Magnetar Financial LLC Takes Position in PennantPark Floating Rate Capital Ltd. $PFLT

Key Points

• Magnetar Financial LLC acquired 132,368 shares of PennantPark Floating Rate Capital Ltd. valued at approximately $1.48 million, marking a new stake for the hedge fund.
• Several other institutional investors, including Quarry LP and Miracle Mile Advisors LLC, have also increased their holdings or acquired new stakes in PennantPark Floating Rate Capital, now owning 19.77% of the company's stock collectively.
• PennantPark Floating Rate Capital recently declared a quarterly dividend of $0.1025 per share, yielding 4.0% with an annualized payout of $0.41, despite a high dividend payout ratio of 146.43%.

Magnetar Financial LLC bought a new position in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 132,368 shares of the asset manager's stock, valued at approximately $1,481,000. Magnetar Financial LLC owned 0.15% of PennantPark Floating Rate Capital at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Synergy Investment Management LLC boosted its position in shares of PennantPark Floating Rate Capital by 8.9% in the first quarter. Synergy Investment Management LLC now owns 22,651 shares of the asset manager's stock worth $253,000 after buying an additional 1,856 shares during the period. Bank of America Corp DE boosted its position in shares of PennantPark Floating Rate Capital by 14.6% in the fourth quarter. Bank of America Corp DE now owns 14,880 shares of the asset manager's stock worth $163,000 after buying an additional 1,891 shares during the period. Graypoint LLC boosted its position in shares of PennantPark Floating Rate Capital by 2.8% in the first quarter. Graypoint LLC now owns 73,134 shares of the asset manager's stock worth $818,000 after buying an additional 1,978 shares during the period. Tidal Investments LLC boosted its position in shares of PennantPark Floating Rate Capital by 2.3% in the fourth quarter. Tidal Investments LLC now owns 103,334 shares of the asset manager's stock worth $1,129,000 after buying an additional 2,322 shares during the period. Finally, Quarry LP boosted its position in shares of PennantPark Floating Rate Capital by 190.2% in the fourth quarter. Quarry LP now owns 3,674 shares of the asset manager's stock worth $40,000 after buying an additional 2,408 shares during the period. Hedge funds and other institutional investors own 19.77% of the company's stock.

PennantPark Floating Rate Capital Stock Performance

PFLT stock traded up $0.02 during trading on Wednesday, reaching $10.20. 741,556 shares of the company's stock were exchanged, compared to its average volume of 1,102,070. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57. The firm has a market cap of $1.01 billion, a PE ratio of 7.28 and a beta of 0.99. The company's fifty day moving average price is $10.44 and its 200-day moving average price is $10.45. PennantPark Floating Rate Capital Ltd. has a 1-year low of $8.82 and a 1-year high of $11.90.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th were issued a dividend of $0.1025 per share. This represents a $0.41 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Friday, August 15th. PennantPark Floating Rate Capital's dividend payout ratio is currently 146.43%.

Analyst Ratings Changes

A number of brokerages have weighed in on PFLT. Truist Financial lowered their price objective on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. JMP Securities restated a "market outperform" rating and set a $11.00 price objective on shares of PennantPark Floating Rate Capital in a report on Wednesday. Keefe, Bruyette & Woods dropped their price objective on PennantPark Floating Rate Capital from $11.00 to $10.50 and set a "market perform" rating on the stock in a report on Wednesday, August 13th. UBS Group lifted their price objective on PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Finally, LADENBURG THALM/SH SH upgraded PennantPark Floating Rate Capital to a "strong-buy" rating in a report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $10.88.

PennantPark Floating Rate Capital Company 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.