PennantPark Floating Rate Capital (PFLT) Earns “Buy” Rating from Maxim Group

Maxim Group reissued their buy rating on shares of PennantPark Floating Rate Capital (NASDAQ:PFLT) in a research report released on Friday. They currently have a $14.75 target price on the asset manager’s stock.

“PFLT reported F4Q17 EPS of $0.33 (including $0.07 of non-recurring gains due to a litigation settlement), versus its dividend of $0.285, so NAV was up 0.4%.”,” Maxim Group’s analyst wrote.

Other analysts have also issued reports about the stock. Keefe, Bruyette & Woods restated a buy rating and issued a $15.50 price objective on shares of PennantPark Floating Rate Capital in a report on Thursday, August 31st. Zacks Investment Research upgraded shares of PennantPark Floating Rate Capital from a hold rating to a buy rating and set a $16.00 price objective on the stock in a report on Saturday, August 26th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $15.08.

Shares of PennantPark Floating Rate Capital (NASDAQ PFLT) opened at $13.83 on Friday. The stock has a market cap of $532.56, a PE ratio of 12.58 and a beta of 0.59. PennantPark Floating Rate Capital has a fifty-two week low of $13.24 and a fifty-two week high of $14.65.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last issued its quarterly earnings data on Thursday, November 30th. The asset manager reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.02). The company had revenue of $18.45 million during the quarter, compared to analysts’ expectations of $19.40 million. PennantPark Floating Rate Capital had a net margin of 61.05% and a return on equity of 7.66%. The firm’s quarterly revenue was up 19.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.31 earnings per share. analysts forecast that PennantPark Floating Rate Capital will post 1.13 EPS for the current year.

The company also recently announced a monthly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 17th were given a $0.095 dividend. This represents a $1.14 annualized dividend and a yield of 8.24%. The ex-dividend date was Thursday, November 16th. PennantPark Floating Rate Capital’s dividend payout ratio is currently 95.00%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Muzinich & Co. Inc. grew its position in PennantPark Floating Rate Capital by 4.7% in the 2nd quarter. Muzinich & Co. Inc. now owns 1,134,286 shares of the asset manager’s stock valued at $16,005,000 after acquiring an additional 50,565 shares in the last quarter. Punch & Associates Investment Management Inc. grew its position in PennantPark Floating Rate Capital by 1.2% in the 2nd quarter. Punch & Associates Investment Management Inc. now owns 763,910 shares of the asset manager’s stock valued at $10,779,000 after acquiring an additional 9,074 shares in the last quarter. Janney Montgomery Scott LLC grew its position in PennantPark Floating Rate Capital by 16.4% in the 3rd quarter. Janney Montgomery Scott LLC now owns 492,018 shares of the asset manager’s stock valued at $7,124,000 after acquiring an additional 69,422 shares in the last quarter. Advisors Asset Management Inc. grew its position in PennantPark Floating Rate Capital by 12.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 348,288 shares of the asset manager’s stock valued at $5,043,000 after acquiring an additional 37,231 shares in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. grew its position in PennantPark Floating Rate Capital by 19.6% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 327,471 shares of the asset manager’s stock valued at $4,742,000 after acquiring an additional 53,597 shares in the last quarter. 30.70% of the stock is owned by institutional investors.

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About PennantPark Floating Rate Capital

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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