Zacks Investment Research cut shares of Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) from a buy rating to a hold rating in a research note issued to investors on Saturday.

Other research analysts have also recently issued research reports about the stock. SunTrust Banks, Inc. assumed coverage on shares of Pennantpark Floating Rate Capital in a report on Friday, March 10th. They issued a buy rating and a $15.00 target price for the company. TheStreet upgraded shares of Pennantpark Floating Rate Capital from a c+ rating to a b rating in a research report on Monday, March 20th. Janney Montgomery Scott assumed coverage on shares of Pennantpark Floating Rate Capital in a research report on Tuesday, December 20th. They issued a neutral rating and a $14.00 price target for the company. Finally, Maxim Group upped their price target on shares of Pennantpark Floating Rate Capital from $14.00 to $14.50 and gave the company a buy rating in a research report on Friday, November 25th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $14.63.

Shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) traded up 0.22% during mid-day trading on Friday, reaching $13.71. 84,962 shares of the company’s stock traded hands. The company has a market cap of $366.47 million and a P/E ratio of 9.03. The company’s 50 day moving average is $13.77 and its 200 day moving average is $13.70. Pennantpark Floating Rate Capital has a 12-month low of $11.48 and a 12-month high of $14.22.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last issued its earnings results on Thursday, February 9th. The asset manager reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by $0.01. The firm had revenue of $12.63 million for the quarter, compared to analyst estimates of $13.26 million. On average, analysts predict that Pennantpark Floating Rate Capital will post $1.13 EPS for the current fiscal year.

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The firm also recently declared a monthly dividend, which will be paid on Monday, May 1st. Investors of record on Wednesday, April 19th will be given a $0.095 dividend. The ex-dividend date of this dividend is Monday, April 17th. This represents a $1.14 annualized dividend and a yield of 8.33%.

A number of hedge funds have recently added to or reduced their stakes in the stock. Boyle Capital Management L.L.C. increased its stake in Pennantpark Floating Rate Capital by 0.7% in the third quarter. Boyle Capital Management L.L.C. now owns 54,542 shares of the asset manager’s stock valued at $722,000 after buying an additional 373 shares during the period. Wells Fargo & Company MN increased its position in shares of Pennantpark Floating Rate Capital by 3.1% in the third quarter. Wells Fargo & Company MN now owns 32,833 shares of the asset manager’s stock worth $434,000 after buying an additional 990 shares during the last quarter. HighTower Advisors LLC increased its position in shares of Pennantpark Floating Rate Capital by 2.1% in the third quarter. HighTower Advisors LLC now owns 99,914 shares of the asset manager’s stock worth $1,322,000 after buying an additional 2,018 shares during the last quarter. Cue Financial Group Inc. increased its position in shares of Pennantpark Floating Rate Capital by 1.4% in the third quarter. Cue Financial Group Inc. now owns 157,192 shares of the asset manager’s stock worth $2,080,000 after buying an additional 2,240 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its position in shares of Pennantpark Floating Rate Capital by 44.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 9,379 shares of the asset manager’s stock worth $132,000 after buying an additional 2,868 shares during the last quarter.

Pennantpark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital Ltd. is a business development company. The Company is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate loans and other investments made to the United States middle-market companies.

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