UBS Group Has Lowered Expectations for PennantPark Floating Rate Capital (NASDAQ:PFLT) Stock Price

PennantPark Floating Rate Capital (NASDAQ:PFLT) had its price objective reduced by equities researchers at UBS Group from $11.50 to $10.50 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the asset manager’s stock. UBS Group’s price target would indicate a potential upside of 7.75% from the stock’s previous close.

A number of other research firms also recently issued reports on PFLT. Keefe, Bruyette & Woods cut their price objective on shares of PennantPark Floating Rate Capital from $11.50 to $11.00 and set a “market perform” rating for the company in a report on Tuesday, April 8th. StockNews.com upgraded PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Saturday, April 12th. Finally, Raymond James started coverage on PennantPark Floating Rate Capital in a research note on Friday, December 20th. They set a “market perform” rating on the stock. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $11.38.

PennantPark Floating Rate Capital Trading Up 2.8 %

Shares of PennantPark Floating Rate Capital stock opened at $9.75 on Thursday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15. The firm has a 50-day moving average of $10.77 and a 200-day moving average of $11.04. PennantPark Floating Rate Capital has a 52-week low of $8.82 and a 52-week high of $12.02. The stock has a market cap of $857.13 million, a PE ratio of 6.96 and a beta of 1.30.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Large investors have recently modified their holdings of the business. Invesco Ltd. bought a new stake in shares of PennantPark Floating Rate Capital during the 4th quarter worth $10,533,000. Strategic Financial Concepts LLC lifted its holdings in shares of PennantPark Floating Rate Capital by 1,080.4% in the fourth quarter. Strategic Financial Concepts LLC now owns 723,566 shares of the asset manager’s stock worth $7,909,000 after acquiring an additional 662,266 shares during the last quarter. Balyasny Asset Management L.P. boosted its stake in shares of 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 purchasing an additional 549,905 shares in the last quarter. Sound Income Strategies LLC boosted its stake in shares of PennantPark Floating Rate Capital by 12.0% in the 4th quarter. Sound Income Strategies LLC now owns 3,320,039 shares of the asset manager’s stock valued at $36,288,000 after purchasing an additional 356,781 shares in the last quarter. Finally, Millennium Management LLC increased its position in PennantPark Floating Rate Capital by 94.4% during the 4th quarter. Millennium Management LLC now owns 646,741 shares of the asset manager’s stock worth $7,069,000 after purchasing an additional 314,064 shares in the last quarter. Institutional investors and hedge funds 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.