PennantPark Floating Rate price target lowered to $11.50 from $12.50 at Maxim

Maxim analyst Michael Diana lowered the firm’s price target on PennantPark Floating Rate (PFLT) to $11.50 from $12.50 but keeps a Buy rating on the shares. The company’s net interest income was below the quarterly dividend, though the firm does not expect a dividend cut, the analyst tells investors in a research note. PennantPark’s strong originations exceeded moderate payoffs, resulting in a 6.8% increase in the size of its investment portfolio, thereby largely offsetting lower loan yields, Maxim added.