Analysts have been eager to weigh in on the Financial sector with new ratings on Hartford Financial (HIG) and Pennantpark Floating Rate (PFLT).
Hartford Financial (HIG)
Wells Fargo analyst Elyse Greenspan maintained a Hold rating on Hartford Financial today and set a price target of $53. The company’s shares opened today at $43.59, close to its 52-week low of $43.31.
According to TipRanks.com, Greenspan is a 3-star analyst with an average return of 2.9% and a 55.3% success rate. Greenspan covers the Financial sector, focusing on stocks such as American International Group, Marsh & Mclennan Companies, and Renaissancere Holdings Ltd.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Hartford Financial with a $58.22 average price target, which is a 33.6% upside from current levels. In a report released yesterday, Credit Suisse also maintained a Hold rating on the stock with a $56 price target.
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Pennantpark Floating Rate (PFLT)
In a report released today, Michael Diana from Maxim Group maintained a Buy rating on Pennantpark Floating Rate, with a price target of $14.50. The company’s shares opened today at $13.25.
Diana noted:
“We are maintaining our 2019 estimate of $1.14 for both dividends and EPS. 2019, PFLT will be able to raise on-balance-sheet leverage to 200% of equity, from 100%. If loan demand is sufficient for PFLT to prudently increase its leverage above 100%, then our 2019 EPS estimate could be low, and even a dividend increase could be a possibility. At this time, however, we are making no changes. We are maintaining our price target of $14.50. Our price target equates to 1.05x NAV, which is inline with or below the valuations of relevant high-quality peers. In our view, BDCs such as PFLT (with strong credit quality and focused on senior secured, floating rate investments) are very attractive in the current environment.”
According to TipRanks.com, Diana is a 4-star analyst with an average return of 3.4% and a 53.4% success rate. Diana covers the Financial sector, focusing on stocks such as Manhattan Bridge Capital Inc, Arlington Asset Investment, and Westamerica Bancorporation.
Currently, the analyst consensus on Pennantpark Floating Rate is a Moderate Buy with an average price target of $14.50.
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