BidaskClub Upgrades Pennantpark Floating Rate Capital (PFLT) to “Hold”

BidaskClub upgraded shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) from a sell rating to a hold rating in a research note published on Saturday morning.

A number of other research firms also recently weighed in on PFLT. Maxim Group reiterated a buy rating and issued a $14.75 price target on shares of Pennantpark Floating Rate Capital in a research report on Friday, December 1st. ValuEngine upgraded shares of Pennantpark Floating Rate Capital from a hold rating to a buy rating in a research report on Friday, December 1st. Finally, Zacks Investment Research downgraded shares of Pennantpark Floating Rate Capital from a hold rating to a strong sell rating in a research report on Tuesday, December 5th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Pennantpark Floating Rate Capital presently has a consensus rating of Buy and an average target price of $14.95.

Shares of Pennantpark Floating Rate Capital (NASDAQ PFLT) opened at $12.85 on Friday. The stock has a market cap of $494.47, a P/E ratio of 16.47 and a beta of 0.54. Pennantpark Floating Rate Capital has a 1 year low of $12.00 and a 1 year high of $14.65.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last issued its quarterly earnings data on Thursday, February 8th. The asset manager reported $0.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.26 by ($0.01). Pennantpark Floating Rate Capital had a return on equity of 7.49% and a net margin of 47.64%. The company had revenue of $14.84 million for the quarter, compared to analyst estimates of $15.29 million. During the same quarter last year, the business earned $0.28 earnings per share. The company’s revenue was up 17.5% on a year-over-year basis. equities research analysts forecast that Pennantpark Floating Rate Capital will post 1.08 EPS for the current fiscal year.

The firm also recently declared a monthly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Friday, February 16th will be given a $0.095 dividend. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 8.87%. Pennantpark Floating Rate Capital’s payout ratio is 146.15%.

In other Pennantpark Floating Rate Capital news, insider Arthur H. Penn purchased 10,000 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was bought at an average cost of $12.57 per share, for a total transaction of $125,700.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.00% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in PFLT. Ares Management LLC raised its position in Pennantpark Floating Rate Capital by 120.7% during the fourth quarter. Ares Management LLC now owns 530,236 shares of the asset manager’s stock valued at $7,275,000 after purchasing an additional 290,000 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in Pennantpark Floating Rate Capital by 64.6% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 432,323 shares of the asset manager’s stock valued at $5,931,000 after purchasing an additional 169,727 shares in the last quarter. Pacific Ridge Capital Partners LLC raised its position in Pennantpark Floating Rate Capital by 71.6% during the fourth quarter. Pacific Ridge Capital Partners LLC now owns 383,503 shares of the asset manager’s stock valued at $5,262,000 after purchasing an additional 160,050 shares in the last quarter. Taylor Frigon Capital Management LLC acquired a new position in Pennantpark Floating Rate Capital during the fourth quarter valued at approximately $1,541,000. Finally, Stifel Financial Corp raised its position in Pennantpark Floating Rate Capital by 151.6% during the third quarter. Stifel Financial Corp now owns 163,704 shares of the asset manager’s stock valued at $2,355,000 after purchasing an additional 98,649 shares in the last quarter. Institutional investors and hedge funds own 27.00% of the company’s stock.

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Pennantpark Floating Rate Capital Company Profile

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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