Zacks Investment Research upgraded shares of PennantPark Floating Rate (NASDAQ:PFLT) from a sell rating to a hold rating in a report issued on Tuesday.
According to Zacks, “PennantPark Floating Rate Capital Ltd. is a business development company. It 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. The firm provides first lien secured debt and other opportunistic financings (mezzanine, private high yield debt, preferred and common stock) to middle market sponsors and companies. Its investments may include equity features, such as direct investments in the equity securities of borrowers or warrants or options to buy a minority interest in a portfolio company. It has investments in various sectors, including aerospace and defense; consumer services; healthcare and pharmaceuticals, and others. The firm has a value-oriented, bottoms-up investment philosophy. Its investment activities are managed by the investment advisor, PennantPark Investment Advisers LLC. “
Several other research firms have also recently issued reports on PFLT. BidaskClub raised PennantPark Floating Rate from a sell rating to a hold rating in a research report on Friday, December 22nd. TheStreet cut PennantPark Floating Rate from a b rating to a c+ rating in a research report on Thursday, March 29th. Maxim Group lowered their price objective on PennantPark Floating Rate from $14.75 to $14.00 and set a buy rating for the company in a research report on Monday, February 12th. Finally, Keefe, Bruyette & Woods set a $15.00 price objective on PennantPark Floating Rate and gave the stock a buy rating in a research report on Friday, February 9th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $14.94.
Shares of NASDAQ PFLT opened at $13.44 on Tuesday. PennantPark Floating Rate has a 1-year low of $12.00 and a 1-year high of $14.65. The stock has a market cap of $524.20, a price-to-earnings ratio of 12.40 and a beta of 0.57.
PennantPark Floating Rate (NASDAQ:PFLT) last released 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). The business had revenue of $14.84 million for the quarter, compared to analyst estimates of $15.29 million. PennantPark Floating Rate had a return on equity of 7.49% and a net margin of 47.64%. The company’s revenue was up 17.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.28 earnings per share. equities analysts expect that PennantPark Floating Rate will post 0.74 earnings per share for the current year.
The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, May 1st. Stockholders of record on Tuesday, April 17th will be given a dividend of $0.095 per share. The ex-dividend date is Monday, April 16th. This represents a $1.14 annualized dividend and a dividend yield of 8.48%. PennantPark Floating Rate’s dividend payout ratio is currently 103.64%.
In other PennantPark Floating Rate news, insider Arthur H. Penn acquired 9,000 shares of the stock in a transaction dated Wednesday, February 14th. The stock was acquired at an average cost of $12.98 per share, with a total value of $116,820.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Arthur H. Penn bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was purchased at an average cost of $12.57 per share, with a total value of $125,700.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 36,000 shares of company stock valued at $457,400. Insiders own 1.00% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Taylor Frigon Capital Management LLC acquired a new stake in shares of PennantPark Floating Rate in the 4th quarter valued at about $1,541,000. West Family Investments Inc. boosted its position in shares of PennantPark Floating Rate by 18.9% in the 4th quarter. West Family Investments Inc. now owns 254,217 shares of the asset manager’s stock valued at $3,482,000 after purchasing an additional 40,421 shares during the period. Stockman Wealth Management Inc. acquired a new stake in shares of PennantPark Floating Rate in the 4th quarter valued at about $235,000. WESPAC Advisors LLC acquired a new stake in shares of PennantPark Floating Rate in the 4th quarter valued at about $853,000. Finally, Wells Fargo & Company MN boosted its position in shares of PennantPark Floating Rate by 40.6% in the 3rd quarter. Wells Fargo & Company MN now owns 73,886 shares of the asset manager’s stock valued at $1,070,000 after purchasing an additional 21,342 shares during the period. 31.64% of the stock is owned by hedge funds and other institutional investors.
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About PennantPark Floating Rate
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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