PennantPark Floating Rate Capital (NASDAQ:PFLT) Given New $11.00 Price Target at JMP Securities

PennantPark Floating Rate Capital (NASDAQ:PFLT) had its price target lowered by research analysts at JMP Securities from $12.00 to $11.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “market outperform” rating on the asset manager’s stock. JMP Securities’ target price suggests a potential upside of 7.47% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Keefe, Bruyette & Woods dropped their target price on shares of PennantPark Floating Rate Capital from $11.50 to $11.00 and set a “market perform” rating on the stock in a report on Tuesday, April 8th. LADENBURG THALM/SH SH raised PennantPark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $10.50 target price on the stock in a report on Tuesday, May 13th. Maxim Group set a $11.50 price objective on shares of PennantPark Floating Rate Capital and gave the stock a “buy” rating in a research report on Wednesday, May 14th. Truist Financial cut their target price on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, May 14th. Finally, Wall Street Zen lowered shares of PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, PennantPark Floating Rate Capital presently has a consensus rating of “Hold” and a consensus price target of $10.92.

PennantPark Floating Rate Capital Stock Up 1.0%

Shares of PFLT stock traded up $0.11 on Tuesday, hitting $10.24. 75,077 shares of the stock were exchanged, compared to its average volume of 1,015,362. The business has a 50-day moving average of $10.13 and a 200 day moving average of $10.66. PennantPark Floating Rate Capital has a fifty-two week low of $8.82 and a fifty-two week high of $12.02. The firm has a market capitalization of $1.02 billion, a P/E ratio of 7.30 and a beta of 0.96. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57.

Insider Buying and Selling

In related news, Director Jose A. Briones bought 9,840 shares of the company’s stock in a transaction dated Wednesday, May 14th. The stock was purchased at an average price of $10.15 per share, with a total value of $99,876.00. Following the completion of the acquisition, the director now owns 329,438 shares of the company’s stock, valued at $3,343,795.70. The trade was a 3.08% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Several institutional investors and hedge funds have recently added to or reduced their stakes in PFLT. Scoggin Management LP acquired a new stake in shares of PennantPark Floating Rate Capital during the first quarter valued at about $16,446,000. Invesco Ltd. acquired a new stake in PennantPark Floating Rate Capital during the 4th quarter worth approximately $10,533,000. Millennium Management LLC grew its holdings in PennantPark Floating Rate Capital by 85.0% during the 1st quarter. Millennium Management LLC now owns 1,196,752 shares of the asset manager’s stock worth $13,392,000 after acquiring an additional 550,011 shares during the last quarter. Balyasny Asset Management L.P. increased its position in PennantPark Floating Rate Capital by 57.4% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,507,513 shares of the asset manager’s stock valued at $16,477,000 after acquiring an additional 549,905 shares during the period. Finally, Jane Street Group LLC increased its position in PennantPark Floating Rate Capital by 692.7% in the 1st quarter. Jane Street Group LLC now owns 319,736 shares of the asset manager’s stock valued at $3,578,000 after acquiring an additional 279,399 shares during the period. Institutional investors own 19.77% of the company’s stock.

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.