PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

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. “

PFLT has been the topic of several other reports. Keefe, Bruyette & Woods upgraded shares of PennantPark Floating Rate Capital from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $15.00 to $15.50 in a research report on Wednesday, May 10th. BidaskClub upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research report on Saturday, August 19th. Ladenburg Thalmann Financial Services upgraded shares of PennantPark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $14.75 price target on the stock in a research report on Thursday, May 11th. Finally, Maxim Group restated a “buy” rating and issued a $14.75 price target on shares of PennantPark Floating Rate Capital in a research report on Wednesday, August 9th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. PennantPark Floating Rate Capital presently has an average rating of “Buy” and a consensus price target of $15.00.

PennantPark Floating Rate Capital (NASDAQ:PFLT) opened at 14.26 on Friday. PennantPark Floating Rate Capital has a 12 month low of $12.21 and a 12 month high of $14.45. The company has a 50-day moving average price of $14.22 and a 200 day moving average price of $13.98.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last issued its earnings results 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. PennantPark Floating Rate Capital had a net margin of 73.28% and a return on equity of 7.26%. The business had revenue of $15.19 million for the quarter, compared to analyst estimates of $15.17 million. Equities research analysts forecast that PennantPark Floating Rate Capital will post $1.16 earnings per share for the current year.

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Institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN increased its position in shares of PennantPark Floating Rate Capital by 24.4% in the first quarter. Wells Fargo & Company MN now owns 50,088 shares of the asset manager’s stock worth $699,000 after buying an additional 9,821 shares in the last quarter. Sheaff Brock Investment Advisors LLC increased its position in shares of PennantPark Floating Rate Capital by 0.7% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 19,853 shares of the asset manager’s stock worth $277,000 after buying an additional 143 shares in the last quarter. West Family Investments Inc. increased its position in shares of PennantPark Floating Rate Capital by 19.2% in the first quarter. West Family Investments Inc. now owns 415,302 shares of the asset manager’s stock worth $5,789,000 after buying an additional 66,925 shares in the last quarter. Texas Yale Capital Corp. increased its position in shares of PennantPark Floating Rate Capital by 11.7% in the first quarter. Texas Yale Capital Corp. now owns 73,494 shares of the asset manager’s stock worth $1,025,000 after buying an additional 7,700 shares in the last quarter. Finally, Wedbush Securities Inc. increased its position in shares of PennantPark Floating Rate Capital by 18.0% in the first quarter. Wedbush Securities Inc. now owns 17,363 shares of the asset manager’s stock worth $242,000 after buying an additional 2,653 shares in the last quarter. 34.04% of the stock is owned by institutional investors.

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.

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

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