Pennantpark Floating Rate Capital Ltd (PFLT) Given Consensus Recommendation of “Buy” by Analysts

Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) has received a consensus recommendation of “Buy” from the seven brokerages that are currently covering the company. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $14.75.

Several research analysts have weighed in on the company. Zacks Investment Research downgraded Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Thursday, April 13th. Ladenburg Thalmann Financial Services upgraded Pennantpark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $14.75 price target for the company in a research note on Thursday, May 11th. Keefe, Bruyette & Woods upgraded Pennantpark Floating Rate Capital from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $15.00 to $15.50 in a research note on Wednesday, May 10th. SunTrust Banks, Inc. initiated coverage on Pennantpark Floating Rate Capital in a research note on Friday, March 10th. They issued a “buy” rating and a $15.00 price target for the company. Finally, TheStreet raised Pennantpark Floating Rate Capital from a “c+” rating to a “b” rating in a report on Monday, March 20th.

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Pennantpark Floating Rate Capital (NASDAQ:PFLT) last posted its quarterly earnings results on Tuesday, May 9th. The asset manager reported $0.27 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by $0.01. The business had revenue of $13.22 million during the quarter, compared to analyst estimates of $14.43 million.

The company also recently disclosed a monthly dividend, which will be paid on Thursday, June 1st. Stockholders of record on Friday, May 19th will be issued a dividend of $0.095 per share. The ex-dividend date is Wednesday, May 17th. This represents a $1.14 annualized dividend and a dividend yield of 8.14%.

Hedge funds have recently modified their holdings of the company. Muzinich & Co. Inc. boosted its stake in shares of Pennantpark Floating Rate Capital by 95.5% in the first quarter. Muzinich & Co. Inc. now owns 1,083,721 shares of the asset manager’s stock valued at $15,107,000 after buying an additional 529,519 shares during the period. Ares Management LLC boosted its stake in shares of Pennantpark Floating Rate Capital by 134.1% in the third quarter. Ares Management LLC now owns 550,656 shares of the asset manager’s stock valued at $7,285,000 after buying an additional 315,400 shares during the period. UBS Group AG boosted its stake in shares of Pennantpark Floating Rate Capital by 50.3% in the first quarter. UBS Group AG now owns 806,964 shares of the asset manager’s stock valued at $11,249,000 after buying an additional 270,153 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Pennantpark Floating Rate Capital by 288.2% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 214,431 shares of the asset manager’s stock valued at $3,026,000 after buying an additional 159,189 shares during the period. Finally, LGT Capital Partners LTD. boosted its stake in shares of Pennantpark Floating Rate Capital by 34.9% in the first quarter. LGT Capital Partners LTD. now owns 580,000 shares of the asset manager’s stock valued at $8,085,000 after buying an additional 150,000 shares during the period.

About Pennantpark Floating Rate Capital

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.

12 Month Chart for NASDAQ:PFLT

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