Keefe, Bruyette & Woods Issues Pessimistic Forecast for PennantPark Floating Rate Capital (NASDAQ:PFLT) Stock Price

PennantPark Floating Rate Capital (NASDAQ:PFLT) had its target price reduced by equities researchers at Keefe, Bruyette & Woods from $10.50 to $10.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the asset manager’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 10.93% from the company’s current price.

Separately, Maxim Group set a $10.50 target price on PennantPark Floating Rate Capital in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $10.42.

PennantPark Floating Rate Capital Stock Down 0.5%

Shares of NASDAQ:PFLT traded down $0.05 during trading on Thursday, reaching $9.02. 191,276 shares of the stock were exchanged, compared to its average volume of 1,121,174. The stock has a fifty day moving average of $9.37 and a two-hundred day moving average of $9.49. PennantPark Floating Rate Capital has a 1-year low of $8.40 and a 1-year high of $11.46. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15. The firm has a market cap of $894.45 million, a price-to-earnings ratio of 6.45 and a beta of 0.76.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Several large investors have recently modified their holdings of the stock. Marshall Wace LLP boosted its stake 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 asset manager’s stock worth $18,290,000 after purchasing an additional 617,657 shares during the period. Millennium Management LLC lifted its holdings 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 valued at $13,392,000 after purchasing an additional 550,011 shares in the last quarter. Sound Income Strategies LLC boosted its position in shares of PennantPark Floating Rate Capital by 12.4% during the fourth quarter. Sound Income Strategies LLC now owns 4,643,958 shares of the asset manager’s stock worth $44,257,000 after buying an additional 512,528 shares during the period. Qube Research & Technologies Ltd grew its position in PennantPark Floating Rate Capital by 36.9% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,093,973 shares of the asset manager’s stock valued at $9,725,000 after buying an additional 295,157 shares in the last quarter. Finally, Jane Street Group LLC increased its position in shares of 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. Institutional investors own 19.77% of the company’s stock.

About PennantPark Floating Rate Capital

PennantPark Floating Rate Capital, Inc (NASDAQ: PFLT) is a closed-end management investment company organized as a business development company (BDC) under the Investment Company Act of 1940. The firm’s primary objective is to generate current income and, secondarily, capital appreciation for its shareholders through debt and equity investments in middle-market companies. PennantPark Floating Rate Capital focuses on floating-rate instruments to help mitigate interest-rate risk and align cash flows with its dividend strategy.

The company’s portfolio is concentrated in senior secured loans, second-lien debt, mezzanine securities and, from time to time, equity investments.