Raymond James Financial Inc. Invests $283,000 in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Raymond James Financial Inc. purchased a new stake in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 25,937 shares of the asset manager's stock, valued at approximately $283,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB bought a new stake in shares of PennantPark Floating Rate Capital in the 3rd quarter valued at approximately $39,000. Investment Partners LTD. bought a new position in PennantPark Floating Rate Capital during the fourth quarter valued at $109,000. Sigma Planning Corp bought a new position in PennantPark Floating Rate Capital during the fourth quarter valued at $119,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter valued at $131,000. Finally, Blue Trust Inc. bought a new stake in shares of PennantPark Floating Rate Capital in the 4th quarter worth about $136,000. Hedge funds and other institutional investors own 19.77% of the company's stock.

PennantPark Floating Rate Capital Price Performance

NASDAQ:PFLT remained flat at $10.13 during trading hours on Wednesday. 1,454,269 shares of the company's stock traded hands, compared to its average volume of 1,018,209. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15. PennantPark Floating Rate Capital Ltd. has a 12 month low of $8.82 and a 12 month high of $12.02. The stock has a market cap of $890.99 million, a PE ratio of 7.24 and a beta of 1.01. The company's 50-day moving average is $10.36 and its 200 day moving average is $10.84.

PennantPark Floating Rate Capital Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Thursday, May 15th will be issued a dividend of $0.1025 per share. This represents a $1.23 dividend on an annualized basis and a dividend yield of 12.14%. The ex-dividend date is Thursday, May 15th. PennantPark Floating Rate Capital's dividend payout ratio (DPR) is presently 87.86%.

Analysts Set New Price Targets

PFLT has been the topic of several analyst reports. Maxim Group set a $11.50 price target on shares of PennantPark Floating Rate Capital and gave the company a "buy" rating in a report on Wednesday. Keefe, Bruyette & Woods cut their target price on PennantPark Floating Rate Capital from $11.50 to $11.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 8th. StockNews.com lowered PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a research note on Tuesday. UBS Group cut their price objective on PennantPark Floating Rate Capital from $11.50 to $10.50 and set a "neutral" rating on the stock in a research report on Thursday, April 17th. Finally, LADENBURG THALM/SH SH upgraded PennantPark Floating Rate Capital from a "neutral" rating to a "buy" rating and set a $10.50 target price on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $11.08.

PennantPark Floating Rate Capital Profile

PennantPark Floating Rate Capital Ltd. is a business development company. It seeks to make secondary direct, debt, equity, and loan investments. The fund seeks to invest through floating rate loans in private or thinly traded or small market-cap, public middle market companies. It primarily invests in the United States and to a limited extent non-U.S.