Janney Montgomery Scott Starts PennantPark Floating Rate Capital (PFLT) at Neutral

Janney Montgomery Scott initiates coverage on PennantPark Floating Rate Capital (NASDAQ: PFLT) with a Neutral. PT $14.50.

JMS analyst says, "The company’s management fee and debt capital are structured to provide an attractive current dividend yield while invested in primarily highly secure senior debt capital. With an estimated $95 million of cash on hand and up to $200 million of capital available through the proposed line of credit, PennantPark Floating Rate Capital is well positioned to grow NII and the dividend. We expect PFLT will experience lower portfolio volatility and losses given its focus on highly secure senior debt investments; therefore, reducing risk and warranting an NII multiple above peer average. Although we see upside in the name, we view the risk/reward trade-off in PFLT shares as balanced."

For more ratings news on PennantPark Floating Rate Capital click here and for the rating history of PennantPark Floating Rate Capital click here.

Shares of PennantPark Floating Rate Capital closed at $12.92 yesterday.

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