375,781 Shares in PennantPark Floating Rate Capital Ltd. $PFLT Purchased by BlackRock Inc.

Key Points

• BlackRock acquired 375,781 shares of PennantPark Floating Rate Capital during the second quarter, worth approximately $2.81 million and representing about 0.38% of the company. Institutional investors and hedge funds collectively own 19.77% of PFLT.
• Analyst sentiment is moderately positive: three analysts rate PFLT a Buy and three rate it a Hold, producing a consensus “Moderate Buy” rating and an average price target of $9.80. Truist lowered its target to $9 while retaining a Buy rating.
• PFLT shares opened at $7.38, near the lower end of their 12-month range, after the company reported quarterly EPS of $0.26 versus the $0.27 consensus estimate. The company also announced a special $0.0033-per-share dividend payable October 1 to shareholders of record September 15.

BlackRock Inc. acquired a new position in PennantPark Floating Rate Capital Ltd. (NYSE:PFLT - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 375,781 shares of the company's stock, valued at approximately $2,811,000. BlackRock Inc. owned about 0.38% of PennantPark Floating Rate Capital at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in PFLT. International Assets Investment Management LLC acquired a new position in PennantPark Floating Rate Capital during the fourth quarter worth about $33,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of PennantPark Floating Rate Capital in the second quarter valued at approximately $41,000. Quarry LP purchased a new stake in shares of PennantPark Floating Rate Capital in the third quarter valued at approximately $36,000. McIlrath & Eck LLC increased its holdings 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 purchasing an additional 3,002 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in PennantPark Floating Rate Capital during the second quarter worth approximately $55,000. Institutional investors and hedge funds own 19.77% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PFLT. Weiss Ratings reissued a "hold (c-)" rating on shares of PennantPark Floating Rate Capital in a research report on Wednesday, August 5th. Zacks Research upgraded shares of PennantPark Floating Rate Capital from a "strong sell" rating to a "hold" rating in a research report on Monday, July 20th. Finally, Truist Financial reduced their target price on shares of PennantPark Floating Rate Capital from $10.00 to $9.00 and set a "buy" rating on the stock in a research note on Tuesday, May 19th. Three equities research 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, the company has an average rating of "Moderate Buy" and a consensus price target of $9.80.

PennantPark Floating Rate Capital Trading Down 0.7%

NYSE PFLT opened at $7.38 on Friday. The firm's 50-day moving average is $7.27 and its two-hundred day moving average is $7.92. PennantPark Floating Rate Capital Ltd. has a 12 month low of $6.83 and a 12 month high of $10.30. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.19 and a quick ratio of 0.19. The stock has a market capitalization of $732.24 million, a P/E ratio of 14.47 and a beta of 0.78.

PennantPark Floating Rate Capital (NYSE:PFLT - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.01). PennantPark Floating Rate Capital had a return on equity of 10.24% and a net margin of 18.53%.The company had revenue of $66.09 million during the quarter. On average, sell-side analysts anticipate that PennantPark Floating Rate Capital Ltd. will post 1.06 earnings per share for the current year.

PennantPark Floating Rate Capital Announces Dividend

The company also recently announced a special dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be given a $0.0033 dividend. This represents a yield of 1,295.0%. The ex-dividend date of this dividend is Tuesday, September 15th. PennantPark Floating Rate Capital's payout ratio is currently 188.24%.

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. 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.

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