PennantPark Floating Rate Capital (NYSE:PFLT) Stock Rating Upgraded by Wall Street Zen

PennantPark Floating Rate Capital (NYSE:PFLT) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

Several other equities analysts also recently weighed in on the stock. Keefe, Bruyette & Woods decreased their price target on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating on the stock in a research note on Thursday, February 12th. Weiss Ratings reiterated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a report on Monday, December 29th. Finally, Maxim Group set a $10.50 target price on shares of PennantPark Floating Rate Capital in a research note on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $10.42.

PennantPark Floating Rate Capital Stock Performance

NYSE PFLT opened at $7.73 on Friday. The company has a fifty day moving average price of $8.68. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.92. The firm has a market cap of $766.47 million, a P/E ratio of 22.72 and a beta of 0.77. PennantPark Floating Rate Capital has a one year low of $7.70 and a one year high of $11.42.

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

Insider Buying and Selling

In other news, Director Jose A. Briones purchased 5,895 shares of PennantPark Floating Rate Capital stock in a transaction dated Thursday, February 19th. The shares were purchased at an average price of $8.48 per share, with a total value of $49,989.60. Following the transaction, the director owned 342,313 shares in the company, valued at $2,902,814.24. This represents a 1.75% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Richard T. Allorto, Jr. acquired 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was acquired at an average price of $8.15 per share, for a total transaction of $122,250.00. Following the completion of the acquisition, 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 position. The disclosure for this purchase is available in the SEC filing. 1.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Several large investors have recently modified their holdings of PFLT. International Assets Investment Management LLC purchased a new position in shares of PennantPark Floating Rate Capital during the 4th quarter worth $33,000. Quarry LP acquired a new position in PennantPark Floating Rate Capital in the third quarter valued at about $36,000. State of Alaska Department of Revenue acquired a new position in PennantPark Floating Rate Capital in the third quarter valued at about $41,000. Northwestern Mutual Wealth Management Co. purchased a new position in PennantPark Floating Rate Capital during the second quarter worth about $41,000. Finally, Global Retirement Partners LLC boosted its stake in PennantPark Floating Rate Capital by 32.1% during the third quarter. Global Retirement Partners LLC now owns 5,188 shares of the company’s stock worth $46,000 after buying an additional 1,260 shares during the period. Institutional investors and hedge funds own 19.77% of the company’s stock.

About PennantPark Floating Rate Capital

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.