Pennantpark Floating Rate Capital (PFLT) Lowered to “Strong Sell” at BidaskClub

BidaskClub lowered shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) from a sell rating to a strong sell rating in a research note released on Tuesday morning.

Several other research firms also recently weighed in on PFLT. Zacks Investment Research downgraded shares of Pennantpark Floating Rate Capital from a buy rating to a hold rating in a report on Saturday, September 23rd. Keefe, Bruyette & Woods set a $16.00 price objective on shares of Pennantpark Floating Rate Capital and gave the stock a buy rating in a report on Thursday, October 5th. Maxim Group reaffirmed a buy rating and issued a $14.75 price objective on shares of Pennantpark Floating Rate Capital in a report on Friday, December 1st. Finally, ValuEngine raised shares of Pennantpark Floating Rate Capital from a hold rating to a buy rating in a report on Friday, December 1st. Two investment analysts have rated the stock with a sell rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $15.30.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) traded up $0.06 during mid-day trading on Tuesday, reaching $13.68. 250,324 shares of the company traded hands, compared to its average volume of 298,969. The firm has a market capitalization of $524.10, a P/E ratio of 12.91 and a beta of 0.59. Pennantpark Floating Rate Capital has a 1-year low of $13.24 and a 1-year high of $14.65.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last posted its quarterly earnings data on Thursday, November 30th. The asset manager reported $0.32 earnings per share 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 analyst estimates of $19.40 million. Pennantpark Floating Rate Capital had a return on equity of 7.66% and a net margin of 61.05%. The business’s revenue for the quarter was up 19.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.31 EPS. equities analysts forecast that Pennantpark Floating Rate Capital will post 1.08 earnings per share for the current fiscal year.

The business also recently disclosed a monthly dividend, which will be paid on Thursday, February 1st. Investors of record on Thursday, January 18th will be issued a $0.095 dividend. This represents a $1.14 annualized dividend and a yield of 8.33%. The ex-dividend date is Wednesday, January 17th. Pennantpark Floating Rate Capital’s payout ratio is currently 107.55%.

Hedge funds and other institutional investors have recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. acquired a new stake in Pennantpark Floating Rate Capital in the 3rd quarter valued at about $147,000. CIBC World Markets Inc. acquired a new stake in Pennantpark Floating Rate Capital in the 2nd quarter valued at about $202,000. GSA Capital Partners LLP acquired a new stake in Pennantpark Floating Rate Capital in the 2nd quarter valued at about $207,000. First Allied Advisory Services Inc. lifted its holdings in Pennantpark Floating Rate Capital by 1.6% in the 2nd quarter. First Allied Advisory Services Inc. now owns 19,160 shares of the asset manager’s stock valued at $269,000 after acquiring an additional 299 shares during the last quarter. Finally, Sheaff Brock Investment Advisors LLC lifted its holdings in Pennantpark Floating Rate Capital by 1.9% in the 2nd quarter. Sheaff Brock Investment Advisors LLC now owns 20,226 shares of the asset manager’s stock valued at $285,000 after acquiring an additional 373 shares during the last quarter. 25.91% of the stock is owned by institutional investors.

ILLEGAL ACTIVITY WARNING: This news story was reported by Community Financial News and is the sole property of of Community Financial News. If you are accessing this news story on another publication, it was copied illegally and reposted in violation of international trademark and copyright laws. The legal version of this news story can be read at https://www.com-unik.info/2018/01/12/pennantpark-floating-rate-capital-pflt-lowered-to-strong-sell-at-bidaskclub.html.

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.

What are top analysts saying about Pennantpark Floating Rate Capital? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Pennantpark Floating Rate Capital and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit