JMP Securities Cuts PennantPark Floating Rate Capital (NASDAQ:PFLT) Price Target to $12.00

PennantPark Floating Rate Capital (NASDAQ:PFLT) had its target price dropped by JMP Securities from $12.50 to $12.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has a “market outperform” rating on the asset manager’s stock. JMP Securities’ price target would suggest a potential upside of 7.05% from the company’s current price.

PennantPark Floating Rate Capital Price Performance

Shares of NASDAQ:PFLT remained flat at $11.21 during trading hours on Tuesday. 176,842 shares of the stock traded hands, compared to its average volume of 758,756. The company’s 50 day moving average is $11.45 and its two-hundred day moving average is $11.41. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.36 and a quick ratio of 0.36. PennantPark Floating Rate Capital has a twelve month low of $9.69 and a twelve month high of $12.63. The firm has a market capitalization of $748.04 million, a P/E ratio of 7.57 and a beta of 1.68.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last issued its quarterly earnings data on Wednesday, May 8th. The asset manager reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.02). PennantPark Floating Rate Capital had a return on equity of 11.44% and a net margin of 55.99%. The firm had revenue of $44.35 million during the quarter, compared to analysts’ expectations of $40.24 million. On average, equities research analysts predict that PennantPark Floating Rate Capital will post 1.3 earnings per share for the current fiscal year.

Insider Transactions at PennantPark Floating Rate Capital

In other news, CFO Richard T. Allorto, Jr. acquired 10,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were purchased at an average price of $11.30 per share, with a total value of $113,000.00. Following the transaction, the chief financial officer now directly owns 10,000 shares in the company, valued at $113,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have bought a total of 14,370 shares of company stock valued at $162,895 in the last 90 days. Insiders own 1.00% of the company’s stock.

Institutional Trading of PennantPark Floating Rate Capital

Large investors have recently made changes to their positions in the business. Cape Investment Advisory Inc. purchased a new stake in shares of PennantPark Floating Rate Capital in the 4th quarter valued at $29,000. Global Retirement Partners LLC boosted its holdings in shares of PennantPark Floating Rate Capital by 107.8% in the 1st quarter. Global Retirement Partners LLC now owns 3,259 shares of the asset manager’s stock valued at $37,000 after acquiring an additional 1,691 shares during the last quarter. UMB Bank n.a. purchased a new stake in shares of PennantPark Floating Rate Capital in the 2nd quarter valued at $63,000. Catalina Capital Group LLC purchased a new stake in shares of PennantPark Floating Rate Capital in the 2nd quarter valued at $117,000. Finally, Creekmur Asset Management LLC purchased a new stake in shares of PennantPark Floating Rate Capital in the 4th quarter valued at $125,000. 19.77% of the stock is owned by hedge funds and other 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.