Maxim Group Reaffirms “Buy” Rating for PennantPark Floating Rate Capital (PFLT)
PennantPark Floating Rate Capital (NASDAQ:PFLT)‘s stock had its “buy” rating reissued by Maxim Group in a note issued to investors on Friday. They presently have a $14.75 price target on the asset manager’s stock. Maxim Group’s price target suggests a potential upside of 5.43% from the stock’s current price.
The analysts wrote, “PFLT reported F4Q17 EPS of $0.33 (including $0.07 of non-recurring gains due to a litigation settlement), versus its dividend of $0.285, so NAV was up 0.4%.””
PFLT has been the subject of several other research reports. 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 research note on Wednesday, September 13th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $15.50 price objective on shares of PennantPark Floating Rate Capital in a research note on Thursday, August 31st. Finally, BidaskClub upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Saturday, August 19th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. PennantPark Floating Rate Capital has an average rating of “Buy” and an average price target of $15.08.
PennantPark Floating Rate Capital (NASDAQ:PFLT) last released its earnings results on Thursday, November 30th. The asset manager reported $0.32 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.02). PennantPark Floating Rate Capital had a return on equity of 7.26% and a net margin of 73.28%. The firm had revenue of $18.45 million during the quarter, compared to analyst estimates of $19.40 million. During the same quarter last year, the business posted $0.31 EPS. The firm’s revenue was up 19.8% on a year-over-year basis. sell-side analysts predict that PennantPark Floating Rate Capital will post 1.14 earnings per share for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. LGT Capital Partners acquired a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter valued at about $5,569,000. Morgan Stanley increased its holdings in PennantPark Floating Rate Capital by 38.9% during the 4th quarter. Morgan Stanley now owns 600,104 shares of the asset manager’s stock valued at $6,752,000 after acquiring an additional 168,041 shares in the last quarter. Relative Value Partners Group LLC increased its holdings in PennantPark Floating Rate Capital by 9.2% during the 3rd quarter. Relative Value Partners Group LLC now owns 172,356 shares of the asset manager’s stock valued at $2,280,000 after acquiring an additional 14,578 shares in the last quarter. Muzinich & Company increased its holdings in PennantPark Floating Rate Capital by 3.0% during the 4th quarter. Muzinich & Company now owns 142,193 shares of the asset manager’s stock valued at $1,600,000 after acquiring an additional 4,137 shares in the last quarter. Finally, Two Sigma Investments LP increased its holdings in PennantPark Floating Rate Capital by 26.7% during the 4th quarter. Two Sigma Investments LP now owns 64,796 shares of the asset manager’s stock valued at $914,000 after acquiring an additional 13,648 shares in the last quarter. Hedge funds and other institutional investors own 30.71% of the company’s stock.
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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.
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