Maxim Group Sticks to Its Buy Rating for Pennantpark Floating Rate


In a report released today, Michael Diana from Maxim Group reiterated a Buy rating on Pennantpark Floating Rate (NASDAQ: PFLT), with a price target of $14. The company’s shares opened today at $13.35.

Diana commented:

“NII of $0.24 per share consistent with our expectation of dividend coverage in F4Q18, especially given strong originations in F2Q18 and thus far in F3Q18. Our price target of $14 equates to 1.0x NAV. In our view, BDCs such as PFLT (focused on high quality, senior secured, floating rate investments) should not trade below a valuation level of 1.0x NAV in the current environment..”

According to TipRanks.com, Diana is a 5-star analyst with an average return of 7.5% and a 65.0% success rate. Diana covers the Financial sector, focusing on stocks such as Manhattan Bridge Capital Inc, Arlington Asset Investment, and Westamerica Bancorporation.

Pennantpark Floating Rate has an analyst consensus of Moderate Buy, with a price target consensus of $14.

See today’s analyst top recommended stocks >>

The company has a one-year high of $14.65 and a one-year low of $12. Currently, Pennantpark Floating Rate has an average volume of 189.2K.

Based on the recent corporate insider activity of 6 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PFLT in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

PennantPark Floating Rate Capital Ltd., a business development company, primarily invests in US middle-market private companies with positive cash flow, experienced management teams and strong & defensible market positions. It provides financing in the form of floating rate senior secured loans and also considers mezzanine debt and equity investments.

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts