Pennantpark Floating Rate Capital Ltd (PFLT) Given Consensus Recommendation of “Hold” by Brokerages

Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) has been assigned a consensus rating of “Hold” from the eight brokerages that are covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $12.50.

A number of analysts have commented on PFLT shares. Maxim Group boosted their target price on Pennantpark Floating Rate Capital from $14.00 to $14.50 and gave the stock a “buy” rating in a research report on Friday, August 10th. ValuEngine downgraded Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a research report on Friday, September 14th. JPMorgan Chase & Co. boosted their target price on Pennantpark Floating Rate Capital from $7.50 to $8.00 and gave the stock an “overweight” rating in a research report on Friday, August 10th. BidaskClub downgraded Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a research report on Tuesday, July 10th. Finally, Zacks Investment Research upgraded Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research report on Tuesday, August 14th.

Large investors have recently modified their holdings of the company. Visionary Asset Management Inc. purchased a new stake in shares of Pennantpark Floating Rate Capital in the third quarter valued at $133,000. BlueMountain Capital Management LLC purchased a new stake in shares of Pennantpark Floating Rate Capital in the second quarter valued at $137,000. Citadel Advisors LLC purchased a new stake in shares of Pennantpark Floating Rate Capital in the second quarter valued at $142,000. Great West Life Assurance Co. Can purchased a new stake in shares of Pennantpark Floating Rate Capital in the first quarter valued at $137,000. Finally, Cambridge Investment Research Advisors Inc. lifted its position in shares of Pennantpark Floating Rate Capital by 18.6% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 29,073 shares of the asset manager’s stock valued at $397,000 after acquiring an additional 4,562 shares in the last quarter. Institutional investors and hedge funds own 33.14% of the company’s stock.

PFLT traded down $0.07 during trading on Thursday, reaching $12.82. 3,955 shares of the stock were exchanged, compared to its average volume of 174,975. The company has a market cap of $509.85 million, a price-to-earnings ratio of 11.64 and a beta of 0.51. Pennantpark Floating Rate Capital has a 1 year low of $12.00 and a 1 year high of $14.65.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last posted its earnings results on Wednesday, August 8th. The asset manager reported $0.31 EPS for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.04. The company had revenue of $19.53 million for the quarter, compared to the consensus estimate of $17.93 million. Pennantpark Floating Rate Capital had a return on equity of 7.86% and a net margin of 48.08%. Equities analysts anticipate that Pennantpark Floating Rate Capital will post 0.97 EPS for the current fiscal year.

The company also recently announced a monthly dividend, which will be paid on Thursday, November 1st. Shareholders of record on Wednesday, October 17th will be given a dividend of $0.013 per share. The ex-dividend date is Tuesday, October 16th. This represents a $0.16 dividend on an annualized basis and a yield of 1.22%. Pennantpark Floating Rate Capital’s payout ratio is 103.64%.

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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