Zacks Investment Research upgraded shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) from a hold rating to a buy rating in a report published on Wednesday, Zacks.com reports. They currently have $13.00 price objective 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. “
Several other research firms have also issued reports on PFLT. LADENBURG THALM/SH SH lowered PennantPark Investment from a buy rating to a neutral rating in a report on Monday, May 13th. BidaskClub lowered Waterstone Financial from a hold rating to a sell rating in a report on Friday, June 21st. TheStreet lowered Wayside Technology Group from a b- rating to a c rating in a report on Wednesday, May 22nd. Keefe, Bruyette & Woods lowered Pennantpark Floating Rate Capital from an outperform rating to a market perform rating and cut their price target for the company from $14.00 to $13.00 in a report on Wednesday, May 8th. Finally, ValuEngine raised VESTAS WIND SYS/ADR from a hold rating to a buy rating in a report on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $13.63.
Pennantpark Floating Rate Capital (NASDAQ:PFLT) last released its quarterly earnings results on Wednesday, May 8th. The asset manager reported $0.30 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.30. Pennantpark Floating Rate Capital had a return on equity of 8.80% and a net margin of 17.80%. The business had revenue of $23.01 million during the quarter, compared to analyst estimates of $22.99 million. As a group, research analysts forecast that Pennantpark Floating Rate Capital will post 1.2 EPS for the current year.
The firm also recently disclosed a monthly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Thursday, July 18th will be given a $0.095 dividend. The ex-dividend date is Wednesday, July 17th. This represents a $1.14 annualized dividend and a dividend yield of 9.74%. Pennantpark Floating Rate Capital’s payout ratio is 107.55%.
In other Pennantpark Floating Rate Capital news, CFO Aviv Efrat acquired 8,200 shares of the stock in a transaction dated Tuesday, May 14th. The shares were acquired at an average cost of $12.05 per share, for a total transaction of $98,810.00. Following the completion of the transaction, the chief financial officer now directly owns 36,950 shares of the company’s stock, valued at $445,247.50. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Arthur H. Penn acquired 9,000 shares of the stock in a transaction dated Friday, May 10th. The stock was acquired at an average price of $12.15 per share, for a total transaction of $109,350.00. The disclosure for this purchase can be found here. Insiders bought 62,000 shares of company stock worth $749,945 over the last 90 days. Company insiders own 1.00% of the company’s stock.
Several institutional investors have recently made changes to their positions in PFLT. Psagot Investment House Ltd. purchased a new position in shares of Pennantpark Floating Rate Capital in the first quarter valued at about $82,000. Stephens Inc. AR purchased a new stake in shares of Pennantpark Floating Rate Capital in the fourth quarter worth about $127,000. First Allied Advisory Services Inc. purchased a new stake in shares of Pennantpark Floating Rate Capital in the first quarter worth about $149,000. Bank of Montreal Can purchased a new stake in shares of Pennantpark Floating Rate Capital in the first quarter worth about $231,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Pennantpark Floating Rate Capital by 7.9% in 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 in the last quarter. Institutional investors and hedge funds 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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