Maxim Group reaffirmed their buy rating on shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) in a research note published on Thursday. Maxim Group currently has a $14.50 price target on the asset manager’s stock.

“We are maintaining our quarterly estimate of $0.29 for each of the remaining three quarters of FY19, covering the dividend. 2019, PFLT will be able to raise on-balance-sheet leverage to 200% of equity, from 100%. If loan demand is sufficient for PFLT to prudently increase its leverage above 100%, then our FY19 EPS estimate could be low, and even a dividend increase could be a possibility. At this time, however, we are making no changes. We are maintaining our price target of $14.50. Our price target equates to 1.06x NAV, which is inline with or below the valuations of relevant high-quality peers. In our view, BDCs such as PFLT (with strong credit quality and focused on senior secured, floating rate investments) are very attractive in the current environment.”,” the firm’s analyst commented.

Several other research firms also recently commented on PFLT. Zacks Investment Research upgraded Pennantpark Floating Rate Capital from a hold rating to a buy rating and set a $15.00 price objective for the company in a report on Tuesday, November 20th. LADENBURG THALM/SH SH upgraded Pennantpark Floating Rate Capital from a neutral rating to a buy rating and set a $14.00 price objective for the company in a report on Friday, November 16th. BidaskClub downgraded Pennantpark Floating Rate Capital from a buy rating to a hold rating in a report on Tuesday, February 5th. Finally, ValuEngine downgraded Pennantpark Floating Rate Capital from a hold rating to a sell rating in a report on Thursday, November 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $14.50.

NASDAQ PFLT opened at $13.06 on Thursday. Pennantpark Floating Rate Capital has a one year low of $11.05 and a one year high of $14.12. The stock has a market capitalization of $506.36 million, a P/E ratio of 12.32 and a beta of 0.72.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last released its quarterly earnings data on Wednesday, February 6th. The asset manager reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. Pennantpark Floating Rate Capital had a return on equity of 8.24% and a net margin of 45.40%. The company had revenue of $23.18 million during the quarter, compared to the consensus estimate of $22.06 million. On average, analysts predict that Pennantpark Floating Rate Capital will post 1.2 earnings per share for the current fiscal year.

The company also recently declared a monthly dividend, which will be paid on Friday, March 1st. Shareholders of record on Thursday, February 14th will be paid a dividend of $0.016 per share. The ex-dividend date is Wednesday, February 13th. This represents a $0.19 dividend on an annualized basis and a dividend yield of 1.47%. Pennantpark Floating Rate Capital’s dividend payout ratio is currently 81.13%.

Several institutional investors have recently added to or reduced their stakes in PFLT. LGT Capital Partners LTD. grew its stake in shares of Pennantpark Floating Rate Capital by 32.5% during the 4th quarter. LGT Capital Partners LTD. now owns 1,020,000 shares of the asset manager’s stock valued at $11,801,000 after purchasing an additional 250,000 shares during the period. PFG Advisors bought a new stake in shares of Pennantpark Floating Rate Capital during the 4th quarter valued at about $1,794,000. West Family Investments Inc. grew its stake in shares of Pennantpark Floating Rate Capital by 42.1% during the 4th quarter. West Family Investments Inc. now owns 378,669 shares of the asset manager’s stock valued at $4,385,000 after purchasing an additional 112,252 shares during the period. Roosevelt Investment Group Inc. bought a new stake in shares of Pennantpark Floating Rate Capital during the 4th quarter valued at about $1,072,000. Finally, Wiley BROS. Aintree Capital LLC bought a new stake in shares of Pennantpark Floating Rate Capital during the 4th quarter valued at about $693,000. Institutional investors and hedge funds own 34.60% 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.

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