Brokerages Set Pennantpark Floating Rate Capital Ltd (PFLT) Target Price at $12.50

Shares of Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) have been given a consensus rating of “Hold” by the eight research firms that are currently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $12.50.

A number of research analysts recently commented on PFLT shares. Zacks Investment Research upgraded shares of Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research note on Tuesday, August 14th. BidaskClub lowered shares of Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a research note on Tuesday, July 10th. ValuEngine lowered shares of Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Friday, September 14th. JPMorgan Chase & Co. raised their price objective on shares of Pennantpark Floating Rate Capital from $7.50 to $8.00 and gave the company an “overweight” rating in a research note on Friday, August 10th. Finally, Maxim Group raised their price objective on shares of Pennantpark Floating Rate Capital from $14.00 to $14.50 and gave the company a “buy” rating in a research note on Friday, August 10th.

NASDAQ PFLT opened at $12.85 on Thursday. Pennantpark Floating Rate Capital has a 12 month low of $12.00 and a 12 month high of $14.65. The company has a market cap of $498.22 million, a P/E ratio of 11.47 and a beta of 0.51.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last posted its quarterly earnings data on Wednesday, August 8th. The asset manager reported $0.31 EPS for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.04. Pennantpark Floating Rate Capital had a net margin of 48.08% and a return on equity of 7.86%. The business had revenue of $19.53 million for the quarter, compared to analyst estimates of $17.93 million. Research analysts expect that Pennantpark Floating Rate Capital will post 0.97 EPS for the current fiscal year.

The business also recently disclosed a monthly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 17th will be paid a dividend of $0.013 per share. The ex-dividend date is Tuesday, October 16th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.21%. Pennantpark Floating Rate Capital’s dividend payout ratio is presently 103.64%.

A number of institutional investors have recently bought and sold shares of the business. Sound Income Strategies LLC grew its position in Pennantpark Floating Rate Capital by 12.6% in the third quarter. Sound Income Strategies LLC now owns 1,043,505 shares of the asset manager’s stock worth $13,722,000 after buying an additional 117,138 shares during the last quarter. LGT Capital Partners LTD. grew its position in Pennantpark Floating Rate Capital by 28.3% in the third quarter. LGT Capital Partners LTD. now owns 770,000 shares of the asset manager’s stock worth $10,126,000 after buying an additional 170,000 shares during the last quarter. Janney Montgomery Scott LLC grew its position in Pennantpark Floating Rate Capital by 1.7% in the second quarter. Janney Montgomery Scott LLC now owns 508,850 shares of the asset manager’s stock worth $6,951,000 after buying an additional 8,586 shares during the last quarter. Van ECK Associates Corp grew its position in Pennantpark Floating Rate Capital by 1.7% in the second quarter. Van ECK Associates Corp now owns 291,319 shares of the asset manager’s stock worth $3,979,000 after buying an additional 4,816 shares during the last quarter. Finally, BlackRock Inc. grew its position in Pennantpark Floating Rate Capital by 2.1% in the first quarter. BlackRock Inc. now owns 212,351 shares of the asset manager’s stock worth $2,780,000 after buying an additional 4,409 shares during the last quarter. Hedge funds and other institutional investors own 33.60% 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.

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