Pennantpark Floating Rate Capital (NASDAQ:PFLT) Earns “Buy” Rating from Maxim Group

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Pennantpark Floating Rate Capital (NASDAQ:PFLT)‘s stock had its “buy” rating reiterated by equities researchers at Maxim Group in a research report issued to clients and investors on Friday, AnalystRatings.com reports. They currently have a $14.00 target price on the asset manager’s stock. Maxim Group’s target price suggests a potential upside of 18.85% from the stock’s current price.

Several other equities analysts have also recently weighed in on the stock. BidaskClub cut shares of Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Tuesday. Zacks Investment Research raised shares of Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Tuesday, October 15th. ValuEngine raised shares of Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Friday, November 1st. Finally, JMP Securities decreased their target price on shares of Pennantpark Floating Rate Capital from $13.50 to $13.00 and set a “market outperform” rating for the company in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $13.25.

Shares of NASDAQ:PFLT traded up $0.08 during midday trading on Friday, hitting $11.78. The stock had a trading volume of 7,539 shares, compared to its average volume of 124,888. Pennantpark Floating Rate Capital has a 12 month low of $11.05 and a 12 month high of $13.42. The business’s 50-day simple moving average is $11.55 and its 200-day simple moving average is $11.68. The company has a market cap of $455.57 million, a P/E ratio of 10.07 and a beta of 0.72.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last released its earnings results on Wednesday, November 20th. The asset manager reported $0.29 earnings per share for the quarter, meeting the consensus estimate of $0.29. Pennantpark Floating Rate Capital had a net margin of 16.65% and a return on equity of 8.83%. The business had revenue of $23.88 million during the quarter, compared to analysts’ expectations of $23.53 million. On average, research analysts predict that Pennantpark Floating Rate Capital will post 1.18 EPS for the current year.

In other Pennantpark Floating Rate Capital news, Director Samuel L. Katz purchased 25,000 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was acquired at an average price of $11.42 per share, with a total value of $285,500.00. Following the acquisition, the director now directly owns 191,800 shares of the company’s stock, valued at approximately $2,190,356. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.00% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Russell Investments Group Ltd. acquired a new stake in shares of Pennantpark Floating Rate Capital during the second quarter worth $71,000. NEXT Financial Group Inc lifted 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 buying an additional 1,018 shares in the last quarter. Commonwealth Equity Services LLC acquired a new stake in shares of Pennantpark Floating Rate Capital during the third quarter worth $128,000. Citadel Advisors LLC acquired a new stake in shares of Pennantpark Floating Rate Capital during the second quarter worth $133,000. Finally, Rational Advisors LLC acquired a new stake in shares of Pennantpark Floating Rate Capital during the third quarter worth $172,000. 35.88% of the stock is owned by institutional investors and hedge funds.

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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