Pennantpark Floating Rate Capital Ltd (PFLT) Given Average Recommendation of “Hold” by Analysts

Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) has earned a consensus recommendation of “Hold” from the eight ratings firms that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating and five have issued a buy rating on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $15.13.

Several research analysts have weighed in on PFLT shares. Zacks Investment Research cut Pennantpark Floating Rate Capital from a “hold” rating to a “strong sell” rating in a research report on Tuesday, December 5th. Maxim Group reissued a “buy” rating and issued a $14.75 price objective on shares of Pennantpark Floating Rate Capital in a research report on Friday, December 1st. ValuEngine raised Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. BidaskClub raised Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a research report on Friday, December 22nd. Finally, Keefe, Bruyette & Woods set a $16.00 price objective on Pennantpark Floating Rate Capital and gave the stock a “buy” rating in a research report on Thursday, October 5th.

Several hedge funds and other institutional investors have recently modified their holdings of PFLT. Macquarie Group Ltd. bought a new stake in shares of Pennantpark Floating Rate Capital during the 3rd quarter valued at $786,000. Ameriprise Financial Inc. bought a new stake in shares of Pennantpark Floating Rate Capital during the 2nd quarter valued at $893,000. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Pennantpark Floating Rate Capital by 19.6% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 327,471 shares of the asset manager’s stock valued at $4,742,000 after purchasing an additional 53,597 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of Pennantpark Floating Rate Capital by 16.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 492,018 shares of the asset manager’s stock valued at $7,124,000 after purchasing an additional 69,422 shares during the period. Finally, Advisors Asset Management Inc. raised its stake in shares of Pennantpark Floating Rate Capital by 12.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 348,288 shares of the asset manager’s stock valued at $5,043,000 after purchasing an additional 37,231 shares during the period. 25.92% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Pennantpark Floating Rate Capital (NASDAQ PFLT) traded up $0.06 during trading hours on Tuesday, hitting $13.68. The company had a trading volume of 250,300 shares, compared to its average volume of 298,967. The stock has a market capitalization of $526.41, a PE ratio of 12.91 and a beta of 0.59. Pennantpark Floating Rate Capital has a one year low of $13.24 and a one year high of $14.65.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last posted its quarterly earnings data on Thursday, November 30th. The asset manager reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.02). Pennantpark Floating Rate Capital had a return on equity of 7.66% and a net margin of 61.05%. The business had revenue of $18.45 million during the quarter, compared to analysts’ expectations of $19.40 million. During the same period in the prior year, the firm posted $0.31 EPS. The firm’s revenue for the quarter was up 19.8% on a year-over-year basis. equities analysts predict that Pennantpark Floating Rate Capital will post 1.08 EPS for the current year.

The company also recently declared a monthly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Thursday, January 18th will be given a dividend of $0.095 per share. The ex-dividend date of this dividend is Wednesday, January 17th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 8.33%. Pennantpark Floating Rate Capital’s dividend payout ratio is presently 107.55%.

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About Pennantpark Floating Rate Capital

PennantPark Floating Rate Capital Ltd. is a business development company. The Company is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate loans and other investments made to the United States middle-market companies.

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