Pennantpark Floating Rate Capital (PFLT) Upgraded to “Hold” at BidaskClub

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

Several other equities research analysts have also commented on the stock. Zacks Investment Research lowered shares of Pennantpark Floating Rate Capital from a hold rating to a strong sell rating in a research note on Tuesday, December 5th. ValuEngine upgraded shares of Pennantpark Floating Rate Capital from a hold rating to a buy rating in a research note on Friday, December 1st. Maxim Group reiterated a buy rating and set a $14.75 price target on shares of Pennantpark Floating Rate Capital in a research note on Friday, December 1st. Finally, Keefe, Bruyette & Woods set a $16.00 price target on shares of Pennantpark Floating Rate Capital and gave the stock a buy rating in a research note on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $15.30.

Shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) traded down $0.02 on Friday, hitting $13.88. 179,421 shares of the stock were exchanged, compared to its average volume of 262,484. Pennantpark Floating Rate Capital has a fifty-two week low of $13.24 and a fifty-two week high of $14.65. The firm has a market cap of $529.53, a price-to-earnings ratio of 13.09 and a beta of 0.59.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings results on Thursday, November 30th. The asset manager reported $0.32 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.02). Pennantpark Floating Rate Capital had a return on equity of 7.66% and a net margin of 61.05%. The company had revenue of $18.45 million for the quarter, compared to analyst estimates of $19.40 million. During the same quarter in the prior year, the business earned $0.31 earnings per share. Pennantpark Floating Rate Capital’s revenue was up 19.8% compared to the same quarter last year. analysts anticipate that Pennantpark Floating Rate Capital will post 1.08 earnings per share for the current fiscal year.

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Tuesday, December 26th will be paid a $0.095 dividend. The ex-dividend date of this dividend is Friday, December 22nd. This represents a $1.14 dividend on an annualized basis and a yield of 8.21%. Pennantpark Floating Rate Capital’s dividend payout ratio is presently 107.55%.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. acquired a new position in Pennantpark Floating Rate Capital in the third quarter valued at $147,000. CIBC World Markets Inc. acquired a new position in Pennantpark Floating Rate Capital in the second quarter valued at $202,000. GSA Capital Partners LLP acquired a new position in Pennantpark Floating Rate Capital in the second quarter valued at $207,000. First Allied Advisory Services Inc. increased its stake in Pennantpark Floating Rate Capital by 1.6% in the second quarter. First Allied Advisory Services Inc. now owns 19,160 shares of the asset manager’s stock valued at $269,000 after purchasing an additional 299 shares during the period. Finally, Sheaff Brock Investment Advisors LLC increased its stake in Pennantpark Floating Rate Capital by 1.9% in the second quarter. Sheaff Brock Investment Advisors LLC now owns 20,226 shares of the asset manager’s stock valued at $285,000 after purchasing an additional 373 shares during the period. Institutional investors own 25.91% of the company’s stock.

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Pennantpark Floating Rate Capital Company Profile

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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