Citizens Jmp Issues Pessimistic Forecast for PennantPark Floating Rate Capital (NYSE:PFLT) Stock Price

PennantPark Floating Rate Capital (NYSE:PFLT) had its price target decreased by research analysts at Citizens Jmp from $11.00 to $10.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. Citizens Jmp’s target price would suggest a potential upside of 15.81% from the stock’s previous close.

Several other brokerages also recently commented on PFLT. 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 on the stock in a report on Thursday, February 12th. Weiss Ratings restated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a report on Monday, December 29th. Maxim Group set a $10.50 target price on shares of PennantPark Floating Rate Capital in a report on Wednesday, February 11th. Finally, Wall Street Zen upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company. 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 Performance

Shares of PFLT stock opened at $8.64 on Wednesday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.15 and a current ratio of 0.15. The company has a market capitalization of $856.76 million, a P/E ratio of 25.40 and a beta of 0.75. The company’s 50 day moving average price is $8.33 and its two-hundred day moving average price is $8.90. PennantPark Floating Rate Capital has a 52 week low of $7.68 and a 52 week high of $10.88.

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

Insider Activity at PennantPark Floating Rate Capital

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

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Several hedge funds have recently made changes to their positions in the business. Sovran Advisors LLC grew its stake in shares of PennantPark Floating Rate Capital by 3.2% during the 3rd quarter. Sovran Advisors LLC now owns 35,274 shares of the company’s stock worth $320,000 after acquiring an additional 1,090 shares in the last quarter. Global Retirement Partners LLC grew its stake in shares of PennantPark Floating Rate Capital by 32.1% in the third quarter. Global Retirement Partners LLC now owns 5,188 shares of the company’s stock valued at $46,000 after buying an additional 1,260 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of PennantPark Floating Rate Capital by 2.1% in the second quarter. Cetera Investment Advisers now owns 63,704 shares of the company’s stock valued at $658,000 after buying an additional 1,329 shares in the last quarter. PFG Investments LLC grew its stake in shares of PennantPark Floating Rate Capital by 1.1% in the fourth quarter. PFG Investments LLC now owns 123,507 shares of the company’s stock valued at $1,145,000 after buying an additional 1,372 shares in the last quarter. Finally, Foundations Investment Advisors LLC grew its stake in shares of PennantPark Floating Rate Capital by 7.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 21,201 shares of the company’s stock valued at $197,000 after buying an additional 1,547 shares in the last quarter. 19.77% of the stock is owned by institutional investors.

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.