Zacks Investment Research lowered shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning, Zacks.com reports.
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 equities analysts also recently weighed in on the stock. BidaskClub downgraded shares of Waterstone Financial from a hold rating to a sell rating in a research note on Friday, June 21st. ValuEngine raised shares of VESTAS WIND SYS/ADR from a hold rating to a buy rating in a research report on Thursday, May 9th. LADENBURG THALM/SH SH downgraded shares of PennantPark Investment from a buy rating to a neutral rating in a research report on Monday, May 13th. TheStreet downgraded shares of Wayside Technology Group from a b- rating to a c rating in a research report on Wednesday, May 22nd. Finally, Keefe, Bruyette & Woods downgraded shares of Pennantpark Floating Rate Capital from an outperform rating to a market perform rating and reduced their price target for the company from $14.00 to $13.00 in a research report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $13.63.
Pennantpark Floating Rate Capital (NASDAQ:PFLT) last announced its earnings results on Wednesday, May 8th. The asset manager reported $0.30 earnings per share for the quarter, meeting the Zacks’ 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 business had revenue of $23.01 million during the quarter, compared to the consensus estimate of $22.99 million. Equities research analysts anticipate that Pennantpark Floating Rate Capital will post 1.2 earnings per share for the current year.
The company also recently declared a monthly dividend, which will be paid on Thursday, August 1st. Investors of record on Thursday, July 18th will be given a dividend of $0.095 per share. This represents a $1.14 annualized dividend and a dividend yield of 9.79%. The ex-dividend date is Wednesday, July 17th. Pennantpark Floating Rate Capital’s dividend payout ratio (DPR) is currently 107.55%.
In other news, insider Arthur H. Penn purchased 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 price of $12.10 per share, with a total value of $84,700.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Aviv Efrat purchased 8,200 shares of Pennantpark Floating Rate Capital stock in a transaction that occurred on Tuesday, May 14th. The shares were purchased at an average cost of $12.05 per share, with a total value of $98,810.00. Following the transaction, the chief financial officer now directly owns 36,950 shares of the company’s stock, valued at $445,247.50. The disclosure for this purchase can be found here. Insiders have purchased 62,000 shares of company stock valued at $749,945 in the last three months. 1.00% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Alphasimplex Group LLC bought a new stake in shares of Pennantpark Floating Rate Capital during the first quarter valued at approximately $601,000. Sound Income Strategies LLC boosted its holdings in Pennantpark Floating Rate Capital by 8.4% in the first quarter. Sound Income Strategies LLC now owns 1,172,567 shares of the asset manager’s stock worth $15,021,000 after purchasing an additional 90,537 shares during the last quarter. Confluence Investment Management LLC boosted its holdings in Pennantpark Floating Rate Capital by 1.9% in the first quarter. Confluence Investment Management LLC now owns 140,761 shares of the asset manager’s stock worth $1,803,000 after purchasing an additional 2,606 shares during the last quarter. Bank of Montreal Can purchased a new stake in Pennantpark Floating Rate Capital in the first quarter worth approximately $231,000. Finally, PFG Advisors purchased a new stake in Pennantpark Floating Rate Capital in the fourth quarter worth approximately $1,958,000. 35.22% of the stock is owned by institutional investors.
About Pennantpark Floating Rate Capital
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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