Zacks Investment Research upgraded shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) from a hold rating to a buy rating in a research report released on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $13.00 price objective on the asset manager’s stock.
According to Zacks, “PennantPark Floating Rate Capital Ltd. is a business development company. It 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. The firm provides first lien secured debt and other opportunistic financings (mezzanine, private high yield debt, preferred and common stock) to middle market sponsors and companies. Its investments may include equity features, such as direct investments in the equity securities of borrowers or warrants or options to buy a minority interest in a portfolio company. It has investments in various sectors, including aerospace and defense; consumer services; healthcare and pharmaceuticals, and others. The firm has a value-oriented, bottoms-up investment philosophy. Its investment activities are managed by the investment advisor, PennantPark Investment Advisers LLC. “
Several other research firms have also recently commented on PFLT. LADENBURG THALM/SH SH cut shares of PennantPark Investment from a buy rating to a neutral rating in a research note on Monday, May 13th. TheStreet cut shares of Wayside Technology Group from a b- rating to a c rating in a research note on Wednesday, May 22nd. BidaskClub cut shares of Waterstone Financial from a hold rating to a sell rating in a research note on Friday, June 21st. ValuEngine raised shares of VESTAS WIND SYS/ADR from a hold rating to a buy rating in a research note on Thursday, May 9th. Finally, Keefe, Bruyette & Woods cut shares of Pennantpark Floating Rate Capital from an outperform rating to a market perform rating and lowered their target price for the company from $14.00 to $13.00 in a research note on Wednesday, May 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $13.63.
Pennantpark Floating Rate Capital (NASDAQ:PFLT) last released its earnings results on Wednesday, May 8th. The asset manager reported $0.30 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.30. The firm had revenue of $23.01 million for the quarter, compared to analysts’ expectations of $22.99 million. Pennantpark Floating Rate Capital had a net margin of 17.80% and a return on equity of 8.80%. Sell-side analysts predict that Pennantpark Floating Rate Capital will post 1.2 EPS for the current year.
The business also recently announced a monthly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Thursday, July 18th will be paid a dividend of $0.095 per share. The ex-dividend date of this dividend is Wednesday, July 17th. This represents a $1.14 annualized dividend and a yield of 9.74%. Pennantpark Floating Rate Capital’s payout ratio is 107.55%.
In other Pennantpark Floating Rate Capital news, insider Arthur H. Penn acquired 9,000 shares of Pennantpark Floating Rate Capital stock in a transaction dated Friday, May 10th. The stock was bought at an average price of $12.15 per share, for a total transaction of $109,350.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Aviv Efrat acquired 8,200 shares of Pennantpark Floating Rate Capital stock in a transaction dated Tuesday, May 14th. The shares were acquired at an average price of $12.05 per share, with a total value of $98,810.00. Following the transaction, the chief financial officer now owns 36,950 shares in the company, valued at approximately $445,247.50. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 62,000 shares of company stock worth $749,945. 1.00% of the stock is owned by corporate insiders.
Large investors have recently bought and sold shares of the company. Alphasimplex Group LLC bought a new position in shares of Pennantpark Floating Rate Capital during the 1st quarter valued at about $601,000. Standard Life Aberdeen plc boosted its holdings in shares of Pennantpark Floating Rate Capital by 47.3% in the fourth quarter. Standard Life Aberdeen plc now owns 31,138 shares of the asset manager’s stock worth $366,000 after buying an additional 10,000 shares during the period. Sound Income Strategies LLC boosted its holdings in shares of Pennantpark Floating Rate Capital by 8.4% in the first quarter. Sound Income Strategies LLC now owns 1,172,567 shares of the asset manager’s stock worth $15,021,000 after buying an additional 90,537 shares during the period. Confluence Investment Management LLC boosted its holdings in shares of Pennantpark Floating Rate Capital by 1.9% in the first quarter. Confluence Investment Management LLC now owns 140,761 shares of the asset manager’s stock worth $1,803,000 after buying an additional 2,606 shares during the period. Finally, Wambolt & Associates LLC boosted its holdings in shares of Pennantpark Floating Rate Capital by 11.5% in the first quarter. Wambolt & Associates LLC now owns 49,502 shares of the asset manager’s stock worth $641,000 after buying an additional 5,102 shares during the period. Institutional investors own 35.22% 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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