KBW Believes Pennantpark Floating Rate (NASDAQ: PFLT) Won’t Stop Here

By Ryan Adsit

In a report issued on August 29, Ryan Lynch from KBW reiterated a Buy rating on Pennantpark Floating Rate (NASDAQ: PFLT), with a price target of $15.50. The company’s shares closed yesterday at $14.26, close to its 52-week high of $14.45.

According to TipRanks.com, Lynch is a 3-star analyst with an average return of 2.7% and a 50.8% success rate. Lynch covers the Financial sector, focusing on stocks such as Fidus Investment Corporation, BlackRock Capital Investment, and Pennantpark Investment Corp.

Pennantpark Floating Rate has an analyst consensus of Moderate Buy, with a price target consensus of $15.13.

Based on Pennantpark Floating Rate’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $17.64 million and quarterly net profit of $9.34 million. In comparison, last year the company earned revenue of $10.99 million and had a net profit of $13.42 million.

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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.