Zacks Investment Research upgraded shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning, Zacks.com reports. The brokerage currently has $13.00 target price 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. “
PFLT has been the topic of several other research reports. BidaskClub cut Waterstone Financial from a hold rating to a sell rating in a research note on Friday, June 21st. Keefe, Bruyette & Woods cut Pennantpark Floating Rate Capital from an outperform rating to a market perform rating and dropped their price objective for the stock from $14.00 to $13.00 in a research note on Wednesday, May 8th. TheStreet cut Wayside Technology Group from a b- rating to a c rating in a research note on Wednesday, May 22nd. LADENBURG THALM/SH SH cut PennantPark Investment from a buy rating to a neutral rating in a research note on Monday, May 13th. Finally, ValuEngine raised VESTAS WIND SYS/ADR from a hold rating to a buy rating in a research note on Thursday, May 9th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $13.63.
PFLT opened at $11.71 on Wednesday. The company has a market capitalization of $454.02 million, a PE ratio of 9.76 and a beta of 0.73. The company’s 50 day simple moving average is $11.67. Pennantpark Floating Rate Capital has a one year low of $11.05 and a one year high of $13.95.
Pennantpark Floating Rate Capital (NASDAQ:PFLT) last released its earnings results on Wednesday, May 8th. The asset manager reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. The firm had revenue of $23.01 million for the quarter, compared to analysts’ expectations of $22.99 million. Pennantpark Floating Rate Capital had a return on equity of 8.80% and a net margin of 17.80%. On average, research analysts expect that Pennantpark Floating Rate Capital will post 1.2 earnings per share for the current fiscal year.
The company also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, July 17th. This represents a $1.14 annualized dividend and a yield of 9.74%. Pennantpark Floating Rate Capital’s dividend payout ratio (DPR) is currently 107.55%.
In related news, CFO Aviv Efrat bought 8,200 shares of the stock in a transaction on Tuesday, May 14th. The stock was bought at an average price of $12.05 per share, for a total transaction of $98,810.00. Following the completion of the acquisition, the chief financial officer now directly owns 36,950 shares in the company, valued at $445,247.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Arthur H. Penn bought 9,000 shares of the stock in a transaction on Friday, May 10th. The shares were bought at an average price of $12.15 per share, with a total value of $109,350.00. The disclosure for this purchase can be found here. In the last three months, insiders purchased 62,000 shares of company stock worth $749,945. 1.00% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the business. Psagot Investment House Ltd. purchased a new stake in Pennantpark Floating Rate Capital during the first quarter worth $82,000. Stephens Inc. AR purchased a new stake in Pennantpark Floating Rate Capital during the fourth quarter worth $127,000. First Allied Advisory Services Inc. purchased a new stake in Pennantpark Floating Rate Capital during the first quarter worth $149,000. Bank of Montreal Can purchased a new stake in Pennantpark Floating Rate Capital during the first quarter worth $231,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Pennantpark Floating Rate Capital by 7.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,792 shares of the asset manager’s stock worth $252,000 after buying an additional 1,590 shares during the period. Institutional investors own 35.22% of the company’s stock.
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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