PennantPark Floating Rate Capital (NASDAQ:PFLT) Earns "Market Outperform" Rating from JMP Securities

Key Points

• JMP Securities has reaffirmed a "market outperform" rating for PennantPark Floating Rate Capital (NASDAQ:PFLT) with a price target of $11.00, indicating a potential upside of 7.06% from its current price.
• PennantPark's stock has experienced fluctuations, with a 12-month low of $8.82 and a high of $11.90, while it traded at $10.28 recently.
• Institutional investors hold 19.77% of the company’s stock, with significant increases from hedge funds like Sound Income Strategies and Balyasny Asset Management.

PennantPark Floating Rate Capital (NASDAQ:PFLT - Get Free Report)'s stock had its "market outperform" rating restated by equities research analysts at JMP Securities in a report released on Wednesday,Benzinga reports. They currently have a $11.00 price objective on the asset manager's stock. JMP Securities' price objective would indicate a potential upside of 7.37% from the company's current price.

PFLT has been the topic of several other reports. UBS Group increased their price objective on shares of PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Maxim Group set a $11.50 price target on shares of PennantPark Floating Rate Capital and gave the company a "buy" rating in a report on Wednesday, May 14th. Truist Financial dropped their price target on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. LADENBURG THALM/SH SH raised shares of PennantPark Floating Rate Capital to a "strong-buy" rating in a report on Wednesday, August 13th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of PennantPark Floating Rate Capital from $11.00 to $10.50 and set a "market perform" rating on the stock in a report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $10.88.

PennantPark Floating Rate Capital Stock Down 0.3%

PFLT stock traded down $0.04 during trading on Wednesday, hitting $10.25. 690,780 shares of the stock traded hands, compared to its average volume of 1,098,438. PennantPark Floating Rate Capital has a 1 year low of $8.82 and a 1 year high of $11.90. The firm's 50 day moving average is $10.44 and its two-hundred day moving average is $10.43. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 7.32 and a beta of 0.98. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. raised its stake in PennantPark Floating Rate Capital by 17.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 59,048 shares of the asset manager's stock worth $661,000 after acquiring an additional 8,830 shares during the period. Sound Income Strategies LLC raised its stake in PennantPark Floating Rate Capital by 8.0% during the 1st quarter. Sound Income Strategies LLC now owns 3,585,201 shares of the asset manager's stock worth $40,118,000 after acquiring an additional 265,162 shares during the period. Janney Montgomery Scott LLC raised its stake in PennantPark Floating Rate Capital by 6.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 43,716 shares of the asset manager's stock worth $489,000 after acquiring an additional 2,579 shares during the period. Bank of America Corp DE raised its stake in PennantPark Floating Rate Capital by 14.6% during the 4th quarter. Bank of America Corp DE now owns 14,880 shares of the asset manager's stock worth $163,000 after acquiring an additional 1,891 shares during the period. Finally, D. E. Shaw & Co. Inc. raised its stake in PennantPark Floating Rate Capital by 199.2% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 30,558 shares of the asset manager's stock worth $334,000 after acquiring an additional 20,345 shares during the period. Institutional investors own 19.77% 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.