PennantPark Floating Rate Capital (NYSE:PFLT) Upgraded by Wall Street Zen to Hold Rating

PennantPark Floating Rate Capital (NYSE:PFLT) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday.

Several other equities research analysts also recently issued reports on PFLT. Weiss Ratings reiterated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a report on Monday, December 29th. Keefe, Bruyette & Woods dropped their target price on PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating for the company in a research report on Thursday, February 12th. Finally, Maxim Group set a $10.50 price target on shares of PennantPark Floating Rate Capital in a research note on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, PennantPark Floating Rate Capital currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.42.

PennantPark Floating Rate Capital Stock Performance

NYSE:PFLT opened at $7.73 on Friday. PennantPark Floating Rate Capital has a fifty-two week low of $7.70 and a fifty-two week high of $11.42. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.15 and a quick ratio of 0.15. The business’s 50 day moving average is $8.68. The stock has a market cap of $766.47 million, a PE ratio of 22.72 and a beta of 0.77.

PennantPark Floating Rate Capital (NYSE:PFLT) last announced its earnings results on Monday, February 9th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.03). PennantPark Floating Rate Capital had a net margin of 13.03% and a return on equity of 9.72%. The firm had revenue of $12.72 million during the quarter.

Insider Transactions at PennantPark Floating Rate Capital

In related news, Director Jose A. Briones purchased 5,895 shares of PennantPark Floating Rate Capital stock in a transaction on Thursday, February 19th. The shares were bought at an average price of $8.48 per share, with a total value of $49,989.60. Following the transaction, the director directly owned 342,313 shares of the company’s stock, valued at approximately $2,902,814.24. This trade represents a 1.75% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Richard T. Allorto, Jr. acquired 15,000 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was bought at an average price of $8.15 per share, with a total value of $122,250.00. Following the purchase, the chief financial officer directly owned 25,000 shares in the company, valued at approximately $203,750. This trade represents a 150.00% increase in their position. The disclosure for this purchase is available in the SEC filing. 1.00% of the stock is owned by company insiders.

Institutional Trading of PennantPark Floating Rate Capital

Hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC purchased a new position in PennantPark Floating Rate Capital in the fourth quarter worth approximately $33,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of PennantPark Floating Rate Capital in the 2nd quarter valued at approximately $41,000. Quarry LP acquired a new stake in shares of PennantPark Floating Rate Capital in the 3rd quarter valued at $36,000. State of Alaska Department of Revenue acquired a new stake in shares of PennantPark Floating Rate Capital in the 3rd quarter valued at $41,000. Finally, Global Retirement Partners LLC lifted its position in shares of PennantPark Floating Rate Capital by 32.1% during the 3rd quarter. Global Retirement Partners LLC now owns 5,188 shares of the company’s stock worth $46,000 after purchasing an additional 1,260 shares during the last quarter. Institutional investors and hedge funds own 19.77% of the company’s stock.

PennantPark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital Ltd. is a business development company. It seeks to make secondary direct, debt, equity, and loan investments. The fund seeks to invest through floating rate loans in private or thinly traded or small market-cap, public middle market companies. It primarily invests in the United States and to a limited extent non-U.S. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.