PennantPark Floating Rate Capital (NYSE:PFLT) Price Target Lowered to $10.00 at Citizens Jmp

PennantPark Floating Rate Capital (NYSE:PFLT) had its price target cut by equities researchers at Citizens Jmp from $11.00 to $10.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. Citizens Jmp’s price target would indicate a potential upside of 13.97% from the company’s current price.

Other research analysts also recently issued reports about the company. Wall Street Zen upgraded PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th. Keefe, Bruyette & Woods dropped their target price on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating for the company in a report on Thursday, February 12th. Weiss Ratings reiterated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research report on Monday, December 29th. Finally, Maxim Group set a $10.50 price objective on PennantPark Floating Rate Capital in a research report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.25.

PennantPark Floating Rate Capital Stock Up 1.0%

Shares of NYSE:PFLT opened at $8.77 on Wednesday. The company has a market capitalization of $870.56 million, a PE ratio of 25.81 and a beta of 0.75. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.92. PennantPark Floating Rate Capital has a twelve month low of $7.68 and a twelve month high of $10.88. The firm has a 50 day simple moving average of $8.34 and a 200-day simple moving average of $8.90.

PennantPark Floating Rate Capital (NYSE:PFLT) last posted its earnings results on Monday, February 9th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.03). PennantPark Floating Rate Capital had a net margin of 13.03% and a return on equity of 9.72%. The company had revenue of $12.72 million during the quarter. On average, equities analysts predict that PennantPark Floating Rate Capital will post 1.13 EPS for the current fiscal year.

Insider Activity at PennantPark Floating Rate Capital

In other PennantPark Floating Rate Capital news, Director Jose A. Briones purchased 5,895 shares of the business’s stock in a transaction on Thursday, February 19th. The stock was bought at an average cost of $8.48 per share, for a total transaction of $49,989.60. Following the acquisition, the director owned 342,313 shares of the company’s stock, valued at approximately $2,902,814.24. The trade was a 1.75% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Richard T. Allorto, Jr. purchased 15,000 shares of PennantPark Floating Rate Capital stock in a transaction on Wednesday, March 11th. The shares were acquired at an average cost of $8.15 per share, for a total transaction of $122,250.00. Following the purchase, the chief financial officer owned 25,000 shares in the company, valued at approximately $203,750. This trade represents a 150.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 1.00% of the stock is currently owned by insiders.

Institutional Trading of PennantPark Floating Rate Capital

A number of hedge funds have recently added to or reduced their stakes in PFLT. Sound Income Strategies LLC grew its holdings in PennantPark Floating Rate Capital by 12.4% in the 4th quarter. Sound Income Strategies LLC now owns 4,643,958 shares of the company’s stock valued at $44,257,000 after buying an additional 512,528 shares during the period. Van ECK Associates Corp boosted its position in shares of PennantPark Floating Rate Capital by 7.4% in the third quarter. Van ECK Associates Corp now owns 2,533,205 shares of the company’s stock worth $22,520,000 after acquiring an additional 174,630 shares during the last quarter. Marshall Wace LLP boosted its position in shares of PennantPark Floating Rate Capital by 42.9% in the third quarter. Marshall Wace LLP now owns 2,057,399 shares of the company’s stock worth $18,290,000 after acquiring an additional 617,657 shares during the last quarter. UBS Group AG grew its holdings in PennantPark Floating Rate Capital by 5.5% in the fourth quarter. UBS Group AG now owns 1,367,442 shares of the company’s stock valued at $12,676,000 after purchasing an additional 71,372 shares during the period. Finally, Altshuler Shaham Ltd increased its position in PennantPark Floating Rate Capital by 44.1% during the fourth quarter. Altshuler Shaham Ltd now owns 1,320,156 shares of the company’s stock worth $12,238,000 after purchasing an additional 404,117 shares during the last quarter. 19.77% of the stock is owned by institutional investors and hedge funds.

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. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.