Maxim Group Believes PFLT Won’t Stop Here

By Ryan Adsit

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 closed last Wednesday at $13.41, close to its 52-week high of $13.65.

According to TipRanks.com, Diana is a 4-star analyst with an average return of 5.5% and a 60.4% success rate. Diana covers the Financial sector, focusing on stocks such as First Savings Financial Group, Arlington Asset Investment, and Westamerica Bancorporation.

Pennantpark Floating Rate has an analyst consensus of Moderate Buy, with a price target consensus of $14.50.

Based on Pennantpark Floating Rate’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $12.69 million and quarterly net profit of $15.89 million. In comparison, last year the company earned revenue of $7.77 million and had a net profit of $1.21 million.

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.