PennantPark Floating Rate Capital (NASDAQ:PFLT) Stock Rating Reaffirmed by JMP Securities

PennantPark Floating Rate Capital (NASDAQ:PFLT – Get Rating)‘s stock had its “market outperform” rating reiterated by stock analysts at JMP Securities in a research report issued on Monday, Benzinga reports. They currently have a $12.00 price target on the asset manager’s stock. JMP Securities’ price target suggests a potential upside of 15.83% from the stock’s current price.

Separately, Truist Financial reduced their target price on PennantPark Floating Rate Capital from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Monday, February 13th.

PennantPark Floating Rate Capital Price Performance

Shares of PFLT stock opened at $10.36 on Monday. The stock’s fifty day simple moving average is $11.09 and its 200 day simple moving average is $11.10. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.13 and a quick ratio of 0.13. The firm has a market cap of $514.68 million, a price-to-earnings ratio of -32.38 and a beta of 1.64. PennantPark Floating Rate Capital has a one year low of $9.43 and a one year high of $14.38.

PennantPark Floating Rate Capital (NASDAQ:PFLT – Get Rating) last announced its earnings results on Thursday, February 9th. The asset manager reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The business had revenue of $31.34 million during the quarter, compared to analysts’ expectations of $29.59 million. PennantPark Floating Rate Capital had a negative net margin of 11.40% and a positive return on equity of 9.60%. During the same quarter last year, the company posted $0.33 EPS. On average, analysts expect that PennantPark Floating Rate Capital will post 1.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Large investors have recently modified their holdings of the stock. Private Trust Co. NA bought a new position in PennantPark Floating Rate Capital in the 2nd quarter worth approximately $29,000. IFP Advisors Inc lifted its stake in shares of PennantPark Floating Rate Capital by 286.9% during the third quarter. IFP Advisors Inc now owns 4,055 shares of the asset manager’s stock valued at $55,000 after acquiring an additional 3,007 shares during the period. BNP Paribas Arbitrage SA bought a new position in PennantPark Floating Rate Capital in the first quarter valued at about $102,000. Wells Fargo & Company MN increased its position in PennantPark Floating Rate Capital by 11.2% in the fourth quarter. Wells Fargo & Company MN now owns 9,951 shares of the asset manager’s stock worth $109,000 after purchasing an additional 1,001 shares during the period. Finally, Belpointe Asset Management LLC increased its position in PennantPark Floating Rate Capital by 25.8% in the third quarter. Belpointe Asset Management LLC now owns 11,200 shares of the asset manager’s stock worth $108,000 after purchasing an additional 2,300 shares during the period. 21.02% of the stock is currently owned by institutional investors and hedge funds.

PennantPark Floating Rate Capital Company Profile

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PennantPark Floating Rate Capital Ltd., a traded fund, invests in middle market companies located in the United States. It targets companies operating across a broad range of sectors. It provides debt investment in mezzanine and buyout stage capital requirements.