PennantPark Capital Floating Rate (NASDAQ:PFLT – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note released Tuesday to investors, Zacks.com reports. The brokerage currently has a price target of $14.00 on shares of the asset manager. Zacks Investment Research’s price target suggests a potential upside of 14.94% from the company’s previous close.
According to Zacks, “PenantPark Floating Rate Capital Ltd. is a business development company. It is a closed-end, externally managed, non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate companies. loans and other investments made to middle-market businesses in the United States. The company provides senior secured loans and other opportunistic financing (mezzanine, high yield private debt, preferred and common equity) to sponsors and middle market companies. Its investments may include characteristic equity, such as direct investments in the equity securities of borrowers or warrants or options to purchase a minority stake in a holding company. It has investments in various sectors including aerospace and defense, consumer services, healthcare and pharmaceuticals, etc. has a bottom-up, value-oriented investment philosophy. Its investment activities are managed by the investment adviser, PennantPark Investment Advisers LLC. “
Several other equity research analysts also commented on PFLT. TheStreet lowered shares of PennantPark Floating Rate Capital from a “b-” rating to a “c” rating in a Friday, February 11 report. StockNews.com began covering PennantPark Floating Rate Capital shares in a Thursday, March 31 report. They issued a “hold” rating for the company. Three investment analysts gave the stock a hold rating and one gave the company a buy rating. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $13.50.
Shares of PFLT opened at $12.18 on Tuesday. PennantPark Floating Rate Capital has a 1-year minimum of $11.74 and a 1-year maximum of $14.38. The company has a 50-day moving average of $13.37 and a 200-day moving average of $13.19. The company has a market capitalization of $476.86 million, a price-earnings ratio of 11.71 and a beta of 1.73. The company has a debt ratio of 0.45, a current ratio of 0.12 and a quick ratio of 0.12.
PennantPark Floating Rate Capital (NASDAQ:PFLT – Get Rating) last reported quarterly earnings data on Wednesday, February 9. The asset manager reported earnings per share of $0.33 for the quarter, beating consensus analyst estimates of $0.28 by $0.05. PennantPark Floating Rate Capital posted a net margin of 43.20% and a return on equity of 9.09%. The company posted revenue of $26.34 million in the quarter, compared to analyst estimates of $21.53 million. In the same quarter last year, the company posted EPS of $0.26. On average, stock analysts expect PennantPark Floating Rate Capital to post 1.18 earnings per share for the current fiscal year.
Institutional investors have recently changed their stake in the company. Total Clarity Wealth Management Inc. increased its position in PennantPark Floating Rate Capital shares by 53.0% in the fourth quarter. Total Clarity Wealth Management Inc. now owns 4,000 shares of the asset manager worth $51,000 after buying 1,385 additional shares in the last quarter. Bank of America Corp DE increased its position in PennantPark Floating Rate Capital shares by 17.7% in the fourth quarter. Bank of America Corp DE now owns 5,146 shares of the asset manager worth $66,000 after buying an additional 775 shares in the last quarter. Doman Group LLC bought a new stock position in PennantPark Floating Rate Capital in Q4 for a value of approximately $136,000. Caxton Associates LP bought a new position in shares of PennantPark Floating Rate Capital in Q3 for a value of approximately $143,000. Finally, Raymond James & Associates increased its position in PennantPark Floating Rate Capital shares by 13.6% in the third quarter. Raymond James & Associates now owns 12,635 shares of the asset manager worth $162,000 after buying 1,512 more shares in the last quarter. 18.16% of the shares are currently held by hedge funds and other institutional investors.
About PennantPark Capital Floating Rate (Get an assessment)
PennantPark Floating Rate Capital Ltd. is a business development company. It seeks to make secondary direct investments, debt, stocks and loans. The fund seeks to invest through floating rate loans in public, private, mid-market companies with low capitalization or small market capitalization. It invests mainly in the United States and, to a lesser extent, outside the United States
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