PennantPark Floating Rate Capital (NASDAQ:PFLT) Upgraded to Strong-Buy at LADENBURG THALM/SH SH

Key Points

• PennantPark Floating Rate Capital (NASDAQ:PFLT) has been upgraded to a "strong-buy" rating by analysts at LADENBURG THALM/SH SH, indicating increased confidence in its stock performance.
• Despite the upgrade, other brokerages have mixed opinions with ratings ranging from "sell" to "outperform", highlighting variability in market sentiment.
• Institutional investors have shown increased interest, with significant stake increases from hedge funds like Brevan Howard Capital Management LP, which raised its stake by 118.1%.

PennantPark Floating Rate Capital (NASDAQ:PFLT - Get Free Report) was upgraded by analysts at LADENBURG THALM/SH SH to a "strong-buy" rating in a research note issued on Wednesday,Zacks.com reports.

A number of other brokerages also recently issued reports on PFLT. Wall Street Zen downgraded PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a report on Tuesday, May 13th. Citigroup reissued an "outperform" rating on shares of PennantPark Floating Rate Capital in a research report on Tuesday, June 24th. UBS Group raised their price objective on PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Keefe, Bruyette & Woods lowered their price objective on PennantPark Floating Rate Capital from $11.00 to $10.50 and set a "market perform" rating for the company in a research report on Wednesday. Finally, Maxim Group set a $11.50 price target on PennantPark Floating Rate Capital and gave the stock a "buy" rating in a research report on Wednesday, May 14th. One research analyst has rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $10.88.

PennantPark Floating Rate Capital Trading Down 0.4%

PFLT opened at $10.46 on Wednesday. PennantPark Floating Rate Capital has a 52 week low of $8.82 and a 52 week high of $11.90. The stock's fifty day moving average is $10.48 and its two-hundred day moving average is $10.54. The company has a market capitalization of $1.04 billion, a P/E ratio of 7.47 and a beta of 0.97. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Several institutional investors and hedge funds have recently modified their holdings of PFLT. Brevan Howard Capital Management LP increased its stake in PennantPark Floating Rate Capital by 118.1% during the 2nd quarter. Brevan Howard Capital Management LP now owns 141,985 shares of the asset manager's stock worth $1,467,000 after buying an additional 76,895 shares in the last quarter. Ameriprise Financial Inc. increased its stake in PennantPark Floating Rate Capital by 7.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 69,959 shares of the asset manager's stock worth $707,000 after buying an additional 4,824 shares in the last quarter. Glenview Trust co purchased a new stake in PennantPark Floating Rate Capital during the 2nd quarter worth approximately $110,000. Nebula Research & Development LLC increased its stake in PennantPark Floating Rate Capital by 31.1% during the 2nd quarter. Nebula Research & Development LLC now owns 56,045 shares of the asset manager's stock worth $579,000 after buying an additional 13,291 shares in the last quarter. Finally, Jump Financial LLC acquired a new position in shares of PennantPark Floating Rate Capital during the 2nd quarter worth approximately $217,000. Hedge funds and other 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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