Pennantpark Floating Rate Capital (NASDAQ:PFLT) Given New $13.00 Price Target at JMP Securities

Pennantpark Floating Rate Capital (NASDAQ:PFLT) had its price objective decreased by JMP Securities from $13.50 to $13.00 in a report issued on Tuesday morning, BenzingaRatingsTable reports. JMP Securities currently has a market outperform rating on the asset manager’s stock.

PFLT has been the topic of several other research reports. LADENBURG THALM/SH SH downgraded Pennantpark Floating Rate Capital from a buy rating to a neutral rating in a report on Monday, May 13th. BidaskClub upgraded Pennantpark Floating Rate Capital from a hold rating to a buy rating in a report on Tuesday, August 6th. TheStreet downgraded Pennantpark Floating Rate Capital from a b- rating to a c+ rating in a report on Wednesday, May 22nd. Keefe, Bruyette & Woods downgraded Pennantpark Floating Rate Capital from an outperform rating to a market perform rating and decreased their price objective for the stock from $14.00 to $13.00 in a report on Wednesday, May 8th. Finally, ValuEngine downgraded Pennantpark Floating Rate Capital from a hold rating to a sell rating in a report on Thursday, May 9th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. Pennantpark Floating Rate Capital has an average rating of Hold and an average target price of $13.50.

NASDAQ PFLT opened at $11.72 on Tuesday. The company’s 50-day moving average price is $11.61. Pennantpark Floating Rate Capital has a twelve month low of $11.05 and a twelve month high of $13.79. The stock has a market capitalization of $451.31 million, a P/E ratio of 11.06 and a beta of 0.73.



Pennantpark Floating Rate Capital (NASDAQ:PFLT) last released its quarterly earnings results on Wednesday, August 7th. The asset manager reported $0.29 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.01). Pennantpark Floating Rate Capital had a net margin of 16.65% and a return on equity of 8.83%. The firm had revenue of $22.88 million for the quarter, compared to analysts’ expectations of $22.90 million. Research analysts expect that Pennantpark Floating Rate Capital will post 1.19 earnings per share for the current year.

The firm also recently announced a monthly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Monday, August 19th will be paid a $0.095 dividend. The ex-dividend date is Friday, August 16th. This represents a $1.14 annualized dividend and a dividend yield of 9.73%. Pennantpark Floating Rate Capital’s payout ratio is presently 107.55%.

In other Pennantpark Floating Rate Capital news, insider Arthur H. Penn bought 8,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average cost of $11.57 per share, with a total value of $92,560.00. 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 that occurred on Friday, August 9th. The stock was acquired at an average cost of $11.66 per share, for a total transaction of $104,940.00. The disclosure for this purchase can be found here. Insiders purchased 25,200 shares of company stock worth $296,310 over the last three months. 1.00% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of PFLT. Virtus ETF Advisers LLC bought a new position in Pennantpark Floating Rate Capital in the 2nd quarter worth $3,335,000. HighTower Advisors LLC boosted its holdings in Pennantpark Floating Rate Capital by 2.3% in the 2nd quarter. HighTower Advisors LLC now owns 129,197 shares of the asset manager’s stock worth $1,494,000 after buying an additional 2,869 shares during the period. AllSquare Wealth Management LLC boosted its holdings in Pennantpark Floating Rate Capital by 14.2% in the 2nd quarter. AllSquare Wealth Management LLC now owns 32,190 shares of the asset manager’s stock worth $372,000 after buying an additional 4,000 shares during the period. Ancora Advisors LLC bought a new position in Pennantpark Floating Rate Capital in the 2nd quarter worth $578,000. Finally, First Allied Advisory Services Inc. boosted its holdings in Pennantpark Floating Rate Capital by 60.9% in the 2nd quarter. First Allied Advisory Services Inc. now owns 18,981 shares of the asset manager’s stock worth $219,000 after buying an additional 7,182 shares during the period. 36.20% 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.

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