PennantPark Floating Rate Capital (NYSE:PFLT) Raised to Hold at Zacks Research

PennantPark Floating Rate Capital (NYSE:PFLT) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other equities research analysts have also weighed in on the company. Citizens Jmp lowered their target price on PennantPark Floating Rate Capital from $11.00 to $10.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 22nd. Wall Street Zen upgraded PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th. Weiss Ratings restated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research report on Friday, May 8th. Finally, Truist Financial decreased their price target on PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, PennantPark Floating Rate Capital currently has a consensus rating of “Moderate Buy” and an average target price of $9.80.

PennantPark Floating Rate Capital Price Performance

Shares of NYSE:PFLT opened at $7.12 on Monday. The stock has a market cap of $706.94 million, a PE ratio of 11.49 and a beta of 0.76. The company’s fifty day moving average is $7.74 and its 200 day moving average is $8.41. PennantPark Floating Rate Capital has a 52 week low of $6.93 and a 52 week high of $10.78. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 0.92.

PennantPark Floating Rate Capital (NYSE:PFLT) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.01). PennantPark Floating Rate Capital had a return on equity of 9.95% and a net margin of 23.08%.The business had revenue of $44.81 million during the quarter. Research analysts anticipate that PennantPark Floating Rate Capital will post 1.08 earnings per share for the current year.

Insider Activity at PennantPark Floating Rate Capital

In other news, Director Jose A. Briones acquired 5,770 shares of the stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average cost of $8.67 per share, with a total value of $50,025.90. Following the completion of the purchase, the director owned 348,083 shares in the company, valued at approximately $3,017,879.61. The trade was a 1.69% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.00% of the company’s stock.

Institutional Trading of PennantPark Floating Rate Capital

Several large investors have recently modified their holdings of PFLT. International Assets Investment Management LLC purchased a new position in PennantPark Floating Rate Capital during the 4th quarter valued at about $33,000. Northwestern Mutual Wealth Management Co. purchased a new stake in PennantPark Floating Rate Capital in the 2nd quarter worth approximately $41,000. Quarry LP purchased a new stake in PennantPark Floating Rate Capital in the 3rd quarter worth approximately $36,000. McIlrath & Eck LLC grew its position in shares of PennantPark Floating Rate Capital by 177.9% in the 1st quarter. McIlrath & Eck LLC now owns 4,689 shares of the company’s stock worth $38,000 after buying an additional 3,002 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in shares of PennantPark Floating Rate Capital in the 2nd quarter worth approximately $55,000. 19.77% 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. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.