PennantPark Floating Rate Capital Ltd. (PFLT) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) from a buy rating to a hold rating in a research note issued to investors on Saturday morning.

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 equities analysts have also recently issued reports on the company. Keefe, Bruyette & Woods restated a buy rating and set a $15.50 price objective on shares of PennantPark Floating Rate Capital in a research note on Thursday, August 31st. BidaskClub upgraded PennantPark Floating Rate Capital from a sell rating to a hold rating in a research note on Saturday, August 19th. Finally, Maxim Group restated a buy rating and set a $14.75 price objective on shares of PennantPark Floating Rate Capital in a research note on Wednesday, August 9th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. PennantPark Floating Rate Capital presently has an average rating of Buy and an average price target of $15.00.

PennantPark Floating Rate Capital (NASDAQ:PFLT) opened at 14.39 on Friday. PennantPark Floating Rate Capital has a one year low of $12.21 and a one year high of $14.45. The stock has a 50 day moving average of $14.22 and a 200-day moving average of $14.04.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings data on Tuesday, August 8th. The asset manager reported $0.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.03). PennantPark Floating Rate Capital had a return on equity of 7.26% and a net margin of 73.28%. The firm had revenue of $15.19 million for the quarter, compared to the consensus estimate of $15.17 million. Equities research analysts predict that PennantPark Floating Rate Capital will post $1.16 EPS for the current year.

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The business also recently announced a monthly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Wednesday, September 20th will be given a $0.095 dividend. This represents a $1.14 annualized dividend and a yield of 7.92%. The ex-dividend date of this dividend is Tuesday, September 19th. PennantPark Floating Rate Capital’s dividend payout ratio is presently 78.08%.

Hedge funds and other institutional investors have recently modified their holdings of the business. Envestnet Asset Management Inc. increased its position in PennantPark Floating Rate Capital by 2.6% in the first quarter. Envestnet Asset Management Inc. now owns 9,621 shares of the asset manager’s stock worth $134,000 after buying an additional 242 shares during the period. Two Sigma Securities LLC acquired a new stake in PennantPark Floating Rate Capital in the first quarter worth $169,000. Raymond James Financial Services Advisors Inc. increased its position in PennantPark Floating Rate Capital by 16.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 14,133 shares of the asset manager’s stock worth $197,000 after buying an additional 2,000 shares during the period. CIBC World Markets Inc. acquired a new stake in PennantPark Floating Rate Capital in the second quarter worth $202,000. Finally, GSA Capital Partners LLP acquired a new stake in PennantPark Floating Rate Capital in the second quarter worth $207,000. 31.56% of the stock is currently owned by hedge funds and other institutional investors.

PennantPark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital Ltd. is a business development company. The Company 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.

Analyst Recommendations for PennantPark Floating Rate Capital (NASDAQ:PFLT)

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