UBS Group Issues Pessimistic Forecast for PennantPark Floating Rate Capital (NASDAQ:PFLT) Stock Price

PennantPark Floating Rate Capital (NASDAQ:PFLT) had its price target decreased by stock analysts at UBS Group from $11.50 to $10.50 in a research note issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the asset manager’s stock. UBS Group’s target price would suggest a potential upside of 7.73% from the stock’s current price.

Several other equities research analysts also recently commented on PFLT. StockNews.com upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research report on Saturday, April 12th. Raymond James began coverage on shares of PennantPark Floating Rate Capital in a research report on Friday, December 20th. They set a “market perform” rating on the stock. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of PennantPark Floating Rate Capital from $11.50 to $11.00 and set a “market perform” rating for the company in a report on Tuesday, April 8th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $11.38.

PennantPark Floating Rate Capital Stock Performance

Shares of NASDAQ:PFLT traded up $0.27 during trading hours on Thursday, hitting $9.75. The stock had a trading volume of 668,644 shares, compared to its average volume of 1,016,402. PennantPark Floating Rate Capital has a 1-year low of $8.82 and a 1-year high of $12.02. The firm has a market capitalization of $857.31 million, a price-to-earnings ratio of 6.96 and a beta of 1.30. The stock’s fifty day simple moving average is $10.83 and its 200 day simple moving average is $11.06. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Sound Income Strategies LLC boosted its stake in PennantPark Floating Rate Capital by 12.0% during the 4th quarter. Sound Income Strategies LLC now owns 3,320,039 shares of the asset manager’s stock valued at $36,288,000 after purchasing an additional 356,781 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in PennantPark Floating Rate Capital by 72.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 251,733 shares of the asset manager’s stock worth $2,913,000 after acquiring an additional 105,855 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of PennantPark Floating Rate Capital during the 4th quarter valued at $283,000. LPL Financial LLC boosted its position in shares of PennantPark Floating Rate Capital by 20.4% in the fourth quarter. LPL Financial LLC now owns 432,287 shares of the asset manager’s stock valued at $4,725,000 after acquiring an additional 73,365 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of PennantPark Floating Rate Capital during the 4th quarter valued at $131,000. 19.77% of the stock is owned by institutional investors.

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.