Zacks Investment Research upgraded shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) from a hold rating to a buy rating in a report published on Wednesday morning. The brokerage currently has $16.00 price objective on the asset manager’s stock.

According to Zacks, “PennantPark Floating Rate Capital Ltd. is a business development company. It 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. The firm provides first lien secured debt and other opportunistic financings (mezzanine, private high yield debt, preferred and common stock) to middle market sponsors and companies. Its investments may include equity features, such as direct investments in the equity securities of borrowers or warrants or options to buy a minority interest in a portfolio company. It has investments in various sectors, including aerospace and defense; consumer services; healthcare and pharmaceuticals, and others. The firm has a value-oriented, bottoms-up investment philosophy. Its investment activities are managed by the investment advisor, PennantPark Investment Advisers LLC. “

Other equities analysts have also issued reports about the company. Maxim Group reaffirmed a buy rating and issued a $14.75 price objective on shares of PennantPark Floating Rate Capital in a research note on Wednesday, August 9th. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $15.50 price objective on shares of PennantPark Floating Rate Capital in a research note on Thursday, August 31st. Finally, BidaskClub raised PennantPark Floating Rate Capital from a sell rating to a hold rating in a research report on Saturday, August 19th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $15.00.

Shares of PennantPark Floating Rate Capital (PFLT) opened at 14.33 on Wednesday. The stock’s 50 day moving average is $14.22 and its 200 day moving average is $14.03. PennantPark Floating Rate Capital has a 12 month low of $12.21 and a 12 month high of $14.45.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last released its quarterly earnings data on Tuesday, August 8th. The asset manager reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.03). The firm had revenue of $15.19 million during the quarter, compared to analyst estimates of $15.17 million. PennantPark Floating Rate Capital had a net margin of 73.28% and a return on equity of 7.26%. Equities research analysts anticipate that PennantPark Floating Rate Capital will post $1.16 earnings per share for the current fiscal year.

TRADEMARK VIOLATION WARNING: This piece of content was originally posted by Daily Political and is owned by of Daily Political. If you are reading this piece of content on another website, it was copied illegally and republished in violation of international copyright and trademark legislation. The original version of this piece of content can be accessed at https://www.dailypolitical.com/2017/09/17/pennantpark-floating-rate-capital-ltd-pflt-stock-rating-upgraded-by-zacks-investment-research.html.

The firm also recently disclosed a monthly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Wednesday, September 20th will be issued a dividend of $0.095 per share. The ex-dividend date is Tuesday, September 19th. This represents a $1.14 annualized dividend and a yield of 7.96%. PennantPark Floating Rate Capital’s dividend payout ratio is presently 78.08%.

Hedge funds have recently bought and sold shares of the business. Muzinich & Co. Inc. increased its holdings in shares of PennantPark Floating Rate Capital by 95.5% in the 1st quarter. Muzinich & Co. Inc. now owns 1,083,721 shares of the asset manager’s stock valued at $15,107,000 after acquiring an additional 529,519 shares during the last quarter. UBS Group AG increased its holdings in shares of PennantPark Floating Rate Capital by 50.3% in the 1st quarter. UBS Group AG now owns 806,964 shares of the asset manager’s stock valued at $11,249,000 after acquiring an additional 270,153 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of PennantPark Floating Rate Capital in the 2nd quarter valued at approximately $1,764,000. Greenwich Investment Management Inc. increased its holdings in shares of PennantPark Floating Rate Capital by 121.4% in the 1st quarter. Greenwich Investment Management Inc. now owns 165,679 shares of the asset manager’s stock valued at $2,309,000 after acquiring an additional 90,849 shares during the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of PennantPark Floating Rate Capital by 37.9% in the 2nd quarter. Van ECK Associates Corp now owns 281,802 shares of the asset manager’s stock valued at $3,976,000 after acquiring an additional 77,397 shares during the last quarter. Institutional investors own 31.56% of the company’s stock.

About PennantPark Floating Rate Capital

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.

Get a free copy of the Zacks research report on PennantPark Floating Rate Capital (PFLT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for PennantPark Floating Rate Capital (NASDAQ:PFLT)

Receive News & Ratings for PennantPark Floating Rate Capital Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennantPark Floating Rate Capital Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.