Keefe, Bruyette & Woods Has Lowered Expectations for PennantPark Floating Rate Capital (NASDAQ:PFLT) Stock Price

Key Points

• Keefe, Bruyette & Woods has reduced the price target for PennantPark Floating Rate Capital (PFLT) from $11.00 to $10.50, indicating a potential upside of only 1.30% from its current price.
• Other analysts have mixed ratings on PFLT, with Citigroup maintaining an "outperform" rating while Wall Street Zen downgraded it to "sell."
• PennantPark Floating Rate Capital's average stock rating is currently "Hold," with an average price target of $10.88 according to MarketBeat.com.

PennantPark Floating Rate Capital (NASDAQ:PFLT - Get Free Report) had its price target cut by investment analysts at Keefe, Bruyette & Woods from $11.00 to $10.50 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "market perform" rating on the asset manager's stock. Keefe, Bruyette & Woods' price target indicates a potential upside of 2.99% from the stock's previous close.

PFLT has been the topic of a number of other reports. Truist Financial reduced their target price 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. Wall Street Zen lowered shares of PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a research note on Tuesday, May 13th. LADENBURG THALM/SH SH raised shares of PennantPark Floating Rate Capital from a "neutral" rating to a "buy" rating and set a $10.50 price objective on the stock in a research note on Tuesday, May 13th. JMP Securities reduced their price objective on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "market outperform" rating on the stock in a research note on Tuesday, June 24th. Finally, Maxim Group set a $11.50 price objective on shares of PennantPark Floating Rate Capital and gave the company a "buy" rating in a research note on Wednesday, May 14th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $10.88.

PennantPark Floating Rate Capital Trading Down 0.3%

PFLT traded down $0.04 during trading on Wednesday, reaching $10.20. 842,792 shares of the company's stock were exchanged, compared to its average volume of 1,124,886. PennantPark Floating Rate Capital has a one year low of $8.82 and a one year high of $11.90. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $1.01 billion, a PE ratio of 7.28 and a beta of 0.97. The firm has a fifty day moving average price of $10.48 and a two-hundred day moving average price of $10.52.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Institutional investors have recently made changes to their positions in the stock. Allworth Financial LP raised its holdings in shares of PennantPark Floating Rate Capital by 1,603.7% during the second quarter. Allworth Financial LP now owns 2,777 shares of the asset manager's stock valued at $29,000 after purchasing an additional 2,614 shares during the period. Quarry LP lifted its stake in shares of PennantPark Floating Rate Capital by 190.2% in the fourth quarter. Quarry LP now owns 3,674 shares of the asset manager's stock valued at $40,000 after buying an additional 2,408 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in shares of PennantPark Floating Rate Capital in the second quarter valued at $41,000. CWM LLC bought a new position in shares of PennantPark Floating Rate Capital in the second quarter valued at $49,000. Finally, Mpwm Advisory Solutions LLC bought a new position in shares of PennantPark Floating Rate Capital in the fourth quarter valued at $55,000. Institutional investors and hedge funds 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.