Maxim Group Upgrades PennantPark Floating Rate Capital (NASDAQ:PFLT) to “Buy”

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 note issued to investors on Monday, MarketBeat.com reports. The firm presently has a $12.00 target price on the asset manager’s stock. Maxim Group’s price target indicates a potential upside of 9.09% from the company’s previous close.

A number of other brokerages have also weighed in on PFLT. StockNews.com lowered PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. JMP Securities dropped their target price on shares of PennantPark Floating Rate Capital from $12.50 to $12.00 and set a “market outperform” rating for the company in a research note on Tuesday, July 30th.

PennantPark Floating Rate Capital Price Performance

Shares of PennantPark Floating Rate Capital stock opened at $11.00 on Monday. The stock has a market capitalization of $734.03 million, a price-to-earnings ratio of 7.43 and a beta of 1.68. The firm’s 50-day moving average price is $11.37 and its two-hundred day moving average price is $11.34. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.71. PennantPark Floating Rate Capital has a 1-year low of $9.69 and a 1-year high of $12.63.

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). PennantPark Floating Rate Capital had a return on equity of 11.44% and a net margin of 55.99%. The business had revenue of $48.51 million for the quarter, compared to the consensus estimate of $47.63 million. During the same quarter last year, the company earned $0.36 earnings per share. On average, equities analysts predict that PennantPark Floating Rate Capital will post 1.3 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. bought 10,000 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were bought at an average cost of $11.30 per share, for a total transaction of $113,000.00. Following the transaction, the chief financial officer now owns 10,000 shares in the company, valued at approximately $113,000. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have bought a total of 12,630 shares of company stock worth $142,920 over the last 90 days. Insiders own 1.00% of the company’s stock.

Institutional Trading of PennantPark Floating Rate Capital

Institutional investors have recently bought and sold shares of the business. Cape Investment Advisory Inc. bought a new position in shares of PennantPark Floating Rate Capital in the 4th quarter worth $29,000. Global Retirement Partners LLC boosted its holdings in PennantPark Floating Rate Capital by 107.8% during the first quarter. Global Retirement Partners LLC now owns 3,259 shares of the asset manager’s stock worth $37,000 after buying an additional 1,691 shares during the last quarter. International Assets Investment Management LLC acquired a new position in shares of PennantPark Floating Rate Capital during the 2nd quarter worth about $41,000. UMB Bank n.a. bought a new stake in shares of PennantPark Floating Rate Capital in the 2nd quarter valued at about $63,000. Finally, Catalina Capital Group LLC acquired a new stake in shares of PennantPark Floating Rate Capital in the 2nd quarter valued at approximately $117,000. 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.