Zacks Investment Research upgraded shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) from a hold rating to a buy rating in a research note released on Saturday morning. They currently have $16.00 price objective on the asset manager’s stock.

According to Zacks, “PennantPark Floating Rate Capital Ltd. is a business development company. It is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate loans and other investments made to the United States middle-market companies. The firm provides first lien secured debt and other opportunistic financings (mezzanine, private high yield debt, preferred and common stock) to middle market sponsors and companies. Its investments may include equity features, such as direct investments in the equity securities of borrowers or warrants or options to buy a minority interest in a portfolio company. It has investments in various sectors, including aerospace and defense; consumer services; healthcare and pharmaceuticals, and others. The firm has a value-oriented, bottoms-up investment philosophy. Its investment activities are managed by the investment advisor, PennantPark Investment Advisers LLC. “

Several other research firms also recently issued reports on PFLT. BidaskClub downgraded PennantPark Floating Rate Capital from a hold rating to a sell rating in a research note on Thursday, July 27th. Maxim Group restated a buy rating and issued a $14.75 price target on shares of PennantPark Floating Rate Capital in a research note on Wednesday, August 9th. Ladenburg Thalmann Financial Services upgraded PennantPark Floating Rate Capital from a neutral rating to a buy rating and set a $14.75 price target for the company in a research note on Thursday, May 11th. Finally, Keefe, Bruyette & Woods upgraded PennantPark Floating Rate Capital from a market perform rating to an outperform rating and boosted their price target for the company from $15.00 to $15.50 in a research note on Wednesday, May 10th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $15.00.

Shares of PennantPark Floating Rate Capital (NASDAQ PFLT) traded up 0.56% during mid-day trading on Friday, hitting $14.26. 139,690 shares of the company were exchanged. The stock’s 50-day moving average price is $14.22 and its 200 day moving average price is $13.98. PennantPark Floating Rate Capital has a 12-month low of $12.21 and a 12-month high of $14.45.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last released its quarterly earnings results on Tuesday, August 8th. The asset manager reported $0.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by $0.03. The firm had revenue of $15.19 million during the quarter, compared to the consensus estimate of $15.17 million. PennantPark Floating Rate Capital had a net margin of 73.28% and a return on equity of 7.26%. On average, equities analysts predict that PennantPark Floating Rate Capital will post $1.16 earnings per share for the current year.

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The business also recently announced a monthly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be given a dividend of $0.095 per share. The ex-dividend date is Wednesday, August 16th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 7.99%. PennantPark Floating Rate Capital’s payout ratio is 78.08%.

Several hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. increased its stake in PennantPark Floating Rate Capital by 2.6% in the first quarter. Envestnet Asset Management Inc. now owns 9,621 shares of the asset manager’s stock worth $134,000 after buying an additional 242 shares during the last quarter. Two Sigma Securities LLC bought a new stake in PennantPark Floating Rate Capital during the first quarter worth $169,000. Raymond James Financial Services Advisors Inc. increased its stake in PennantPark Floating Rate Capital by 16.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 14,133 shares of the asset manager’s stock worth $197,000 after buying an additional 2,000 shares during the last quarter. CIBC World Markets Inc. bought a new stake in PennantPark Floating Rate Capital during the second quarter worth $202,000. Finally, GSA Capital Partners LLP bought a new stake in PennantPark Floating Rate Capital during the second quarter worth $207,000. Hedge funds and other institutional investors own 34.04% of the company’s stock.

About PennantPark Floating Rate Capital

PennantPark Floating Rate Capital Ltd. is a business development company. The Company is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate loans and other investments made to the United States middle-market companies.

Analyst Recommendations for PennantPark Floating Rate Capital (NASDAQ:PFLT)

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