Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) Given Average Recommendation of “Hold” by Brokerages

Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) has been assigned an average rating of “Hold” from the eight ratings firms that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $13.50.

Several research firms have issued reports on PFLT. Zacks Investment Research upgraded Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a research report on Thursday, November 28th. BidaskClub cut Pennantpark Floating Rate Capital from a “sell” rating to a “strong sell” rating in a research report on Saturday. ValuEngine upgraded Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Finally, Maxim Group reiterated a “buy” rating and set a $14.00 target price on shares of Pennantpark Floating Rate Capital in a research report on Friday, November 22nd.

In other news, CEO Arthur H. Penn purchased 8,000 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were acquired at an average price of $12.03 per share, with a total value of $96,240.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Arthur H. Penn purchased 9,000 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were purchased at an average cost of $11.78 per share, for a total transaction of $106,020.00. The disclosure for this purchase can be found here. 1.00% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the company. Russell Investments Group Ltd. purchased a new stake in shares of Pennantpark Floating Rate Capital during the 2nd quarter worth approximately $71,000. Commonwealth Equity Services LLC purchased a new stake in shares of Pennantpark Floating Rate Capital during the 3rd quarter worth approximately $128,000. Citadel Advisors LLC purchased a new stake in shares of Pennantpark Floating Rate Capital during the 2nd quarter worth approximately $133,000. Rational Advisors LLC purchased a new stake in Pennantpark Floating Rate Capital in the 3rd quarter valued at approximately $172,000. Finally, PVG Asset Management Corp purchased a new stake in Pennantpark Floating Rate Capital in the 3rd quarter valued at approximately $185,000. 36.46% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ PFLT traded down $0.02 on Friday, hitting $12.20. 161,986 shares of the company’s stock were exchanged, compared to its average volume of 139,293. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.16 and a quick ratio of 0.16. The firm’s 50-day moving average price is $12.35 and its two-hundred day moving average price is $11.79. Pennantpark Floating Rate Capital has a fifty-two week low of $11.14 and a fifty-two week high of $13.42. The firm has a market cap of $473.80 million, a price-to-earnings ratio of 10.36 and a beta of 0.74.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last released its earnings results on Wednesday, November 20th. The asset manager reported $0.29 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.29. Pennantpark Floating Rate Capital had a return on equity of 8.97% and a net margin of 12.28%. The company had revenue of $23.88 million for the quarter, compared to analysts’ expectations of $23.53 million. On average, research analysts predict that Pennantpark Floating Rate Capital will post 1.18 earnings per share for the current fiscal year.

The firm also recently announced a monthly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Thursday, January 16th will be given a dividend of $0.095 per share. This represents a $1.14 annualized dividend and a yield of 9.34%. The ex-dividend date is Wednesday, January 15th. Pennantpark Floating Rate Capital’s payout ratio is 97.44%.

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.

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