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

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

Separately, Raymond James assumed coverage on shares of PennantPark Floating Rate Capital in a research report on Friday, December 20th. They set a “market perform” rating for the company.

PennantPark Floating Rate Capital Stock Performance

NASDAQ:PFLT opened at $10.86 on Tuesday. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 0.63. PennantPark Floating Rate Capital has a twelve month low of $10.28 and a twelve month high of $12.63. The company has a fifty day moving average of $11.15 and a 200-day moving average of $11.31. The firm has a market capitalization of $903.88 million, a P/E ratio of 7.59 and a beta of 1.66.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a $0.1025 dividend. The ex-dividend date is Monday, December 16th. This represents a $1.23 dividend on an annualized basis and a dividend yield of 11.33%. PennantPark Floating Rate Capital’s payout ratio is presently 86.01%.

Institutional Trading of PennantPark Floating Rate Capital

Several hedge funds have recently added to or reduced their stakes in PFLT. Quarry LP purchased a new stake in shares of PennantPark Floating Rate Capital during the 2nd quarter worth approximately $34,000. Wilmington Savings Fund Society FSB bought a new stake in PennantPark Floating Rate Capital in the 3rd quarter valued at about $39,000. International Assets Investment Management LLC purchased a new stake in PennantPark Floating Rate Capital during the second quarter valued at about $41,000. UMB Bank n.a. purchased a new position in shares of PennantPark Floating Rate Capital in the second quarter worth about $63,000. Finally, Strategic Financial Concepts LLC raised its position in shares of PennantPark Floating Rate Capital by 1,151.8% in the second quarter. Strategic Financial Concepts LLC now owns 698,506 shares of the asset manager’s stock valued at $81,000 after purchasing an additional 642,706 shares during the period. Institutional investors 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.