Pennantpark Floating Rate Capital Ltd (PFLT) Given Average Recommendation of “Buy” by Analysts

Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) has been assigned an average rating of “Buy” from the seven research firms that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $14.63.

Several analysts have issued reports on the company. Maxim Group increased their target price on Pennantpark Floating Rate Capital from $14.00 to $14.50 and gave the company a “buy” rating in a research report on Friday, August 10th. Zacks Investment Research raised Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research report on Tuesday, August 14th. BidaskClub cut Pennantpark Floating Rate Capital from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 29th. ValuEngine cut Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a research report on Friday, September 14th. Finally, LADENBURG THALM/SH SH raised Pennantpark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $14.00 price objective for the company in a research report on Friday, November 16th.

Institutional investors have recently bought and sold shares of the company. Stratos Wealth Partners LTD. acquired a new stake in shares of Pennantpark Floating Rate Capital in the 3rd quarter worth $113,000. Visionary Asset Management Inc. acquired a new stake in shares of Pennantpark Floating Rate Capital in the 3rd quarter worth $133,000. BlueMountain Capital Management LLC acquired a new stake in shares of Pennantpark Floating Rate Capital in the 2nd quarter worth $137,000. Citadel Advisors LLC acquired a new stake in shares of Pennantpark Floating Rate Capital in the 2nd quarter worth $142,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Pennantpark Floating Rate Capital in the 3rd quarter worth $266,000. 33.64% of the stock is owned by hedge funds and other institutional investors.

PFLT traded up $0.04 during trading on Friday, hitting $12.67. 3,067 shares of the stock were exchanged, compared to its average volume of 144,562. The company has a market capitalization of $492.02 million, a P/E ratio of 11.95 and a beta of 0.50. Pennantpark Floating Rate Capital has a 1 year low of $12.00 and a 1 year high of $14.13.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last announced its earnings results on Wednesday, November 14th. The asset manager reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.02. The business had revenue of $21.30 million for the quarter, compared to analysts’ expectations of $19.92 million. Pennantpark Floating Rate Capital had a return on equity of 7.76% and a net margin of 46.39%. Equities analysts anticipate that Pennantpark Floating Rate Capital will post 1.2 EPS for the current year.

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Wednesday, December 19th will be given a $0.081 dividend. This is a boost from Pennantpark Floating Rate Capital’s previous monthly dividend of $0.08. The ex-dividend date is Tuesday, December 18th. This represents a $0.97 dividend on an annualized basis and a dividend yield of 7.67%. Pennantpark Floating Rate Capital’s dividend payout ratio (DPR) is presently 98.11%.

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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