Pennantpark Floating Rate Capital (NASDAQ:PFLT) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) from a sell rating to a hold rating in a report published on Tuesday, Zacks.com reports.

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. “

Other research analysts have also recently issued research reports about the company. JMP Securities decreased their price target on Pennantpark Floating Rate Capital from $13.50 to $13.00 and set a market outperform rating on the stock in a research report on Tuesday, August 13th. TheStreet cut Pennantpark Floating Rate Capital from a b- rating to a c+ rating in a research report on Wednesday, May 22nd. Finally, BidaskClub cut Pennantpark Floating Rate Capital from a buy rating to a hold rating in a research report on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. Pennantpark Floating Rate Capital currently has an average rating of Hold and an average price target of $13.50.

Shares of NASDAQ PFLT opened at $11.60 on Tuesday. Pennantpark Floating Rate Capital has a 52 week low of $11.05 and a 52 week high of $13.45. The stock has a market capitalization of $450.92 million, a P/E ratio of 9.86 and a beta of 0.73. The stock’s fifty day moving average is $11.54 and its 200 day moving average is $12.11.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last issued its quarterly earnings results on Wednesday, August 7th. The asset manager reported $0.29 EPS for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.01). Pennantpark Floating Rate Capital had a return on equity of 8.83% and a net margin of 16.65%. The company had revenue of $22.88 million during the quarter, compared to the consensus estimate of $22.90 million. Research analysts anticipate that Pennantpark Floating Rate Capital will post 1.19 earnings per share for the current year.

The firm also recently announced a monthly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th will be given a $0.095 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 9.83%. The ex-dividend date of this dividend is Monday, September 16th. Pennantpark Floating Rate Capital’s dividend payout ratio is presently 107.55%.

In other Pennantpark Floating Rate Capital news, Director Samuel L. Katz bought 25,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were purchased at an average price of $11.42 per share, for a total transaction of $285,500.00. Following the completion of the transaction, the director now directly owns 191,800 shares in the company, valued at approximately $2,190,356. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Arthur H. Penn purchased 9,000 shares of Pennantpark Floating Rate Capital stock in a transaction dated Friday, August 9th. The shares were purchased at an average price of $11.66 per share, for a total transaction of $104,940.00. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 50,000 shares of company stock worth $575,400. Company insiders own 1.00% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. NEXT Financial Group Inc grew its holdings in shares of Pennantpark Floating Rate Capital by 13.3% during the second quarter. NEXT Financial Group Inc now owns 8,681 shares of the asset manager’s stock worth $101,000 after purchasing an additional 1,018 shares during the last quarter. B. Riley Wealth Management Inc. grew its holdings in shares of Pennantpark Floating Rate Capital by 0.6% during the first quarter. B. Riley Wealth Management Inc. now owns 192,844 shares of the asset manager’s stock worth $2,470,000 after purchasing an additional 1,178 shares during the last quarter. Pacific Ridge Capital Partners LLC grew its holdings in shares of Pennantpark Floating Rate Capital by 0.4% during the first quarter. Pacific Ridge Capital Partners LLC now owns 381,576 shares of the asset manager’s stock worth $4,888,000 after purchasing an additional 1,444 shares during the last quarter. Relative Value Partners Group LLC grew its holdings in shares of Pennantpark Floating Rate Capital by 0.7% during the first quarter. Relative Value Partners Group LLC now owns 289,176 shares of the asset manager’s stock worth $3,732,000 after purchasing an additional 2,005 shares during the last quarter. Finally, Wedbush Securities Inc. grew its holdings in shares of Pennantpark Floating Rate Capital by 8.2% during the second quarter. Wedbush Securities Inc. now owns 34,921 shares of the asset manager’s stock worth $404,000 after purchasing an additional 2,655 shares during the last quarter. Institutional investors own 35.97% of the company’s stock.

Pennantpark Floating Rate Capital Company Profile

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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