Zacks Investment Research upgraded shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) from a hold rating to a buy rating in a report issued on Wednesday, Zacks.com reports. They currently have $13.00 price target on the asset manager’s stock.
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. “
Several other brokerages have also issued reports on PFLT. TheStreet lowered shares of Wayside Technology Group from a b- rating to a c rating in a report on Wednesday, May 22nd. ValuEngine raised shares of VESTAS WIND SYS/ADR from a hold rating to a buy rating in a report on Thursday, May 9th. LADENBURG THALM/SH SH lowered shares of PennantPark Investment from a buy rating to a neutral rating in a report on Monday, May 13th. Keefe, Bruyette & Woods lowered shares of Pennantpark Floating Rate Capital from an outperform rating to a market perform rating and decreased their price target for the company from $14.00 to $13.00 in a report on Wednesday, May 8th. Finally, BidaskClub lowered shares of Waterstone Financial from a hold rating to a sell rating in a research note on Friday, June 21st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Pennantpark Floating Rate Capital has a consensus rating of Hold and a consensus target price of $13.63.
Pennantpark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings results on Wednesday, May 8th. The asset manager reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. Pennantpark Floating Rate Capital had a net margin of 17.80% and a return on equity of 8.80%. The company had revenue of $23.01 million during the quarter, compared to analyst estimates of $22.99 million. As a group, equities research analysts expect that Pennantpark Floating Rate Capital will post 1.2 earnings per share for the current year.
The business also recently announced a monthly dividend, which will be paid on Thursday, August 1st. Investors of record on Thursday, July 18th will be paid a $0.095 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 9.78%. The ex-dividend date is Wednesday, July 17th. Pennantpark Floating Rate Capital’s payout ratio is presently 107.55%.
In related news, CFO Aviv Efrat bought 8,200 shares of Pennantpark Floating Rate Capital stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average cost of $12.05 per share, with a total value of $98,810.00. Following the purchase, the chief financial officer now owns 36,950 shares in the company, valued at $445,247.50. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Arthur H. Penn bought 7,000 shares of Pennantpark Floating Rate Capital stock in a transaction that occurred on Monday, May 13th. The stock was bought at an average cost of $12.10 per share, with a total value of $84,700.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 62,000 shares of company stock valued at $749,945. Company insiders own 1.00% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Stephens Inc. AR acquired a new position in Pennantpark Floating Rate Capital in the fourth quarter valued at $127,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Pennantpark Floating Rate Capital by 7.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,792 shares of the asset manager’s stock valued at $252,000 after purchasing an additional 1,590 shares during the last quarter. Standard Life Aberdeen plc increased its stake in Pennantpark Floating Rate Capital by 47.3% in the fourth quarter. Standard Life Aberdeen plc now owns 31,138 shares of the asset manager’s stock valued at $366,000 after purchasing an additional 10,000 shares during the last quarter. Polar Capital LLP increased its stake in Pennantpark Floating Rate Capital by 4.7% in the fourth quarter. Polar Capital LLP now owns 824,000 shares of the asset manager’s stock valued at $9,534,000 after purchasing an additional 37,315 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in Pennantpark Floating Rate Capital by 16.6% in the fourth quarter. Legal & General Group Plc now owns 175,673 shares of the asset manager’s stock valued at $2,040,000 after purchasing an additional 25,045 shares during the last quarter. Institutional investors own 35.22% of the company’s stock.
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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