Pennantpark Floating Rate (PFLT) Receives a Buy from Maxim Group


Maxim Group analyst Michael Diana reiterated a Buy rating on Pennantpark Floating Rate (NASDAQ: PFLT) today and set a price target of $14.50. The company’s shares opened today at $13.75.

Diana commented:

“F3Q18 core NII of $0.28 per share shows progress toward our expectation of consistent dividend coverage in FY19 (if not before), especially given strong originations in F3Q18. We are raising our price target to $14.50, from $14, due to a larger investment portfolio and greater leverage capacity. Our new price target equates to 1.05x NAV, which is inline with 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 5-star analyst with an average return of 7.4% and a 63.0% success rate. Diana covers the Financial sector, focusing on stocks such as First Savings Financial Group, Manhattan Bridge Capital Inc, and Arlington Asset Investment.

Currently, the analyst consensus on Pennantpark Floating Rate is a Moderate Buy with an average price target of $14.75.

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 139.8K.

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. is a closed-end, externally managed, non-diversified investment company. It invests primarily in loans bearing a variable-rate of interest or floating rate loans, and other investments made to U.S. middle-market companies.

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts