JMP Securities Reiterates Market Outperform Rating for PennantPark Floating Rate Capital (NASDAQ:PFLT)

PennantPark Floating Rate Capital (NASDAQ:PFLT)‘s stock had its “market outperform” rating reiterated by equities research analysts at JMP Securities in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $11.00 price target on the asset manager’s stock. JMP Securities’ price objective indicates a potential upside of 6.95% from the company’s current price.

A number of other equities analysts have also recently weighed in on PFLT. Keefe, Bruyette & Woods decreased their price objective on PennantPark Floating Rate Capital from $11.00 to $10.50 and set a “market perform” rating on the stock in a report on Wednesday, August 13th. UBS Group increased their price target on shares of PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the company a “neutral” rating in a research report on Wednesday, July 16th. Wall Street Zen downgraded shares of PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, May 13th. LADENBURG THALM/SH SH raised shares of PennantPark Floating Rate Capital to a “strong-buy” rating in a research note on Wednesday, August 13th. Finally, Maxim Group set a $11.50 target price on shares of PennantPark Floating Rate Capital and gave the company a “buy” rating in a report on Wednesday, May 14th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.88.

PennantPark Floating Rate Capital Trading Up 0.7%

NASDAQ PFLT opened at $10.29 on Wednesday. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57. The stock’s 50-day simple moving average is $10.44 and its two-hundred day simple moving average is $10.44. PennantPark Floating Rate Capital has a twelve month low of $8.82 and a twelve month high of $11.90. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 7.35 and a beta of 0.99.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

A number of hedge funds and other institutional investors have recently made changes to their positions in PFLT. Allworth Financial LP lifted its stake in PennantPark Floating Rate Capital by 1,603.7% in the second quarter. Allworth Financial LP now owns 2,777 shares of the asset manager’s stock worth $29,000 after acquiring an additional 2,614 shares during the period. Northwestern Mutual Wealth Management Co. bought a new position in PennantPark Floating Rate Capital in the 2nd quarter worth $41,000. CWM LLC purchased a new stake in shares of PennantPark Floating Rate Capital in the 2nd quarter worth about $49,000. Mpwm Advisory Solutions LLC purchased a new stake in shares of PennantPark Floating Rate Capital in the 4th quarter worth about $55,000. Finally, BNP Paribas Financial Markets bought a new stake in shares of PennantPark Floating Rate Capital during the 2nd quarter valued at about $55,000. Institutional investors own 19.77% 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.