Pennantpark Floating Rate Capital (NASDAQ:PFLT) Rating Lowered to Strong Sell at BidaskClub

BidaskClub downgraded shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) from a sell rating to a strong sell rating in a research note published on Saturday, BidAskClub reports.

PFLT has been the subject of several other reports. Zacks Investment Research raised shares of Pennantpark Floating Rate Capital from a hold rating to a buy rating and set a $14.00 price objective for the company in a research report on Thursday, November 28th. Maxim Group reaffirmed a buy rating and issued a $14.00 price objective on shares of Pennantpark Floating Rate Capital in a research report on Friday, November 22nd. Finally, ValuEngine raised shares of Pennantpark Floating Rate Capital from a sell rating to a hold rating in a research report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $13.50.

Shares of Pennantpark Floating Rate Capital stock opened at $12.20 on Friday. The firm has a market capitalization of $473.02 million, a P/E ratio of 42.07 and a beta of 0.74. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 0.45. The company has a 50 day moving average price of $12.32 and a 200 day moving average price of $11.80. Pennantpark Floating Rate Capital has a 52 week low of $11.14 and a 52 week high of $13.42.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings data on Wednesday, November 20th. The asset manager reported $0.29 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.29. The firm had revenue of $23.88 million during the quarter, compared to analyst estimates of $23.53 million. Pennantpark Floating Rate Capital had a net margin of 12.28% and a return on equity of 8.97%. As a group, research analysts anticipate that Pennantpark Floating Rate Capital will post 1.18 earnings per share for the current fiscal year.

The firm also recently declared a monthly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Thursday, January 16th will be given a dividend of $0.095 per share. This represents a $1.14 dividend on an annualized basis and a yield of 9.34%. The ex-dividend date of this dividend is Wednesday, January 15th. Pennantpark Floating Rate Capital’s dividend payout ratio is presently 97.44%.

In other Pennantpark Floating Rate Capital news, CEO Arthur H. Penn purchased 9,000 shares of Pennantpark Floating Rate Capital stock in a transaction on Friday, November 22nd. The stock was bought at an average cost of $11.78 per share, with a total value of $106,020.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Arthur H. Penn purchased 8,000 shares of Pennantpark Floating Rate Capital stock in a transaction on Monday, November 25th. The shares were acquired at an average cost of $12.03 per share, with a total value of $96,240.00. The disclosure for this purchase can be found here. Company insiders own 1.00% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Sound Income Strategies LLC raised its position in Pennantpark Floating Rate Capital by 13.9% during the 4th quarter. Sound Income Strategies LLC now owns 2,128,356 shares of the asset manager’s stock worth $25,923,000 after buying an additional 259,239 shares during the last quarter. LGT Capital Partners LTD. raised its position in Pennantpark Floating Rate Capital by 14.5% during the 4th quarter. LGT Capital Partners LTD. now owns 944,655 shares of the asset manager’s stock worth $11,506,000 after buying an additional 119,655 shares during the last quarter. Morgan Stanley raised its position in Pennantpark Floating Rate Capital by 1.3% during the 2nd quarter. Morgan Stanley now owns 355,529 shares of the asset manager’s stock worth $4,109,000 after buying an additional 4,735 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. raised its position in Pennantpark Floating Rate Capital by 4.6% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 314,247 shares of the asset manager’s stock worth $3,633,000 after buying an additional 13,711 shares during the last quarter. Finally, Pin Oak Investment Advisors Inc. raised its position in Pennantpark Floating Rate Capital by 2.2% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 239,141 shares of the asset manager’s stock worth $2,774,000 after buying an additional 5,165 shares during the last quarter. 36.72% of the stock is 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.

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