Pennantpark Floating Rate Capital (NASDAQ:PFLT) Stock Rating Lowered by BidaskClub

Pennantpark Floating Rate Capital (NASDAQ:PFLT) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, BidAskClub reports.

PFLT has been the topic of a number of other reports. ValuEngine downgraded Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. LADENBURG THALM/SH SH downgraded Pennantpark Floating Rate Capital from a “buy” rating to a “neutral” rating in a research note on Monday, May 13th. TheStreet lowered Pennantpark Floating Rate Capital from a “b-” rating to a “c+” rating in a report on Wednesday, May 22nd. Zacks Investment Research lowered Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, JMP Securities reduced their target price on Pennantpark Floating Rate Capital from $13.50 to $13.00 and set a “market outperform” rating for the company in a report on Tuesday. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Pennantpark Floating Rate Capital currently has an average rating of “Hold” and an average target price of $13.50.

Shares of PFLT opened at $11.48 on Wednesday. The company has a market capitalization of $444.69 million, a PE ratio of 10.83 and a beta of 0.73. Pennantpark Floating Rate Capital has a 12 month low of $11.05 and a 12 month high of $13.77. The stock’s 50-day moving average price is $11.62 and its two-hundred day moving average price is $12.37.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last announced its earnings results on Wednesday, August 7th. The asset manager reported $0.29 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.01). The company had revenue of $22.88 million for the quarter, compared to analyst estimates of $22.90 million. Pennantpark Floating Rate Capital had a return on equity of 8.83% and a net margin of 16.65%. Equities research analysts forecast that Pennantpark Floating Rate Capital will post 1.19 EPS for the current fiscal year.

In related news, insider Arthur H. Penn acquired 8,000 shares of Pennantpark Floating Rate Capital stock in a transaction dated Monday, August 12th. The shares were purchased at an average cost of $11.57 per share, with a total value of $92,560.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Arthur H. Penn acquired 9,000 shares of Pennantpark Floating Rate Capital stock in a transaction dated Friday, August 9th. The shares were bought at an average cost of $11.66 per share, for a total transaction of $104,940.00. The disclosure for this purchase can be found here. 1.00% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. purchased a new position in shares of Pennantpark Floating Rate Capital during the second quarter valued at approximately $71,000. Psagot Investment House Ltd. bought a new stake in shares of Pennantpark Floating Rate Capital during the first quarter valued at approximately $82,000. NEXT Financial Group Inc increased its position 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 valued at $101,000 after acquiring an additional 1,018 shares in the last quarter. Citadel Advisors LLC bought a new stake in shares of Pennantpark Floating Rate Capital during the second quarter valued at approximately $133,000. Finally, First Allied Advisory Services Inc. bought a new stake in shares of Pennantpark Floating Rate Capital during the first quarter valued at approximately $149,000. 36.20% of the stock is currently owned by institutional investors.

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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