PennantPark Floating Rate (PFLT) Given Consensus Recommendation of “Buy” by Brokerages

PennantPark Floating Rate (NASDAQ:PFLT) has been given a consensus recommendation of “Buy” by the six ratings firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $14.58.

Several equities analysts recently issued reports on the stock. Zacks Investment Research downgraded shares of PennantPark Floating Rate from a “hold” rating to a “sell” rating in a research note on Wednesday, February 14th. BidaskClub raised shares of PennantPark Floating Rate from a “sell” rating to a “hold” rating in a research note on Saturday, February 10th. Keefe, Bruyette & Woods set a $15.00 price objective on shares of PennantPark Floating Rate and gave the company a “buy” rating in a research note on Friday, February 9th. Finally, Maxim Group reduced their price objective on shares of PennantPark Floating Rate from $14.75 to $14.00 and set a “buy” rating on the stock in a research note on Monday, February 12th.

How to Become a New Pot Stock Millionaire

In related news, Director Samuel L. Katz purchased 17,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average price of $12.64 per share, with a total value of $214,880.00. Following the completion of the transaction, the director now owns 136,800 shares of the company’s stock, valued at approximately $1,729,152. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Arthur H. Penn purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were bought at an average cost of $12.57 per share, with a total value of $125,700.00. The disclosure for this purchase can be found here. Insiders have purchased 36,000 shares of company stock valued at $457,400 in the last ninety days. 1.00% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the stock. Valeo Financial Advisors LLC increased its position in PennantPark Floating Rate by 94.8% during the fourth quarter. Valeo Financial Advisors LLC now owns 8,767 shares of the asset manager’s stock worth $120,000 after purchasing an additional 4,267 shares during the last quarter. Envestnet Asset Management Inc. acquired a new position in PennantPark Floating Rate during the 4th quarter worth approximately $124,000. Silver Capital Management LLC acquired a new position in PennantPark Floating Rate during the 4th quarter worth approximately $214,000. Stockman Wealth Management Inc. acquired a new position in PennantPark Floating Rate during the 4th quarter worth approximately $235,000. Finally, Cambridge Investment Research Advisors Inc. boosted its position in PennantPark Floating Rate by 77.4% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 18,049 shares of the asset manager’s stock worth $248,000 after acquiring an additional 7,877 shares during the last quarter. 31.64% of the stock is owned by hedge funds and other institutional investors.

Shares of PFLT traded up $0.08 on Friday, hitting $13.09. 221,837 shares of the stock traded hands, compared to its average volume of 216,953. The company has a market capitalization of $507.53, a price-to-earnings ratio of 11.90 and a beta of 0.60. PennantPark Floating Rate has a 1 year low of $12.00 and a 1 year high of $14.65.

PennantPark Floating Rate (NASDAQ:PFLT) last announced its quarterly earnings data on Thursday, February 8th. The asset manager reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.01). The firm had revenue of $14.84 million for the quarter, compared to analysts’ expectations of $15.29 million. PennantPark Floating Rate had a net margin of 47.64% and a return on equity of 7.49%. The business’s quarterly revenue was up 17.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.28 EPS. equities research analysts expect that PennantPark Floating Rate will post 0.74 earnings per share for the current fiscal year.

The business also recently declared a monthly dividend, which will be paid on Monday, April 2nd. Investors of record on Monday, March 19th will be given a dividend of $0.095 per share. This represents a $1.14 annualized dividend and a yield of 8.71%. The ex-dividend date of this dividend is Friday, March 16th. PennantPark Floating Rate’s dividend payout ratio (DPR) is 103.64%.

COPYRIGHT VIOLATION NOTICE: “PennantPark Floating Rate (PFLT) Given Consensus Recommendation of “Buy” by Brokerages” was posted by WKRB News and is the property of of WKRB News. If you are accessing this piece of content on another site, it was stolen and republished in violation of US and international trademark & copyright legislation. The legal version of this piece of content can be viewed at https://www.wkrb13.com/2018/04/01/pennantpark-floating-rate-pflt-given-consensus-recommendation-of-buy-by-brokerages.html.

PennantPark Floating Rate Company Profile

PennantPark Floating Rate Capital Ltd. is a business development company. The Company 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.

Receive News & Ratings for PennantPark Floating Rate Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennantPark Floating Rate and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply