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

BidaskClub cut shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) from a buy rating to a hold rating in a report published on Wednesday.

A number of other equities analysts also recently commented on PFLT. Zacks Investment Research upgraded Pennantpark Floating Rate Capital from a hold rating to a buy rating and set a $15.00 price objective on the stock in a report on Tuesday, November 20th. LADENBURG THALM/SH SH upgraded Pennantpark Floating Rate Capital from a neutral rating to a buy rating and set a $14.00 price objective on the stock in a report on Friday, November 16th. ValuEngine downgraded Pennantpark Floating Rate Capital from a hold rating to a sell rating in a report on Thursday, November 1st. Finally, Maxim Group raised their price objective on Pennantpark Floating Rate Capital from $14.00 to $14.50 and gave the stock a buy rating in a report on Friday, August 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $14.63.

Shares of NASDAQ:PFLT opened at $12.88 on Wednesday. Pennantpark Floating Rate Capital has a 12-month low of $12.00 and a 12-month high of $14.13. The stock has a market capitalization of $499.38 million, a price-to-earnings ratio of 11.82 and a beta of 0.52.

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

The company also recently disclosed a monthly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Tuesday, November 20th will be issued a $0.078 dividend. This represents a $0.94 dividend on an annualized basis and a dividend yield of 7.27%. This is an increase from Pennantpark Floating Rate Capital’s previous monthly dividend of $0.01. The ex-dividend date is Monday, November 19th. Pennantpark Floating Rate Capital’s dividend payout ratio (DPR) is 98.11%.

Several institutional investors have recently added to or reduced their stakes in PFLT. BlackRock Inc. raised its holdings 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 purchasing an additional 4,409 shares during the period. Sumitomo Mitsui Asset Management Company LTD purchased a new position in shares of Pennantpark Floating Rate Capital in the 2nd quarter worth about $1,787,000. Legal & General Group Plc raised its holdings in shares of Pennantpark Floating Rate Capital by 6.8% in the 2nd quarter. Legal & General Group Plc now owns 147,476 shares of the asset manager’s stock worth $2,015,000 after purchasing an additional 9,429 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings 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 purchasing an additional 4,562 shares during the period. Finally, Citadel Advisors LLC purchased a new position in shares of Pennantpark Floating Rate Capital in the 2nd quarter worth about $142,000. Institutional investors own 33.92% 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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