Keefe, Bruyette & Woods Cuts PennantPark Floating Rate Capital (NASDAQ:PFLT) Price Target to $10.00

PennantPark Floating Rate Capital (NASDAQ:PFLT) had its target price cut by analysts at Keefe, Bruyette & Woods from $10.50 to $10.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the asset manager’s stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 10.93% from the company’s current price.

Separately, Maxim Group set a $10.50 target price on shares of PennantPark Floating Rate Capital in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, PennantPark Floating Rate Capital currently has an average rating of “Buy” and a consensus price target of $10.42.

PennantPark Floating Rate Capital Stock Down 0.5%

Shares of PFLT traded down $0.05 on Thursday, hitting $9.02. The company’s stock had a trading volume of 191,276 shares, compared to its average volume of 1,121,174. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57. PennantPark Floating Rate Capital has a fifty-two week low of $8.40 and a fifty-two week high of $11.46. The firm’s fifty day moving average price is $9.37 and its 200-day moving average price is $9.49. The firm has a market capitalization of $894.45 million, a price-to-earnings ratio of 6.45 and a beta of 0.76.

Institutional Trading of PennantPark Floating Rate Capital

A number of institutional investors and hedge funds have recently modified their holdings of PFLT. Allworth Financial LP boosted its holdings in shares of PennantPark Floating Rate Capital by 1,603.7% in the 2nd quarter. Allworth Financial LP now owns 2,777 shares of the asset manager’s stock worth $29,000 after buying an additional 2,614 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in PennantPark Floating Rate Capital during the 4th quarter valued at $33,000. Quarry LP purchased a new position in PennantPark Floating Rate Capital during the 3rd quarter valued at $36,000. State of Alaska Department of Revenue purchased a new stake in shares of PennantPark Floating Rate Capital in the 3rd quarter worth about $41,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in shares of PennantPark Floating Rate Capital during the second quarter valued at about $41,000. 19.77% of the stock is owned by hedge funds and other institutional investors.

About PennantPark Floating Rate Capital

PennantPark Floating Rate Capital, Inc (NASDAQ: PFLT) is a closed-end management investment company organized as a business development company (BDC) under the Investment Company Act of 1940. The firm’s primary objective is to generate current income and, secondarily, capital appreciation for its shareholders through debt and equity investments in middle-market companies. PennantPark Floating Rate Capital focuses on floating-rate instruments to help mitigate interest-rate risk and align cash flows with its dividend strategy.

The company’s portfolio is concentrated in senior secured loans, second-lien debt, mezzanine securities and, from time to time, equity investments.