Pennantpark Floating Rate Capital (PFLT) Upgraded by LADENBURG THALM/SH SH to “Buy”

LADENBURG THALM/SH SH upgraded shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) from a neutral rating to a buy rating in a report issued on Friday morning, Marketbeat reports. They currently have $14.00 price objective on the asset manager’s stock.

A number of other equities analysts also recently issued reports on the company. BidaskClub upgraded Pennantpark Floating Rate Capital from a sell rating to a hold rating in a research note on Tuesday. ValuEngine downgraded Pennantpark Floating Rate Capital from a hold rating to a sell rating in a research note on Thursday, November 1st. 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. Maxim Group lifted their price target on 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. Finally, JPMorgan Chase & Co. lifted their price target on 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $13.30.

PFLT stock traded up $0.26 during mid-day trading on Friday, reaching $13.34. 215,759 shares of the company traded hands, compared to its average volume of 130,129. The company has a market capitalization of $509.46 million, a P/E ratio of 12.58 and a beta of 0.52. Pennantpark Floating Rate Capital has a fifty-two week low of $12.00 and a fifty-two week high of $14.32.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last released its quarterly earnings results on Wednesday, November 14th. The asset manager reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.02. The business had revenue of $21.30 million during the quarter, compared to the consensus estimate of $19.92 million. Pennantpark Floating Rate Capital had a return on equity of 7.75% and a net margin of 46.39%. Equities research analysts expect that Pennantpark Floating Rate Capital will post 1.18 earnings per share for the current year.

The firm also recently announced a monthly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Tuesday, November 20th will be paid a $0.078 dividend. This represents a $0.94 dividend on an annualized basis and a dividend yield of 7.02%. The ex-dividend date is Monday, November 19th. This is an increase from Pennantpark Floating Rate Capital’s previous monthly dividend of $0.01. Pennantpark Floating Rate Capital’s payout ratio is presently 107.55%.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Pennantpark Floating Rate Capital by 2.1% in the 1st 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. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Pennantpark Floating Rate Capital by 18.6% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 29,073 shares of the asset manager’s stock worth $397,000 after buying an additional 4,562 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Pennantpark Floating Rate Capital by 1.7% in the 2nd 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. Stratos Wealth Partners LTD. purchased a new position in shares of Pennantpark Floating Rate Capital in the 3rd quarter worth approximately $113,000. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Pennantpark Floating Rate Capital by 1.7% in the 2nd 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. Hedge funds and other institutional investors own 33.81% of the company’s stock.

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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