PennantPark Floating Rate (PFLT) Stock Rating Upgraded by Zacks Investment Research

PennantPark Floating Rate (NASDAQ:PFLT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

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 analysts also recently commented on the company. TheStreet downgraded PennantPark Floating Rate from a “b” rating to a “c+” rating in a research note on Thursday, March 29th. Maxim Group dropped their price objective on 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. Keefe, Bruyette & Woods set a $15.00 price objective on PennantPark Floating Rate and gave the stock a “buy” rating in a research note on Friday, February 9th. Finally, BidaskClub raised PennantPark Floating Rate from a “sell” rating to a “hold” rating in a research note on Saturday, February 10th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. PennantPark Floating Rate presently has an average rating of “Buy” and a consensus target price of $14.94.

PFLT opened at $13.52 on Tuesday. PennantPark Floating Rate has a one year low of $12.00 and a one year high of $14.65. The firm has a market capitalization of $519.16, a PE ratio of 12.29 and a beta of 0.57.

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

In related news, Director Samuel L. Katz bought 17,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were bought at an average cost of $12.64 per share, with a total value of $214,880.00. Following the completion of the transaction, the director now directly owns 136,800 shares of the company’s stock, valued at $1,729,152. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Arthur H. Penn bought 9,000 shares of the business’s stock in a transaction dated Wednesday, February 14th. The shares were bought at an average cost of $12.98 per share, for a total transaction of $116,820.00. The disclosure for this purchase can be found here. Insiders bought a total of 36,000 shares of company stock worth $457,400 in the last three months. Company insiders own 1.00% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Valeo Financial Advisors LLC raised its position in shares of 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 period. Wedbush Securities Inc. raised its position in shares of PennantPark Floating Rate by 25.1% during the fourth quarter. Wedbush Securities Inc. now owns 26,478 shares of the asset manager’s stock worth $363,000 after purchasing an additional 5,312 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in shares of PennantPark Floating Rate by 77.4% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 18,049 shares of the asset manager’s stock worth $248,000 after purchasing an additional 7,877 shares during the period. Envestnet Asset Management Inc. acquired a new stake in shares of PennantPark Floating Rate during the fourth quarter worth $124,000. Finally, Wells Fargo & Company MN raised its position in shares of PennantPark Floating Rate by 13.4% during the fourth quarter. Wells Fargo & Company MN now owns 83,759 shares of the asset manager’s stock worth $1,149,000 after purchasing an additional 9,873 shares during the period. 31.64% of the stock is currently owned by institutional investors.

COPYRIGHT VIOLATION NOTICE: This piece was originally published by WKRB News and is the sole property of of WKRB News. If you are accessing this piece on another site, it was illegally copied and reposted in violation of U.S. & international trademark and copyright legislation. The correct version of this piece can be viewed at https://www.wkrb13.com/2018/04/19/pennantpark-floating-rate-pflt-stock-rating-upgraded-by-zacks-investment-research.html.

About PennantPark Floating Rate

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.

Get a free copy of the Zacks research report on PennantPark Floating Rate (PFLT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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