Pennantpark Floating Rate Capital (NASDAQ:PFLT) Rating Lowered to Hold at BidaskClub

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BidaskClub downgraded shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) from a buy rating to a hold rating in a research note published on Friday, BidAskClub reports.

PFLT has been the subject of a number of other research reports. Zacks Investment Research upgraded shares of Pennantpark Floating Rate Capital from a sell rating to a hold rating in a research report on Tuesday, April 16th. Keefe, Bruyette & Woods downgraded shares of Pennantpark Floating Rate Capital from an outperform rating to a market perform rating and reduced their price objective for the company from $14.00 to $13.00 in a research report on Wednesday, May 8th. LADENBURG THALM/SH SH downgraded shares of Pennantpark Floating Rate Capital from a buy rating to a neutral rating in a research report on Monday, May 13th. TheStreet downgraded shares of Pennantpark Floating Rate Capital from a b- rating to a c+ rating in a research report on Wednesday, May 22nd. Finally, ValuEngine downgraded shares of Pennantpark Floating Rate Capital from a hold rating to a sell rating in a research report on Thursday, May 9th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $14.13.

Shares of NASDAQ:PFLT opened at $11.52 on Friday. The firm has a market capitalization of $450.12 million, a P/E ratio of 10.87 and a beta of 0.78. Pennantpark Floating Rate Capital has a 52 week low of $11.05 and a 52 week high of $13.95. The firm has a 50-day moving average price of $11.91.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings data on Wednesday, May 8th. The asset manager reported $0.30 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.30. The firm had revenue of $23.01 million during the quarter, compared to the consensus estimate of $22.99 million. Pennantpark Floating Rate Capital had a net margin of 17.80% and a return on equity of 8.80%. Analysts anticipate that Pennantpark Floating Rate Capital will post 1.2 EPS for the current year.

The business also recently announced a monthly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be issued a $0.095 dividend. The ex-dividend date is Friday, June 14th. This represents a $1.14 dividend on an annualized basis and a yield of 9.90%. Pennantpark Floating Rate Capital’s dividend payout ratio (DPR) is presently 107.55%.

In related news, CFO Aviv Efrat bought 8,200 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was bought at an average cost of $12.05 per share, with a total value of $98,810.00. Following the completion of the acquisition, the chief financial officer now owns 36,950 shares in the company, valued at approximately $445,247.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Arthur H. Penn bought 9,500 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was bought at an average cost of $12.09 per share, with a total value of $114,855.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 62,000 shares of company stock valued at $749,945. 1.00% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of the business. Psagot Investment House Ltd. purchased a new position in shares of Pennantpark Floating Rate Capital during the 1st quarter worth approximately $82,000. Stephens Inc. AR purchased a new position in shares of Pennantpark Floating Rate Capital during the 4th quarter worth approximately $127,000. First Allied Advisory Services Inc. purchased a new position in shares of Pennantpark Floating Rate Capital during the 1st quarter worth approximately $149,000. Bank of Montreal Can purchased a new position in shares of Pennantpark Floating Rate Capital during the 1st quarter worth approximately $231,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Pennantpark Floating Rate Capital by 7.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,792 shares of the asset manager’s stock worth $252,000 after purchasing an additional 1,590 shares in the last quarter. 35.22% of the stock is owned by institutional investors.

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.

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