Pennantpark Floating Rate Capital (PFLT) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) from a hold rating to a sell rating in a research report report published on Wednesday, Zacks.com reports.

According to Zacks, “PennantPark Floating Rate Capital Ltd. is a business development company. It 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. The firm provides first lien secured debt and other opportunistic financings (mezzanine, private high yield debt, preferred and common stock) to middle market sponsors and companies. Its investments may include equity features, such as direct investments in the equity securities of borrowers or warrants or options to buy a minority interest in a portfolio company. It has investments in various sectors, including aerospace and defense; consumer services; healthcare and pharmaceuticals, and others. The firm has a value-oriented, bottoms-up investment philosophy. Its investment activities are managed by the investment advisor, PennantPark Investment Advisers LLC. “

A number of other equities research analysts also recently commented on the stock. LADENBURG THALM/SH SH downgraded shares of Pennantpark Floating Rate Capital from a buy rating to a neutral rating in a research report on Monday. BidaskClub upgraded shares of Pennantpark Floating Rate Capital from a hold rating to a buy rating in a research note on Thursday, May 9th. ValuEngine cut shares of Pennantpark Floating Rate Capital from a hold rating to a sell rating in a research note on Thursday, May 9th. Keefe, Bruyette & Woods cut shares of Pennantpark Floating Rate Capital from an outperform rating to a market perform rating and dropped their price target for the stock from $14.00 to $13.00 in a research note on Wednesday, May 8th. Finally, Maxim Group reiterated a buy rating and set a $14.50 price target on shares of Pennantpark Floating Rate Capital in a research note on Thursday, February 7th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. Pennantpark Floating Rate Capital currently has a consensus rating of Hold and an average target price of $14.13.

NASDAQ:PFLT traded down $0.06 during trading hours on Wednesday, reaching $12.07. The company had a trading volume of 4,387 shares, compared to its average volume of 138,442. Pennantpark Floating Rate Capital has a 52 week low of $11.05 and a 52 week high of $14.12. The company has a market cap of $468.75 million, a PE ratio of 11.38 and a beta of 0.72.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last posted its earnings results on Wednesday, May 8th. The asset manager reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. Pennantpark Floating Rate Capital had a net margin of 17.80% and a return on equity of 8.80%. The business had revenue of $23.01 million during the quarter, compared to the consensus estimate of $22.99 million. As a group, equities analysts predict that Pennantpark Floating Rate Capital will post 1.2 earnings per share for the current year.

The firm also recently declared a monthly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be paid a dividend of $0.095 per share. This represents a $1.14 annualized dividend and a dividend yield of 9.44%. The ex-dividend date is Friday, May 17th. Pennantpark Floating Rate Capital’s dividend payout ratio is presently 71.70%.

In other Pennantpark Floating Rate Capital news, insider Arthur H. Penn purchased 9,000 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were acquired at an average price of $12.15 per share, for a total transaction of $109,350.00. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Arthur H. Penn bought 7,000 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average price of $12.10 per share, for a total transaction of $84,700.00. The disclosure for this purchase can be found here. Insiders have bought a total of 45,600 shares of company stock worth $552,325 in the last quarter. Corporate insiders own 1.00% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Pennantpark Floating Rate Capital by 2.8% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 28,609 shares of the asset manager’s stock valued at $366,000 after buying an additional 769 shares in the last quarter. Wedbush Securities Inc. increased its holdings in Pennantpark Floating Rate Capital by 2.8% in the 4th quarter. Wedbush Securities Inc. now owns 34,392 shares of the asset manager’s stock valued at $398,000 after acquiring an additional 925 shares during the last quarter. Taylor Frigon Capital Management LLC increased its holdings in Pennantpark Floating Rate Capital by 1.3% in the 4th quarter. Taylor Frigon Capital Management LLC now owns 111,471 shares of the asset manager’s stock valued at $1,290,000 after acquiring an additional 1,408 shares during the last quarter. Pacific Ridge Capital Partners LLC increased its holdings in Pennantpark Floating Rate Capital by 0.4% in the 1st quarter. Pacific Ridge Capital Partners LLC now owns 381,576 shares of the asset manager’s stock valued at $4,888,000 after acquiring an additional 1,444 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Pennantpark Floating Rate Capital by 7.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,792 shares of the asset manager’s stock valued at $252,000 after acquiring an additional 1,590 shares during the last quarter. Institutional investors own 36.48% of the company’s stock.

About Pennantpark Floating Rate Capital

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.

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