Keefe, Bruyette & Woods Issues Pessimistic Forecast for PennantPark Floating Rate Capital (NASDAQ:PFLT) Stock Price

PennantPark Floating Rate Capital (NASDAQ:PFLT) had its price target reduced by equities researchers at Keefe, Bruyette & Woods from $10.50 to $10.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the asset manager’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 15.67% from the stock’s previous close.

Separately, Maxim Group set a $10.50 price objective on PennantPark Floating Rate Capital in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, PennantPark Floating Rate Capital has a consensus rating of “Buy” and a consensus price target of $10.42.

PennantPark Floating Rate Capital Trading Down 2.9%

PennantPark Floating Rate Capital stock opened at $8.65 on Thursday. PennantPark Floating Rate Capital has a one year low of $8.40 and a one year high of $11.46. The company’s fifty day moving average price is $9.34 and its two-hundred day moving average price is $9.47. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15. The company has a market capitalization of $857.74 million, a price-to-earnings ratio of 6.18 and a beta of 0.76.

Institutional Trading of PennantPark Floating Rate Capital

Several hedge funds and other institutional investors have recently bought and sold shares of PFLT. Allworth Financial LP raised its position in shares of PennantPark Floating Rate Capital by 1,603.7% during the second quarter. Allworth Financial LP now owns 2,777 shares of the asset manager’s stock valued at $29,000 after buying an additional 2,614 shares during the last quarter. International Assets Investment Management LLC bought a new position in PennantPark Floating Rate Capital during the fourth quarter valued at about $33,000. Northwestern Mutual Wealth Management Co. acquired a new position in PennantPark Floating Rate Capital in the 2nd quarter valued at approximately $41,000. Quarry LP bought a new stake in shares of PennantPark Floating Rate Capital in the 3rd quarter worth approximately $36,000. Finally, State of Alaska Department of Revenue acquired a new stake in shares of PennantPark Floating Rate Capital during the 3rd quarter worth approximately $41,000. 19.77% of the stock is currently owned by institutional investors and hedge funds.

About PennantPark Floating Rate Capital

PennantPark Floating Rate Capital, Inc (NASDAQ: PFLT) is a closed-end management investment company organized as a business development company (BDC) under the Investment Company Act of 1940. The firm’s primary objective is to generate current income and, secondarily, capital appreciation for its shareholders through debt and equity investments in middle-market companies. PennantPark Floating Rate Capital focuses on floating-rate instruments to help mitigate interest-rate risk and align cash flows with its dividend strategy.

The company’s portfolio is concentrated in senior secured loans, second-lien debt, mezzanine securities and, from time to time, equity investments.