TheStreet lowered shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) from a b- rating to a c+ rating in a report issued on Wednesday morning, TheStreetRatingsTable reports.

Several other analysts have also recently issued reports on PFLT. BidaskClub raised Pennantpark Floating Rate Capital from a hold rating to a buy rating in a research report on Thursday, May 9th. Zacks Investment Research cut Pennantpark Floating Rate Capital from a hold rating to a sell rating in a research report on Wednesday, April 10th. ValuEngine cut Pennantpark Floating Rate Capital from a hold rating to a sell rating in a research report on Thursday, May 9th. LADENBURG THALM/SH SH cut Pennantpark Floating Rate Capital from a buy rating to a neutral rating in a research report on Monday, May 13th. Finally, Keefe, Bruyette & Woods cut Pennantpark Floating Rate Capital from an outperform rating to a market perform rating and dropped their target price for the company from $14.00 to $13.00 in a research report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. Pennantpark Floating Rate Capital has a consensus rating of Hold and a consensus price target of $14.13.

PFLT opened at $12.04 on Wednesday. The firm has a market cap of $468.73 million, a price-to-earnings ratio of 11.36 and a beta of 0.72. Pennantpark Floating Rate Capital has a 52 week low of $11.05 and a 52 week high of $14.12.

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

The firm also recently disclosed a monthly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be given a $0.095 dividend. The ex-dividend date of this dividend is Friday, May 17th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 9.47%. Pennantpark Floating Rate Capital’s payout ratio is 107.55%.

In other Pennantpark Floating Rate Capital news, insider Arthur H. Penn acquired 9,500 shares of the stock in a transaction dated Wednesday, May 15th. The stock was purchased at an average price of $12.09 per share, with a total value of $114,855.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Samuel L. Katz acquired 20,000 shares of the stock in a transaction dated Monday, May 13th. The stock was acquired at an average cost of $12.11 per share, with a total value of $242,200.00. Following the transaction, the director now directly owns 146,900 shares in the company, valued at $1,778,959. The disclosure for this purchase can be found here. Insiders bought a total of 62,000 shares of company stock valued at $749,945 in the last three months. Insiders own 1.00% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. B. Riley Wealth Management Inc. boosted its position in shares of Pennantpark Floating Rate Capital by 0.6% in the 1st quarter. B. Riley Wealth Management Inc. now owns 192,844 shares of the asset manager’s stock worth $2,470,000 after purchasing an additional 1,178 shares in the last quarter. HighTower Advisors LLC lifted its position in Pennantpark Floating Rate Capital by 2.9% during the 1st quarter. HighTower Advisors LLC now owns 126,328 shares of the asset manager’s stock worth $1,619,000 after acquiring an additional 3,596 shares during the period. Ladenburg Thalmann Financial Services Inc. lifted its position in Pennantpark Floating Rate Capital by 3.2% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 300,536 shares of the asset manager’s stock worth $3,850,000 after acquiring an additional 9,253 shares during the period. Morgan Stanley lifted its position in Pennantpark Floating Rate Capital by 9.4% during the 1st quarter. Morgan Stanley now owns 350,794 shares of the asset manager’s stock worth $4,494,000 after acquiring an additional 30,051 shares during the period. Finally, Oxford Asset Management LLP lifted its position in Pennantpark Floating Rate Capital by 204.9% during the 1st quarter. Oxford Asset Management LLP now owns 58,081 shares of the asset manager’s stock worth $744,000 after acquiring an additional 39,030 shares during the period. 36.33% of the stock is 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.

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