BidaskClub Downgrades Pennantpark Floating Rate Capital (PFLT) to Sell

BidaskClub lowered shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) from a hold rating to a sell rating in a research report report published on Tuesday.

A number of other equities research analysts also recently weighed in on the company. Maxim Group lifted their target price on Pennantpark Floating Rate Capital from $14.00 to $14.50 and gave the stock a buy rating in a research report on Friday, August 10th. ValuEngine downgraded Pennantpark Floating Rate Capital from a hold rating to a sell rating in a research report on Friday, September 14th. Zacks Investment Research downgraded Pennantpark Floating Rate Capital from a strong-buy rating to a hold rating in a research report on Tuesday, October 16th. Finally, JPMorgan Chase & Co. lifted their target price on Pennantpark Floating Rate Capital from $7.50 to $8.00 and gave the stock an overweight rating in a research report on Friday, August 10th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $13.13.

PFLT stock traded down $0.08 during trading on Tuesday, reaching $13.00. 1,107 shares of the stock were exchanged, compared to its average volume of 131,405. Pennantpark Floating Rate Capital has a twelve month low of $12.00 and a twelve month high of $14.32. The company has a market cap of $503.26 million, a PE ratio of 11.90 and a beta of 0.52.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last released its earnings results on Wednesday, August 8th. The asset manager reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.04. Pennantpark Floating Rate Capital had a return on equity of 7.86% and a net margin of 48.08%. The business had revenue of $19.53 million for the quarter, compared to the consensus estimate of $17.93 million. Research analysts predict that Pennantpark Floating Rate Capital will post 1.05 EPS for the current fiscal year.

The business also recently disclosed a monthly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Tuesday, November 20th will be issued a dividend of $0.078 per share. This represents a $0.94 dividend on an annualized basis and a yield of 7.20%. This is an increase from Pennantpark Floating Rate Capital’s previous monthly dividend of $0.01. The ex-dividend date is Monday, November 19th. Pennantpark Floating Rate Capital’s payout ratio is presently 103.64%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sound Income Strategies LLC raised its stake in shares of Pennantpark Floating Rate Capital by 12.6% in the third quarter. Sound Income Strategies LLC now owns 1,043,505 shares of the asset manager’s stock valued at $13,722,000 after acquiring an additional 117,138 shares during the last quarter. LGT Capital Partners LTD. raised its stake in shares of Pennantpark Floating Rate Capital by 28.3% in the third quarter. LGT Capital Partners LTD. now owns 770,000 shares of the asset manager’s stock valued at $10,126,000 after acquiring an additional 170,000 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Pennantpark Floating Rate Capital by 1.7% in the second quarter. Janney Montgomery Scott LLC now owns 508,850 shares of the asset manager’s stock valued at $6,951,000 after acquiring an additional 8,586 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Pennantpark Floating Rate Capital by 1.7% in the second quarter. Van ECK Associates Corp now owns 291,319 shares of the asset manager’s stock valued at $3,979,000 after acquiring an additional 4,816 shares during the last quarter. Finally, BlackRock Inc. raised its stake in shares of Pennantpark Floating Rate Capital by 2.1% in the first quarter. BlackRock Inc. now owns 212,351 shares of the asset manager’s stock valued at $2,780,000 after acquiring an additional 4,409 shares during the last quarter. 33.91% of the stock is currently owned by 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.

Further Reading: Why investors pay attention to retained earnings

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