PennantPark Floating Rate Capital (NASDAQ:PFLT) Given New $11.00 Price Target at JMP Securities

PennantPark Floating Rate Capital (NASDAQ:PFLT) had its price target cut by stock analysts at JMP Securities from $12.00 to $11.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “market outperform” rating on the asset manager’s stock. JMP Securities’ price objective would indicate a potential upside of 7.47% from the stock’s previous close.

A number of other analysts also recently weighed in on PFLT. Truist Financial decreased their target price on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, May 14th. LADENBURG THALM/SH SH raised shares of PennantPark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $10.50 price objective on the stock in a research note on Tuesday, May 13th. UBS Group lowered their target price on shares of PennantPark Floating Rate Capital from $11.50 to $10.50 and set a “neutral” rating for the company in a research note on Thursday, April 17th. Keefe, Bruyette & Woods dropped their target price on shares of PennantPark Floating Rate Capital from $11.50 to $11.00 and set a “market perform” rating on the stock in a report on Tuesday, April 8th. Finally, Maxim Group set a $11.50 target price on PennantPark Floating Rate Capital and gave the stock a “buy” rating in a report on Wednesday, May 14th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $10.92.

PennantPark Floating Rate Capital Trading Up 1.0%

Shares of PFLT stock traded up $0.11 on Tuesday, hitting $10.24. The company had a trading volume of 75,077 shares, compared to its average volume of 1,015,362. PennantPark Floating Rate Capital has a twelve month low of $8.82 and a twelve month high of $12.02. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15. The firm has a market cap of $1.02 billion, a P/E ratio of 7.30 and a beta of 0.96. The stock’s 50-day moving average is $10.13 and its two-hundred day moving average is $10.66.

Insider Activity

In related news, Director Jose A. Briones purchased 9,840 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were bought at an average price of $10.15 per share, with a total value of $99,876.00. Following the acquisition, the director now owns 329,438 shares of the company’s stock, valued at $3,343,795.70. This trade represents a 3.08% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.00% of the company’s stock.

Institutional Trading of PennantPark Floating Rate Capital

A number of institutional investors have recently modified their holdings of PFLT. Quarry LP raised its stake in shares of PennantPark Floating Rate Capital by 190.2% during the 4th quarter. Quarry LP now owns 3,674 shares of the asset manager’s stock valued at $40,000 after purchasing an additional 2,408 shares during the period. Mpwm Advisory Solutions LLC bought a new stake in PennantPark Floating Rate Capital during the 4th quarter worth approximately $55,000. Investment Partners LTD. purchased a new stake in PennantPark Floating Rate Capital in the 4th quarter worth approximately $109,000. Sigma Planning Corp bought a new position in PennantPark Floating Rate Capital in the 4th quarter valued at $119,000. Finally, Miracle Mile Advisors LLC bought a new position in shares of PennantPark Floating Rate Capital in the first quarter worth $124,000. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

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.