Zacks Investment Research lowered shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) from a buy rating to a hold rating in a report published on Wednesday, Zacks.com reports.

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. “

A number of other research firms also recently weighed in on PFLT. ValuEngine upgraded shares of VESTAS WIND SYS/ADR from a hold rating to a buy rating in a report on Thursday, May 9th. LADENBURG THALM/SH SH downgraded shares of PennantPark Investment from a buy rating to a neutral rating in a report on Monday, May 13th. BidaskClub downgraded shares of Waterstone Financial from a hold rating to a sell rating in a report on Friday, June 21st. Keefe, Bruyette & Woods downgraded shares of Pennantpark Floating Rate Capital from an outperform rating to a market perform rating and reduced their target price for the stock from $14.00 to $13.00 in a report on Wednesday, May 8th. Finally, TheStreet downgraded shares of Wayside Technology Group from a b- rating to a c rating in a report on Wednesday, May 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $13.63.

Shares of NASDAQ PFLT opened at $11.64 on Wednesday. The company has a market cap of $451.28 million, a P/E ratio of 10.98 and a beta of 0.73. The company has a fifty day moving average of $11.63. Pennantpark Floating Rate Capital has a 52-week low of $11.05 and a 52-week high of $13.85.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last posted its earnings results on Wednesday, May 8th. The asset manager reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. Pennantpark Floating Rate Capital had a net margin of 17.80% and a return on equity of 8.80%. The firm had revenue of $23.01 million for the quarter, compared to the consensus estimate of $22.99 million. As a group, analysts forecast that Pennantpark Floating Rate Capital will post 1.2 EPS for the current year.

The business also recently disclosed a monthly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Thursday, July 18th will be given a $0.095 dividend. The ex-dividend date is Wednesday, July 17th. This represents a $1.14 annualized dividend and a yield of 9.79%. Pennantpark Floating Rate Capital’s dividend payout ratio (DPR) is 107.55%.

In other news, Director Samuel L. Katz acquired 20,000 shares of Pennantpark Floating Rate Capital stock in a transaction that occurred on Monday, May 13th. The stock was purchased at an average price of $12.11 per share, for a total transaction of $242,200.00. Following the purchase, the director now directly owns 146,900 shares in the company, valued at approximately $1,778,959. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Arthur H. Penn acquired 9,000 shares of Pennantpark Floating Rate Capital stock in a transaction that occurred on Friday, May 10th. The shares were purchased at an average price of $12.15 per share, with a total value of $109,350.00. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 62,000 shares of company stock valued at $749,945. 1.00% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. NEXT Financial Group Inc raised its stake in shares of Pennantpark Floating Rate Capital by 13.3% during the 2nd quarter. NEXT Financial Group Inc now owns 8,681 shares of the asset manager’s stock worth $101,000 after acquiring an additional 1,018 shares in the last quarter. B. Riley Wealth Management Inc. increased its stake in Pennantpark Floating Rate Capital by 0.6% during the 1st quarter. B. Riley Wealth Management Inc. now owns 192,844 shares of the asset manager’s stock valued at $2,470,000 after purchasing an additional 1,178 shares in the last quarter. Pacific Ridge Capital Partners LLC increased its stake in Pennantpark Floating Rate Capital by 0.4% during the 1st quarter. Pacific Ridge Capital Partners LLC now owns 381,576 shares of the asset manager’s stock valued at $4,888,000 after purchasing an additional 1,444 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Pennantpark Floating Rate Capital by 7.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,792 shares of the asset manager’s stock valued at $252,000 after purchasing an additional 1,590 shares in the last quarter. Finally, Relative Value Partners Group LLC increased its stake in Pennantpark Floating Rate Capital by 0.7% during the 1st quarter. Relative Value Partners Group LLC now owns 289,176 shares of the asset manager’s stock valued at $3,732,000 after purchasing an additional 2,005 shares in the last quarter. Hedge funds and other institutional investors own 35.22% 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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