PennantPark Floating Rate Capital (NYSE:PFLT) Price Target Lowered to $10.00 at Citizens Jmp

Key Points

• Citizens Jmp lowered its target price to $10.00 (from $11.00) but kept a "market outperform" rating, implying roughly a 14% upside from the current share price.
• The stock's MarketBeat consensus is a "Moderate Buy" with an average analyst price target of $10.25 (analyst mix: 1 Strong Buy, 5 Buy, 2 Hold).
• Insider purchases signal confidence—CFO Richard T. Allorto Jr. bought 15,000 shares at $8.15 and Director Jose A. Briones bought 5,895 shares at $8.48—while hedge funds own about 19.8% of the company.

PennantPark Floating Rate Capital (NYSE:PFLT - Get Free Report) had its target price decreased by investment analysts at Citizens Jmp from $11.00 to $10.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a "market outperform" rating on the stock. Citizens Jmp's target price points to a potential upside of 13.97% from the stock's current price.

Other equities analysts have also issued research reports about the company. Maxim Group set a $10.50 target price on PennantPark Floating Rate Capital in a research note on Wednesday, February 11th. Weiss Ratings reissued a "hold (c-)" rating on shares of PennantPark Floating Rate Capital in a research report on Monday, December 29th. Wall Street Zen upgraded shares of PennantPark Floating Rate Capital from a "sell" rating to a "hold" rating in a research note on Saturday, March 28th. Finally, Keefe, Bruyette & Woods decreased their price objective on PennantPark Floating Rate Capital from $10.50 to $10.00 and set an "outperform" rating for the company in a report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $10.25.

PennantPark Floating Rate Capital Stock Up 1.0%

NYSE:PFLT opened at $8.77 on Wednesday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.15 and a quick ratio of 0.15. PennantPark Floating Rate Capital has a 1-year low of $7.68 and a 1-year high of $10.88. The company has a 50-day moving average of $8.34 and a 200 day moving average of $8.90. The firm has a market cap of $870.56 million, a PE ratio of 25.81 and a beta of 0.75.

PennantPark Floating Rate Capital (NYSE:PFLT - Get Free Report) last posted its earnings results on Monday, February 9th. The company reported $0.27 EPS for the quarter, missing analysts' consensus estimates of $0.30 by ($0.03). PennantPark Floating Rate Capital had a net margin of 13.03% and a return on equity of 9.72%. The business had revenue of $12.72 million for the quarter. As a group, research analysts anticipate that PennantPark Floating Rate Capital will post 1.13 EPS for the current fiscal year.

Insider Transactions at PennantPark Floating Rate Capital

In related news, CFO Richard T. Allorto, Jr. bought 15,000 shares of the company's stock in a transaction that occurred on Wednesday, March 11th. The stock was purchased at an average price of $8.15 per share, for a total transaction of $122,250.00. Following the acquisition, the chief financial officer owned 25,000 shares of the company's stock, valued at approximately $203,750. This trade represents a 150.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Jose A. Briones bought 5,895 shares of the business's stock in a transaction on Thursday, February 19th. The stock was purchased at an average cost of $8.48 per share, for a total transaction of $49,989.60. Following the transaction, the director owned 342,313 shares of the company's stock, valued at $2,902,814.24. This trade represents a 1.75% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 1.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sound Income Strategies LLC boosted its stake in shares of PennantPark Floating Rate Capital by 12.4% in the fourth quarter. Sound Income Strategies LLC now owns 4,643,958 shares of the company's stock valued at $44,257,000 after purchasing an additional 512,528 shares during the period. Van ECK Associates Corp lifted its holdings in PennantPark Floating Rate Capital by 7.4% during the 3rd quarter. Van ECK Associates Corp now owns 2,533,205 shares of the company's stock worth $22,520,000 after buying an additional 174,630 shares during the last quarter. Marshall Wace LLP boosted its position in shares of PennantPark Floating Rate Capital by 42.9% during the 3rd quarter. Marshall Wace LLP now owns 2,057,399 shares of the company's stock worth $18,290,000 after acquiring an additional 617,657 shares in the last quarter. UBS Group AG increased its holdings in shares of PennantPark Floating Rate Capital by 5.5% in the 4th quarter. UBS Group AG now owns 1,367,442 shares of the company's stock valued at $12,676,000 after acquiring an additional 71,372 shares during the last quarter. Finally, Altshuler Shaham Ltd increased its holdings in shares of PennantPark Floating Rate Capital by 44.1% in the 4th quarter. Altshuler Shaham Ltd now owns 1,320,156 shares of the company's stock valued at $12,238,000 after acquiring an additional 404,117 shares during the last quarter. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

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. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.

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