Zacks Research Upgrades PennantPark Floating Rate Capital (NYSE:PFLT) to “Hold”

PennantPark Floating Rate Capital (NYSE:PFLT) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

PFLT has been the subject of several other research reports. Citizens Jmp reduced their price objective on shares of PennantPark Floating Rate Capital from $11.00 to $10.00 and set a “market outperform” rating for the company in a report on Wednesday, April 22nd. Truist Financial lowered their target price on shares of PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, May 19th. Wall Street Zen upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.80.

PennantPark Floating Rate Capital Trading Up 0.9%

Shares of PFLT stock opened at $7.12 on Monday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.18 and a current ratio of 0.18. PennantPark Floating Rate Capital has a 1 year low of $6.93 and a 1 year high of $10.78. The stock has a fifty day moving average of $7.74 and a two-hundred day moving average of $8.41. The firm has a market capitalization of $706.94 million, a PE ratio of 11.49 and a beta of 0.76.

PennantPark Floating Rate Capital (NYSE:PFLT) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). The business had revenue of $44.81 million for the quarter. PennantPark Floating Rate Capital had a net margin of 23.08% and a return on equity of 9.95%. As a group, research analysts expect that PennantPark Floating Rate Capital will post 1.08 EPS for the current year.

Insider Activity at PennantPark Floating Rate Capital

In related news, Director Jose A. Briones purchased 5,770 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average price of $8.67 per share, for a total transaction of $50,025.90. Following the transaction, the director directly owned 348,083 shares of the company’s stock, valued at $3,017,879.61. This trade represents a 1.69% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.00% of the stock is currently owned by corporate insiders.

Institutional Trading of PennantPark Floating Rate Capital

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Millennium Management LLC boosted its holdings in shares of PennantPark Floating Rate Capital by 85.0% in the first quarter. Millennium Management LLC now owns 1,196,752 shares of the company’s stock worth $13,392,000 after buying an additional 550,011 shares during the period. Jane Street Group LLC lifted its position in shares of PennantPark Floating Rate Capital by 692.7% in the 1st quarter. Jane Street Group LLC now owns 319,736 shares of the company’s stock valued at $3,578,000 after acquiring an additional 279,399 shares in the last quarter. Cetera Investment Advisers lifted its position in shares of PennantPark Floating Rate Capital by 2.1% in the 2nd quarter. Cetera Investment Advisers now owns 63,704 shares of the company’s stock valued at $658,000 after acquiring an additional 1,329 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in PennantPark Floating Rate Capital in the 2nd quarter worth approximately $41,000. Finally, Quantbot Technologies LP acquired a new position in PennantPark Floating Rate Capital in the 2nd quarter worth approximately $219,000. Institutional investors and hedge funds own 19.77% of the company’s stock.

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.