PennantPark Floating Rate Capital (NASDAQ:PFLT) Upgraded to Outperform at Keefe, Bruyette & Woods

Key Points

• PennantPark Floating Rate Capital has been upgraded from a "market perform" to an "outperform" rating by Keefe, Bruyette & Woods, with a target price implying an 18.44% upside from its previous close.
• UBS Group and LADENBURG THALM/SH SH have also recently raised their price targets and ratings on the stock, indicating positive sentiment among multiple analysts.
• The stock currently has a "Moderate Buy" average rating and a target price of $10.88, supported by strong activity from institutional investors increasing their stakes in the company.

PennantPark Floating Rate Capital (NASDAQ:PFLT - Get Free Report) was upgraded by equities researchers at Keefe, Bruyette & Woods from a "market perform" rating to an "outperform" rating in a report released on Monday,Finviz reports. The brokerage presently has a $10.50 target price on the asset manager's stock. Keefe, Bruyette & Woods' price objective indicates a potential upside of 18.44% from the company's previous close.

PFLT has been the topic of several other research reports. UBS Group raised their price objective on PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Citigroup reissued an "outperform" rating on shares of PennantPark Floating Rate Capital in a research note on Tuesday, June 24th. LADENBURG THALM/SH SH upgraded PennantPark Floating Rate Capital to a "strong-buy" rating in a report on Wednesday, August 13th. Finally, JMP Securities reiterated a "market outperform" rating and issued a $11.00 price objective on shares of PennantPark Floating Rate Capital in a report on Wednesday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, PennantPark Floating Rate Capital presently has an average rating of "Moderate Buy" and an average target price of $10.88.

PennantPark Floating Rate Capital Price Performance

PennantPark Floating Rate Capital stock opened at $8.87 on Monday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15. PennantPark Floating Rate Capital has a 52 week low of $8.69 and a 52 week high of $11.90. The stock has a market capitalization of $879.57 million, a P/E ratio of 6.33 and a beta of 0.97. The stock has a fifty day moving average of $10.01 and a 200-day moving average of $10.20.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Several institutional investors have recently modified their holdings of the business. Scoggin Management LP bought a new stake in PennantPark Floating Rate Capital during the first quarter valued at about $16,446,000. Millennium Management LLC boosted its stake in shares of PennantPark Floating Rate Capital by 85.0% in the first quarter. Millennium Management LLC now owns 1,196,752 shares of the asset manager's stock worth $13,392,000 after acquiring an additional 550,011 shares during the period. Sound Income Strategies LLC grew its position in shares of PennantPark Floating Rate Capital by 8.9% during the second quarter. Sound Income Strategies LLC now owns 3,904,625 shares of the asset manager's stock worth $40,335,000 after purchasing an additional 319,424 shares in the last quarter. Jane Street Group LLC raised its stake in PennantPark Floating Rate Capital by 692.7% during the 1st quarter. Jane Street Group LLC now owns 319,736 shares of the asset manager's stock valued at $3,578,000 after purchasing an additional 279,399 shares during the period. Finally, TrueMark Investments LLC lifted its holdings in PennantPark Floating Rate Capital by 735.7% in the 1st quarter. TrueMark Investments LLC now owns 310,616 shares of the asset manager's stock worth $3,476,000 after purchasing an additional 273,448 shares in the last quarter. 19.77% of the stock is owned by hedge funds and other institutional investors.

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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