Maxim Group analyst Michael Diana reiterated a Buy rating on Pennantpark Floating Rate (PFLT) yesterday and set a price target of $14. The company’s shares opened today at $11.50, close to its 52-week low of $11.05.
Diana observed:
“F3Q19 NII of $0.29 per share covered the dividend, and PFLT reduced its non- accrual loans to two from four (equal to 0.5% of loans at fair value, down from 1.5%). Our price target of $14 equates to 1.07x NAV (vs. 1.06x previously), which is inline with the average of relevant high-quality peers.”
According to TipRanks.com, Diana is a 5-star analyst with an average return of 6.1% and a 58.5% success rate. Diana covers the Financial sector, focusing on stocks such as Manhattan Bridge Capital Inc, Arlington Asset Investment, and Westamerica Bancorporation.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Pennantpark Floating Rate with a $14 average price target.
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The company has a one-year high of $13.85 and a one-year low of $11.05. Currently, Pennantpark Floating Rate has an average volume of 182.6K.
Based on the recent corporate insider activity of 7 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.
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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.
