PennantPark Floating Rate Capital (PFLT) Lifted to Buy at ValuEngine

PennantPark Floating Rate Capital (NASDAQ:PFLT) was upgraded by stock analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday.

A number of other research firms have also recently commented on PFLT. Keefe, Bruyette & Woods set a $16.00 target price on shares of PennantPark Floating Rate Capital and gave the company a “buy” rating in a research report on Thursday, October 5th. Zacks Investment Research cut shares of PennantPark Floating Rate Capital from a “buy” rating to a “hold” rating in a research report on Wednesday, October 11th. Finally, Maxim Group reaffirmed a “buy” rating and issued a $14.75 target price on shares of PennantPark Floating Rate Capital in a research report on Wednesday, August 9th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $15.08.

PennantPark Floating Rate Capital (NASDAQ:PFLT) traded down $0.15 during midday trading on Friday, reaching $13.84. 447,613 shares of the company’s stock were exchanged, compared to its average volume of 284,196. PennantPark Floating Rate Capital has a 52 week low of $13.24 and a 52 week high of $14.65. The firm has a market capitalization of $538.34, a PE ratio of 12.72 and a beta of 0.59.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last posted its earnings results on Thursday, November 30th. The asset manager reported $0.32 EPS for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.02). PennantPark Floating Rate Capital had a net margin of 61.05% and a return on equity of 7.78%. The company had revenue of $18.45 million during the quarter, compared to analyst estimates of $19.40 million. During the same period in the previous year, the company earned $0.31 EPS. The company’s quarterly revenue was up 19.8% compared to the same quarter last year. sell-side analysts expect that PennantPark Floating Rate Capital will post 1.18 EPS for the current fiscal year.

Large investors have recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. purchased a new stake in PennantPark Floating Rate Capital during the third quarter worth about $147,000. CIBC World Markets Inc. purchased a new stake in PennantPark Floating Rate Capital during the second quarter worth about $202,000. GSA Capital Partners LLP purchased a new stake in PennantPark Floating Rate Capital during the second quarter worth about $207,000. Sigma Planning Corp purchased a new stake in PennantPark Floating Rate Capital during the second quarter worth about $215,000. Finally, First Allied Advisory Services Inc. increased its stake in PennantPark Floating Rate Capital by 1.6% during the second quarter. First Allied Advisory Services Inc. now owns 19,160 shares of the asset manager’s stock worth $269,000 after purchasing an additional 299 shares during the period. 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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

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