168,559 Shares in PennantPark Floating Rate Capital Ltd. $PFLT Acquired by NewEdge Wealth LLC

Key Points

• NewEdge Wealth LLC acquired 168,559 shares of PennantPark Floating Rate Capital, valued at approximately $1.26 million, giving it a 0.17% stake. Institutional investors collectively own 19.77% of PFLT.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $9.80, despite Truist lowering its target to $9.00.
• PFLT reported quarterly EPS of $0.26, slightly below the $0.27 consensus estimate, while its $0.08 monthly dividend implies a roughly 13% annualized yield and a payout ratio of 188.24%.

NewEdge Wealth LLC purchased a new stake in PennantPark Floating Rate Capital Ltd. (NYSE:PFLT - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 168,559 shares of the company's stock, valued at approximately $1,261,000. NewEdge Wealth LLC owned 0.17% of PennantPark Floating Rate Capital at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PFLT. International Assets Investment Management LLC acquired a new stake in shares of PennantPark Floating Rate Capital during the fourth quarter worth $33,000. Quarry LP acquired a new position in shares of PennantPark Floating Rate Capital in the third quarter valued at about $36,000. McIlrath & Eck LLC grew its stake in shares of PennantPark Floating Rate Capital by 177.9% in the first quarter. McIlrath & Eck LLC now owns 4,689 shares of the company's stock valued at $38,000 after acquiring an additional 3,002 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in PennantPark Floating Rate Capital during the second quarter worth about $41,000. Finally, Allied Private Wealth LLC bought a new position in PennantPark Floating Rate Capital during the second quarter worth about $51,000. Institutional investors and hedge funds own 19.77% of the company's stock.

Wall Street Analysts Forecast Growth

PFLT has been the subject of a number of analyst reports. Weiss Ratings reiterated a "hold (c-)" rating on shares of PennantPark Floating Rate Capital in a research report on Wednesday, August 5th. Truist Financial reduced their price target on PennantPark Floating Rate Capital from $10.00 to $9.00 and set a "buy" rating on the stock in a research report on Tuesday, May 19th. Finally, Zacks Research upgraded PennantPark Floating Rate Capital from a "strong sell" rating to a "hold" rating in a research note on Monday, July 20th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $9.80.

PennantPark Floating Rate Capital Stock Performance

Shares of PFLT stock opened at $7.39 on Friday. The firm has a market capitalization of $733.24 million, a price-to-earnings ratio of 14.49 and a beta of 0.76. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.94. The business's 50-day moving average price is $7.28 and its 200-day moving average price is $8.05. PennantPark Floating Rate Capital Ltd. has a 12 month low of $6.83 and a 12 month high of $10.30.

PennantPark Floating Rate Capital (NYSE:PFLT - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.27 by ($0.01). PennantPark Floating Rate Capital had a net margin of 18.53% and a return on equity of 10.24%. The business had revenue of $22.73 million during the quarter. Equities research analysts forecast that PennantPark Floating Rate Capital Ltd. will post 1.06 EPS for the current year.

PennantPark Floating Rate Capital Cuts Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a $0.08 dividend. This represents a c) annualized dividend and a yield of 13.0%. The ex-dividend date is Friday, August 14th. PennantPark Floating Rate Capital's dividend payout ratio is 188.24%.

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. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.

Want to see what other hedge funds are holding PFLT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PennantPark Floating Rate Capital Ltd. (NYSE:PFLT - Free Report).

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