Zacks Investment Research cut shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) from a buy rating to a hold rating in a report published on Friday morning.

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. “

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

Shares of PennantPark Floating Rate Capital (NASDAQ:PFLT) opened at 14.26 on Friday. PennantPark Floating Rate Capital has a 52-week low of $12.21 and a 52-week high of $14.45. The stock has a 50 day moving average of $14.22 and a 200 day moving average of $13.98.

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

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

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Envestnet Asset Management Inc. increased its position in shares of 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 valued at $134,000 after buying an additional 242 shares during the last quarter. Two Sigma Securities LLC acquired a new position in shares of PennantPark Floating Rate Capital during the first quarter valued at $169,000. Raymond James Financial Services Advisors Inc. increased its position in shares of 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 valued at $197,000 after buying an additional 2,000 shares during the last quarter. CIBC World Markets Inc. acquired a new position in shares of PennantPark Floating Rate Capital during the second quarter valued at $202,000. Finally, GSA Capital Partners LLP acquired a new position in shares of PennantPark Floating Rate Capital during the second quarter valued at $207,000. 30.99% of the stock is owned by institutional investors and hedge funds.

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.

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

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