Pennantpark Floating Rate Capital Ltd (PFLT) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) have received an average recommendation of “Buy” from the eight research firms that are currently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $14.88.

Several analysts have recently weighed in on the stock. Keefe, Bruyette & Woods set a $15.00 price objective on shares of Pennantpark Floating Rate Capital and gave the company a “buy” rating in a research note on Friday. BidaskClub upgraded shares of Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Saturday. Zacks Investment Research upgraded shares of Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Tuesday. ValuEngine upgraded shares of Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Finally, Maxim Group restated a “buy” rating and set a $14.75 price target on shares of Pennantpark Floating Rate Capital in a research note on Friday, December 1st.

Pennantpark Floating Rate Capital (PFLT) traded down $0.89 during trading hours on Friday, hitting $12.19. 1,572,695 shares of the stock traded hands, compared to its average volume of 302,206. The company has a market cap of $437.16, a price-to-earnings ratio of 11.50 and a beta of 0.54. Pennantpark Floating Rate Capital has a 12 month low of $12.00 and a 12 month high of $14.65.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last released its quarterly earnings data on Thursday, February 8th. The asset manager reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.01). The company had revenue of $14.84 million during the quarter, compared to the consensus estimate of $15.29 million. Pennantpark Floating Rate Capital had a net margin of 47.64% and a return on equity of 7.82%. The business’s revenue was up 17.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.28 EPS. analysts forecast that Pennantpark Floating Rate Capital will post 1.08 EPS for the current fiscal year.

The firm also recently declared a monthly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Friday, February 16th will be paid a dividend of $0.095 per share. The ex-dividend date is Thursday, February 15th. This represents a $1.14 dividend on an annualized basis and a yield of 9.35%. Pennantpark Floating Rate Capital’s dividend payout ratio (DPR) is presently 107.55%.

A number of hedge funds have recently made changes to their positions in the business. LGT Capital Partners LTD. increased its stake in Pennantpark Floating Rate Capital by 11.1% during the 4th quarter. LGT Capital Partners LTD. now owns 500,000 shares of the asset manager’s stock valued at $6,860,000 after purchasing an additional 50,000 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Pennantpark Floating Rate Capital by 16.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 492,018 shares of the asset manager’s stock valued at $7,124,000 after purchasing an additional 69,422 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Pennantpark Floating Rate Capital by 64.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 432,323 shares of the asset manager’s stock valued at $5,931,000 after purchasing an additional 169,727 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Pennantpark Floating Rate Capital by 12.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 348,288 shares of the asset manager’s stock valued at $5,043,000 after purchasing an additional 37,231 shares in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. boosted its holdings in Pennantpark Floating Rate Capital by 19.6% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 327,471 shares of the asset manager’s stock worth $4,742,000 after acquiring an additional 53,597 shares during the last quarter. Institutional investors and hedge funds own 26.51% 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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