PennantPark Floating Rate Capital (NASDAQ:PFLT) Stock Rating Upgraded by Maxim Group

PennantPark Floating Rate Capital (NASDAQ:PFLT) was upgraded by equities research analysts at Maxim Group from a “hold” rating to a “buy” rating in a research report issued on Monday, Marketbeat Ratings reports. The brokerage presently has a $12.00 price objective on the asset manager’s stock. Maxim Group’s price target would suggest a potential upside of 9.09% from the company’s previous close.

A number of other analysts also recently weighed in on PFLT. StockNews.com downgraded shares of PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. JMP Securities reduced their price objective on shares of PennantPark Floating Rate Capital from $12.50 to $12.00 and set a “market outperform” rating on the stock in a research note on Tuesday, July 30th.

PennantPark Floating Rate Capital Price Performance

Shares of NASDAQ:PFLT opened at $11.00 on Monday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.36 and a current ratio of 0.36. PennantPark Floating Rate Capital has a 52 week low of $9.69 and a 52 week high of $12.63. The firm has a market cap of $734.03 million, a PE ratio of 7.43 and a beta of 1.68. The firm’s fifty day moving average is $11.37 and its 200-day moving average is $11.34.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last released its quarterly earnings results on Wednesday, August 7th. The asset manager reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). The company had revenue of $48.51 million during the quarter, compared to the consensus estimate of $47.63 million. PennantPark Floating Rate Capital had a net margin of 55.99% and a return on equity of 11.44%. During the same quarter last year, the firm posted $0.36 EPS. Sell-side analysts predict that PennantPark Floating Rate Capital will post 1.3 earnings per share for the current year.

Insider Buying and Selling at PennantPark Floating Rate Capital

In related news, CFO Richard T. Allorto, Jr. acquired 10,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was bought at an average price of $11.30 per share, for a total transaction of $113,000.00. Following the purchase, the chief financial officer now directly owns 10,000 shares of the company’s stock, valued at approximately $113,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders have acquired 12,630 shares of company stock valued at $142,920. 1.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Several hedge funds and other institutional investors have recently bought and sold shares of PFLT. Wedbush Securities Inc. boosted its position in shares of PennantPark Floating Rate Capital by 39.2% during the 2nd quarter. Wedbush Securities Inc. now owns 73,079 shares of the asset manager’s stock worth $843,000 after purchasing an additional 20,571 shares in the last quarter. PFG Investments LLC boosted its holdings in PennantPark Floating Rate Capital by 3.0% in the second quarter. PFG Investments LLC now owns 104,886 shares of the asset manager’s stock worth $1,210,000 after acquiring an additional 3,051 shares in the last quarter. First Foundation Advisors acquired a new stake in PennantPark Floating Rate Capital in the second quarter valued at approximately $143,000. Strategic Financial Concepts LLC increased its holdings in shares of PennantPark Floating Rate Capital by 1,151.8% during the second quarter. Strategic Financial Concepts LLC now owns 698,506 shares of the asset manager’s stock valued at $81,000 after acquiring an additional 642,706 shares in the last quarter. Finally, Graypoint LLC raised its position in shares of PennantPark Floating Rate Capital by 2.7% during the second quarter. Graypoint LLC now owns 67,415 shares of the asset manager’s stock worth $778,000 after purchasing an additional 1,785 shares during the period. 19.77% of the stock is owned by institutional investors.

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.