BidaskClub Lowers Pennantpark Floating Rate Capital (NASDAQ:PFLT) to Hold

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

PFLT has been the subject of several other research reports. Zacks Investment Research upgraded shares of Pennantpark Floating Rate Capital from a sell rating to a hold rating in a 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 decreased their price objective for the stock from $14.00 to $13.00 in a 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 report on Monday, May 13th. TheStreet downgraded shares of Pennantpark Floating Rate Capital from a b- rating to a c+ rating in a report on Wednesday, May 22nd. Finally, ValuEngine downgraded shares of Pennantpark Floating Rate Capital from a hold rating to a sell rating in a report on Thursday, May 9th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. Pennantpark Floating Rate Capital presently has a consensus rating of Hold and a consensus price target of $14.13.

Shares of PFLT stock opened at $11.52 on Friday. The stock has a market capitalization of $446.65 million, a PE ratio of 10.87 and a beta of 0.78. Pennantpark Floating Rate Capital has a one year low of $11.05 and a one year high of $13.99.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last announced its earnings results on Wednesday, May 8th. The asset manager reported $0.30 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.30. The company 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%. As a group, sell-side analysts expect that Pennantpark Floating Rate Capital will post 1.2 EPS for the current year.

The business also recently disclosed a monthly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be issued a dividend of $0.095 per share. 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 acquired 8,200 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The stock was acquired at an average price of $12.05 per share, for a total transaction of $98,810.00. Following the completion of the acquisition, the chief financial officer now owns 45,150 shares of the company’s stock, valued at approximately $544,057.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Samuel L. Katz acquired 20,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were bought at an average price of $12.11 per share, with a total value of $242,200.00. Following the acquisition, the director now directly owns 146,900 shares of the company’s stock, valued at approximately $1,778,959. The disclosure for this purchase can be found here. Insiders have purchased 62,000 shares of company stock valued at $749,945 in the last 90 days. 1.00% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the business. Psagot Investment House Ltd. bought a new position in Pennantpark Floating Rate Capital during the first quarter worth about $82,000. Stephens Inc. AR bought a new position in Pennantpark Floating Rate Capital during the fourth quarter worth about $127,000. First Allied Advisory Services Inc. bought a new position in Pennantpark Floating Rate Capital during the first quarter worth about $149,000. Bank of Montreal Can bought a new position in Pennantpark Floating Rate Capital during the first quarter worth about $231,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in Pennantpark Floating Rate Capital by 7.9% during the fourth 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 during the period. Hedge funds and other institutional investors own 35.22% 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.

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