PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) has been assigned a $16.00 price target by equities researchers at Keefe, Bruyette & Woods in a research report issued on Thursday. The firm currently has a “buy” rating on the asset manager’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 9.74% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of PennantPark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a report on Tuesday, August 15th. Maxim Group restated a “buy” rating and issued a $14.75 price objective on shares of PennantPark Floating Rate Capital in a report on Wednesday, August 9th. Finally, BidaskClub upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Saturday, August 19th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $15.08.

Shares of PennantPark Floating Rate Capital (PFLT) remained flat at $14.58 during trading on Thursday. 40,679 shares of the company were exchanged. The stock’s 50-day moving average price is $14.30 and its 200-day moving average price is $14.09. PennantPark Floating Rate Capital has a one year low of $12.21 and a one year high of $14.64.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings data on Tuesday, August 8th. The asset manager reported $0.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.03). The business had revenue of $15.19 million during the quarter, compared to the consensus estimate of $15.17 million. PennantPark Floating Rate Capital had a return on equity of 7.26% and a net margin of 73.28%. Analysts forecast that PennantPark Floating Rate Capital will post $1.15 earnings per share for the current year.

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Several hedge funds and other institutional investors have recently modified their holdings of PFLT. Muzinich & Co. Inc. increased its stake in shares of PennantPark Floating Rate Capital by 95.5% in the first quarter. Muzinich & Co. Inc. now owns 1,083,721 shares of the asset manager’s stock worth $15,107,000 after buying an additional 529,519 shares during the period. LGT Capital Partners purchased a new position in shares of PennantPark Floating Rate Capital in the fourth quarter worth $5,569,000. Polar Capital LLP purchased a new position in shares of PennantPark Floating Rate Capital in the fourth quarter worth $3,554,000. Ares Management LLC increased its stake in shares of PennantPark Floating Rate Capital by 134.1% in the third quarter. Ares Management LLC now owns 550,656 shares of the asset manager’s stock worth $7,285,000 after buying an additional 315,400 shares during the period. Finally, UBS Group AG increased its stake in shares of PennantPark Floating Rate Capital by 50.3% in the first quarter. UBS Group AG now owns 806,964 shares of the asset manager’s stock worth $11,249,000 after buying an additional 270,153 shares during the period. 31.56% of the stock is currently owned by institutional investors.

About PennantPark Floating Rate Capital

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.

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

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