PennantPark Floating Rate Capital (NASDAQ:PFLT) Cut to Hold at Zacks Investment Research

PennantPark Floating Rate Capital (NASDAQ:PFLTGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, Zacks.com reports.

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 weighed in on PFLT. StockNews.com lowered PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Wednesday, May 11th. TheStreet lowered PennantPark Floating Rate Capital from a “b-” rating to a “c” rating in a research report on Friday, February 11th. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. According to MarketBeat.com, PennantPark Floating Rate Capital presently has a consensus rating of “Hold” and a consensus target price of $13.50.

Shares of PFLT opened at $11.64 on Friday. PennantPark Floating Rate Capital has a 12-month low of $11.09 and a 12-month high of $14.38. The stock’s fifty day simple moving average is $12.78 and its 200-day simple moving average is $12.92. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $480.88 million, a PE ratio of 11.19 and a beta of 1.74.

PennantPark Floating Rate Capital (NASDAQ:PFLTGet Rating) last released its earnings results on Wednesday, May 4th. The asset manager reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01. PennantPark Floating Rate Capital had a return on equity of 8.97% and a net margin of 43.20%. The firm had revenue of $24.64 million for the quarter, compared to analyst estimates of $23.73 million. Analysts anticipate that PennantPark Floating Rate Capital will post 1.18 EPS for the current year.

Several large investors have recently bought and sold shares of the stock. Bank of America Corp DE grew its holdings in shares of PennantPark Floating Rate Capital by 17.7% during the fourth quarter. Bank of America Corp DE now owns 5,146 shares of the asset manager’s stock worth $66,000 after buying an additional 775 shares in the last quarter. AllSquare Wealth Management LLC grew its stake in PennantPark Floating Rate Capital by 6.5% in the first quarter. AllSquare Wealth Management LLC now owns 19,800 shares of the asset manager’s stock valued at $267,000 after purchasing an additional 1,200 shares in the last quarter. Total Clarity Wealth Management Inc. grew its stake in PennantPark Floating Rate Capital by 53.0% in the fourth quarter. Total Clarity Wealth Management Inc. now owns 4,000 shares of the asset manager’s stock valued at $51,000 after purchasing an additional 1,385 shares in the last quarter. LPL Financial LLC grew its stake in PennantPark Floating Rate Capital by 5.1% in the third quarter. LPL Financial LLC now owns 34,910 shares of the asset manager’s stock valued at $446,000 after purchasing an additional 1,704 shares in the last quarter. Finally, Wedbush Securities Inc. grew its stake in PennantPark Floating Rate Capital by 3.7% in the first quarter. Wedbush Securities Inc. now owns 54,735 shares of the asset manager’s stock valued at $739,000 after purchasing an additional 1,975 shares in the last quarter. Institutional investors and hedge funds own 18.16% of the company’s stock.

PennantPark Floating Rate Capital Company Profile (Get Rating)

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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