PennantPark Floating Rate Capital (NASDAQ:PFLT) Upgraded by Zacks Investment Research to “Buy”

PennantPark Floating Rate Capital (NASDAQ:PFLTGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The brokerage currently has a $14.00 price objective on the asset manager’s stock. Zacks Investment Research‘s price target points to a potential upside of 14.94% from the company’s current price.

According to Zacks, “PennantPark Floating Rate Capital Ltd. is a business development company. It is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate loans and other investments made to the United States middle-market companies. The firm provides first lien secured debt and other opportunistic financings (mezzanine, private high yield debt, preferred and common stock) to middle market sponsors and companies. Its investments may include equity features, such as direct investments in the equity securities of borrowers or warrants or options to buy a minority interest in a portfolio company. It has investments in various sectors, including aerospace and defense; consumer services; healthcare and pharmaceuticals, and others. The firm has a value-oriented, bottoms-up investment philosophy. Its investment activities are managed by the investment advisor, PennantPark Investment Advisers LLC. “

Other research analysts have also issued research reports about the stock. TheStreet lowered shares of PennantPark Floating Rate Capital from a “b-” rating to a “c” rating in a research note on Friday, February 11th. StockNews.com assumed coverage on shares of PennantPark Floating Rate Capital in a research note on Thursday, March 31st. They set a “hold” rating for the company. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $13.50.

Shares of PFLT opened at $12.18 on Tuesday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.45. PennantPark Floating Rate Capital has a 12-month low of $11.74 and a 12-month high of $14.38. The firm has a 50-day moving average price of $13.37 and a 200 day moving average price of $13.19. The firm has a market capitalization of $476.86 million, a P/E ratio of 11.71 and a beta of 1.73.

PennantPark Floating Rate Capital (NASDAQ:PFLTGet Rating) last announced its earnings results on Wednesday, February 9th. The asset manager reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.05. The company had revenue of $26.34 million during the quarter, compared to analyst estimates of $21.53 million. PennantPark Floating Rate Capital had a net margin of 43.20% and a return on equity of 9.09%. During the same quarter last year, the firm posted $0.26 earnings per share. Equities research analysts predict that PennantPark Floating Rate Capital will post 1.18 earnings per share for the current fiscal year.

Institutional investors have recently bought and sold shares of the company. Total Clarity Wealth Management Inc. increased its position in shares of PennantPark Floating Rate Capital by 53.0% during the fourth quarter. Total Clarity Wealth Management Inc. now owns 4,000 shares of the asset manager’s stock worth $51,000 after acquiring an additional 1,385 shares during the period. Bank of America Corp DE increased its position in shares of PennantPark Floating Rate Capital by 17.7% during the fourth quarter. Bank of America Corp DE now owns 5,146 shares of the asset manager’s stock worth $66,000 after acquiring an additional 775 shares during the period. Doman Group LLC purchased a new stake in shares of PennantPark Floating Rate Capital during the fourth quarter worth $136,000. Caxton Associates LP purchased a new stake in shares of PennantPark Floating Rate Capital during the third quarter worth $143,000. Finally, Raymond James & Associates increased its position in shares of PennantPark Floating Rate Capital by 13.6% during the third quarter. Raymond James & Associates now owns 12,635 shares of the asset manager’s stock worth $162,000 after acquiring an additional 1,512 shares during the period. 18.16% of the stock is currently owned by institutional investors and hedge funds.

About PennantPark Floating Rate Capital (Get Rating)

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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