Maxim Group Lowers Pennantpark Floating Rate Capital (PFLT) Price Target to $14.00

Pennantpark Floating Rate Capital (NASDAQ:PFLT) had its price objective reduced by stock analysts at Maxim Group from $14.75 to $14.00 in a report released on Monday. The brokerage currently has a “buy” rating on the asset manager’s stock. Maxim Group’s target price indicates a potential upside of 14.85% from the stock’s current price.

A number of other equities analysts have also commented on PFLT. ValuEngine upgraded shares of Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Zacks Investment Research downgraded shares of Pennantpark Floating Rate Capital from a “hold” rating to a “strong sell” rating in a research note on Tuesday, December 5th. BidaskClub raised shares of Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Friday, December 22nd. Finally, Keefe, Bruyette & Woods set a $15.00 target price on shares of Pennantpark Floating Rate Capital and gave the company a “buy” rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Pennantpark Floating Rate Capital has an average rating of “Buy” and an average price target of $14.95.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) traded down $0.89 during midday trading on Monday, reaching $12.19. 1,572,700 shares of the company were exchanged, compared to its average volume of 340,454. Pennantpark Floating Rate Capital has a 1-year low of $12.00 and a 1-year high of $14.65. The stock has a market capitalization of $472.63, a P/E ratio of 13.71 and a beta of 0.54.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last posted its quarterly earnings data on Thursday, February 8th. The asset manager reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). The company had revenue of $14.84 million for the quarter, compared to analysts’ expectations of $15.29 million. Pennantpark Floating Rate Capital had a return on equity of 7.49% and a net margin of 47.64%. The business’s quarterly revenue was up 17.5% on a year-over-year basis. During the same quarter last year, the business posted $0.28 EPS. analysts forecast that Pennantpark Floating Rate Capital will post 1.08 EPS for the current year.

Several hedge funds have recently bought and sold shares of the business. LGT Capital Partners LTD. increased its stake in shares of Pennantpark Floating Rate Capital by 11.1% in the fourth quarter. LGT Capital Partners LTD. now owns 500,000 shares of the asset manager’s stock worth $6,860,000 after buying an additional 50,000 shares during the period. Janney Montgomery Scott LLC increased its position in shares of 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 during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of 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 acquiring an additional 169,727 shares during the period. Advisors Asset Management Inc. grew its stake in shares of 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 acquiring an additional 37,231 shares during the period. Finally, Ladenburg Thalmann Financial Services Inc. boosted its stake in Pennantpark Floating Rate Capital by 19.6% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 327,471 shares of the asset manager’s stock worth $4,742,000 after purchasing an additional 53,597 shares during the period. 27.00% of the stock is currently owned by hedge funds and other institutional investors.

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Pennantpark Floating Rate Capital Company Profile

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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