PennantPark Floating Rate Capital (NASDAQ:PFLT) Price Target Cut to $10.50 by Analysts at Keefe, Bruyette & Woods

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 dropped by research analysts at Keefe, Bruyette & Woods from $11.00 to $10.50 in a report issued on Wednesday,Benzinga reports. The firm currently has a "market perform" rating on the asset manager's stock. Keefe, Bruyette & Woods' price target suggests a potential upside of 1.30% from the stock's current price.

Other research analysts also recently issued research reports about the company. Citigroup reaffirmed an "outperform" rating on shares of PennantPark Floating Rate Capital in a research note on Tuesday, June 24th. Wall Street Zen downgraded PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a research note on Tuesday, May 13th. UBS Group increased their target price 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. LADENBURG THALM/SH SH raised shares of PennantPark Floating Rate Capital from a "neutral" rating to a "buy" rating and set a $10.50 target price for the company in a research report on Tuesday, May 13th. Finally, Maxim Group set a $11.50 target price on shares of PennantPark Floating Rate Capital and gave the company a "buy" rating in a research report on Wednesday, May 14th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, PennantPark Floating Rate Capital currently has an average rating of "Hold" and an average price target of $10.88.

PennantPark Floating Rate Capital Stock Performance

PennantPark Floating Rate Capital stock opened at $10.37 on Wednesday. The business has a 50 day moving average of $10.47 and a 200-day moving average of $10.54. PennantPark Floating Rate Capital has a 1 year low of $8.82 and a 1 year high of $11.90. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15. The company has a market capitalization of $1.03 billion, a P/E ratio of 7.40 and a beta of 0.97.

Institutional Trading of PennantPark Floating Rate Capital

Several hedge funds have recently modified their holdings of PFLT. Invesco Ltd. bought a new stake in shares of PennantPark Floating Rate Capital in the 4th quarter valued at $10,533,000. Legal & General Group Plc lifted its holdings in shares of PennantPark Floating Rate Capital by 0.4% in the 4th quarter. Legal & General Group Plc now owns 486,044 shares of the asset manager's stock worth $5,315,000 after purchasing an additional 2,081 shares in the last quarter. Raymond James Financial Inc. bought a new stake in PennantPark Floating Rate Capital during the 4th quarter valued at $283,000. Guggenheim Capital LLC increased its stake in PennantPark Floating Rate Capital by 6.4% during the 4th quarter. Guggenheim Capital LLC now owns 47,999 shares of the asset manager's stock valued at $525,000 after purchasing an additional 2,890 shares in the last quarter. Finally, MGO One Seven LLC bought a new stake in PennantPark Floating Rate Capital during the 4th quarter valued at $726,000. Institutional investors own 19.77% of the company's stock.

PennantPark Floating Rate Capital Company Profile

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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