving average price is $11.07 and its 200-day moving average price is $11.22.

PennantPark Floating Rate Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, March 3rd. Investors of record on Tuesday, February 18th will be given a dividend of $0.1025 per share. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $1.23 annualized dividend and a yield of 10.98%. PennantPark Floating Rate Capital’s dividend payout ratio is presently 87.86%.

Institutional Trading of PennantPark Floating Rate Capital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PFLT. Invesco Ltd. acquired a new stake in PennantPark Floating Rate Capital during the fourth quarter valued at $10,533,000. Strategic Financial Concepts LLC lifted its stake in shares of PennantPark Floating Rate Capital by 1,080.4% in the fourth quarter. Strategic Financial Concepts LLC now owns 723,566 shares of the asset manager’s stock worth $7,909,000 after buying an additional 662,266 shares in the last quarter. Balyasny Asset Management L.P. lifted its stake 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 worth $16,477,000 after buying an additional 549,905 shares in the last quarter. Sound Income Strategies LLC lifted its stake 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 buying an additional 356,781 shares in the last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of PennantPark Floating Rate Capital by 22.5% in the third quarter. Van ECK Associates Corp now owns 1,798,265 shares of the asset manager’s stock worth $20,554,000 after buying an additional 330,731 shares in the last quarter. Institutional investors and hedge funds 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.