Pennantpark Floating Rate Capital (PFLT) Stock Rating Upgraded by BidaskClub

BidaskClub upgraded shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) from a sell rating to a hold rating in a report published on Wednesday.

PFLT has been the topic of a number of other reports. Maxim Group upped their price target on Pennantpark Floating Rate Capital from $14.00 to $14.50 and gave the stock a buy rating in a research note on Friday, August 10th. ValuEngine raised Pennantpark Floating Rate Capital from a sell rating to a hold rating in a research note on Wednesday, October 24th. JPMorgan Chase & Co. upped their price target on Pennantpark Floating Rate Capital from $7.50 to $8.00 and gave the stock an overweight rating in a research note on Friday, August 10th. Finally, Zacks Investment Research downgraded Pennantpark Floating Rate Capital from a strong-buy rating to a hold rating in a research note on Tuesday, October 16th. One analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. Pennantpark Floating Rate Capital currently has an average rating of Hold and a consensus target price of $13.13.

PFLT stock traded down $0.18 during trading on Wednesday, reaching $12.76. 158,015 shares of the stock were exchanged, compared to its average volume of 138,989. Pennantpark Floating Rate Capital has a twelve month low of $12.00 and a twelve month high of $14.32. The company has a market cap of $494.73 million, a P/E ratio of 11.39 and a beta of 0.52.

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

The business also recently disclosed a monthly dividend, which was paid on Thursday, November 1st. Stockholders of record on Wednesday, October 17th were paid a $0.013 dividend. This represents a $0.16 annualized dividend and a dividend yield of 1.22%. The ex-dividend date was Tuesday, October 16th. Pennantpark Floating Rate Capital’s dividend payout ratio (DPR) is presently 103.64%.

Several institutional investors have recently modified their holdings of PFLT. Wells Fargo & Company MN raised its stake in shares of Pennantpark Floating Rate Capital by 16.7% in the first quarter. Wells Fargo & Company MN now owns 97,769 shares of the asset manager’s stock worth $1,279,000 after purchasing an additional 14,010 shares during the last quarter. BlackRock Inc. raised its stake in shares of 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 purchasing an additional 4,409 shares during the last quarter. Guggenheim Capital LLC raised its stake in shares of Pennantpark Floating Rate Capital by 26.1% in the first quarter. Guggenheim Capital LLC now owns 66,286 shares of the asset manager’s stock worth $868,000 after purchasing an additional 13,711 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Pennantpark Floating Rate Capital by 12.3% in the first quarter. Legal & General Group Plc now owns 138,047 shares of the asset manager’s stock worth $1,808,000 after purchasing an additional 15,158 shares during the last quarter. Finally, Mckinley Capital Management LLC Delaware raised its stake in shares of Pennantpark Floating Rate Capital by 10.3% in the second quarter. Mckinley Capital Management LLC Delaware now owns 108,312 shares of the asset manager’s stock worth $1,480,000 after purchasing an additional 10,106 shares during the last quarter. 33.91% of the stock is owned by hedge funds and other institutional investors.

About Pennantpark Floating Rate Capital

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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