Pennantpark Floating Rate Capital (PFLT) Upgraded at Zacks Investment Research

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Pennantpark Floating Rate Capital (NASDAQ:PFLT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage presently has a $15.00 price target on the asset manager’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 14.16% from the stock’s previous close.

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 brokerages also recently commented on PFLT. BidaskClub downgraded Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a research note on Wednesday, November 28th. LADENBURG THALM/SH SH upgraded Pennantpark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a research note on Friday, November 16th. ValuEngine upgraded Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Wednesday, October 24th. Finally, Maxim Group restated a “buy” rating and issued a $14.50 target price on shares of Pennantpark Floating Rate Capital in a research note on Thursday, February 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $14.50.

Shares of NASDAQ:PFLT opened at $13.14 on Tuesday. The firm has a market cap of $507.50 million, a P/E ratio of 12.40 and a beta of 0.72. Pennantpark Floating Rate Capital has a 12-month low of $11.05 and a 12-month high of $14.12.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last issued its quarterly earnings results on Wednesday, February 6th. The asset manager reported $0.30 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.30. Pennantpark Floating Rate Capital had a return on equity of 8.24% and a net margin of 45.40%. The firm had revenue of $23.18 million during the quarter, compared to the consensus estimate of $22.06 million. On average, equities research analysts anticipate that Pennantpark Floating Rate Capital will post 1.2 earnings per share for the current year.

Large investors have recently bought and sold shares of the stock. LGT Capital Partners LTD. grew its stake in Pennantpark Floating Rate Capital by 28.3% in the 3rd quarter. LGT Capital Partners LTD. now owns 770,000 shares of the asset manager’s stock valued at $10,126,000 after buying an additional 170,000 shares in the last quarter. Stratos Wealth Partners LTD. purchased a new position in Pennantpark Floating Rate Capital in the 3rd quarter valued at approximately $113,000. Commonwealth Equity Services LLC grew its stake in Pennantpark Floating Rate Capital by 22.7% in the 3rd quarter. Commonwealth Equity Services LLC now owns 50,750 shares of the asset manager’s stock valued at $667,000 after buying an additional 9,387 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Pennantpark Floating Rate Capital by 48.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 42,835 shares of the asset manager’s stock valued at $563,000 after buying an additional 14,000 shares in the last quarter. Finally, BlackRock Inc. grew its stake in Pennantpark Floating Rate Capital by 8.6% in the 3rd quarter. BlackRock Inc. now owns 185,987 shares of the asset manager’s stock valued at $2,446,000 after buying an additional 14,662 shares in the last quarter. 34.60% of the stock is currently owned by institutional investors.

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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