Zacks Investment Research upgraded shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) from a hold rating to a buy rating in a research report released on Wednesday morning. They currently have $16.00 target price 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. “

Other research analysts also recently issued reports about the stock. Maxim Group reaffirmed a buy rating and issued a $14.75 target price on shares of PennantPark Floating Rate Capital in a research report on Wednesday, August 9th. BidaskClub downgraded shares of PennantPark Floating Rate Capital from a hold rating to a sell rating in a research report on Thursday, July 27th. Finally, Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $15.50 target price on shares of PennantPark Floating Rate Capital in a research report on Thursday, August 31st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $15.00.

Shares of PennantPark Floating Rate Capital (PFLT) traded down 0.35% during midday trading on Wednesday, hitting $14.33. 136,497 shares of the stock were exchanged. PennantPark Floating Rate Capital has a 12 month low of $12.21 and a 12 month high of $14.45. The stock has a 50 day moving average price of $14.22 and a 200-day moving average price of $14.03.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last posted its earnings results on Tuesday, August 8th. The asset manager reported $0.25 EPS for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.03). The company had revenue of $15.19 million during the quarter, compared to analysts’ expectations 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, 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 disclosed a monthly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Wednesday, September 20th will be given a dividend of $0.095 per share. This represents a $1.14 annualized dividend and a yield of 7.96%. The ex-dividend date of this dividend is Tuesday, September 19th. PennantPark Floating Rate Capital’s payout ratio is currently 78.08%.

A number of institutional investors have recently modified their holdings of PFLT. Muzinich & Co. Inc. grew its position in PennantPark Floating Rate Capital by 95.5% during the 1st quarter. Muzinich & Co. Inc. now owns 1,083,721 shares of the asset manager’s stock worth $15,107,000 after purchasing an additional 529,519 shares during the last quarter. UBS Group AG grew its position in PennantPark Floating Rate Capital by 50.3% during the 1st quarter. UBS Group AG now owns 806,964 shares of the asset manager’s stock worth $11,249,000 after purchasing an additional 270,153 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in PennantPark Floating Rate Capital during the 2nd quarter worth $1,764,000. Greenwich Investment Management Inc. grew its position in PennantPark Floating Rate Capital by 121.4% during the 1st quarter. Greenwich Investment Management Inc. now owns 165,679 shares of the asset manager’s stock worth $2,309,000 after purchasing an additional 90,849 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in PennantPark Floating Rate Capital by 37.9% during the 2nd quarter. Van ECK Associates Corp now owns 281,802 shares of the asset manager’s stock worth $3,976,000 after purchasing an additional 77,397 shares during the last quarter. 31.56% of the stock is currently owned by institutional investors.

PennantPark Floating Rate Capital Company Profile

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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