Zacks Investment Research Lowers PennantPark Floating Rate Capital Ltd. (PFLT) to Hold

Zacks Investment Research downgraded shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) from a buy rating to a hold rating in a report published on Saturday.

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 equities analysts also recently issued reports about the stock. Maxim Group reissued a buy rating and set a $14.75 price target on shares of PennantPark Floating Rate Capital in a report on Wednesday, August 9th. BidaskClub downgraded shares of PennantPark Floating Rate Capital from a hold rating to a sell rating in a report on Thursday, July 27th. Finally, Keefe, Bruyette & Woods reissued a buy rating and set a $15.50 price target on shares of PennantPark Floating Rate Capital in a report on Thursday, August 31st. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $15.00.

Shares of PennantPark Floating Rate Capital (NASDAQ PFLT) opened at 14.26 on Friday. The firm has a 50 day moving average of $14.21 and a 200 day moving average of $14.01. PennantPark Floating Rate Capital has a 52 week low of $12.21 and a 52 week high of $14.45.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings results on Tuesday, August 8th. The asset manager reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by $0.03. PennantPark Floating Rate Capital had a net margin of 73.28% and a return on equity of 7.26%. The firm had revenue of $15.19 million for the quarter, compared to the consensus estimate of $15.17 million. Equities research analysts forecast that PennantPark Floating Rate Capital will post $1.16 earnings per share for the current fiscal year.

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The business also recently announced a monthly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Wednesday, September 20th will be paid a $0.095 dividend. This represents a $1.14 dividend on an annualized basis and a dividend yield of 7.99%. The ex-dividend date of this dividend is Tuesday, September 19th. PennantPark Floating Rate Capital’s dividend payout ratio is presently 78.08%.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. raised its stake in shares of PennantPark Floating Rate Capital by 2.6% in the first quarter. Envestnet Asset Management Inc. now owns 9,621 shares of the asset manager’s stock worth $134,000 after acquiring an additional 242 shares during the last quarter. Two Sigma Securities LLC bought a new position in shares of PennantPark Floating Rate Capital in the first quarter worth about $169,000. Raymond James Financial Services Advisors Inc. raised its stake in shares of PennantPark Floating Rate Capital by 16.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 14,133 shares of the asset manager’s stock worth $197,000 after acquiring an additional 2,000 shares during the last quarter. CIBC World Markets Inc. bought a new position in shares of PennantPark Floating Rate Capital in the second quarter worth about $202,000. Finally, GSA Capital Partners LLP bought a new position in shares of PennantPark Floating Rate Capital in the second quarter worth about $207,000. 31.56% of the stock is owned by institutional investors.

PennantPark Floating Rate Capital Company Profile

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.

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Analyst Recommendations for PennantPark Floating Rate Capital (NASDAQ:PFLT)

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