Altshuler Shaham Ltd Acquires 404,117 Shares of PennantPark Floating Rate Capital Ltd. $PFLT

Key Points

• Altshuler Shaham Ltd increased its stake in PennantPark Floating Rate Capital by 44.1% in the fourth quarter, buying 404,117 additional shares and bringing its total holding to 1.32 million shares worth about $12.2 million.
• PennantPark Floating Rate Capital recently reported quarterly EPS of $0.27, slightly below analyst expectations of $0.28, while revenue came in at $44.81 million.
• The company cut its monthly dividend to $0.0833 per share, implying an annualized yield of 13.2%; meanwhile, analyst sentiment is mixed with a consensus rating of Moderate Buy and an average price target of $9.80.

Altshuler Shaham Ltd grew its holdings in PennantPark Floating Rate Capital Ltd. (NYSE:PFLT - Free Report) by 44.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,320,156 shares of the company's stock after purchasing an additional 404,117 shares during the period. Altshuler Shaham Ltd owned about 1.33% of PennantPark Floating Rate Capital worth $12,238,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PFLT. International Assets Investment Management LLC bought a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter worth $33,000. Quarry LP bought a new stake in PennantPark Floating Rate Capital during the third quarter valued at about $36,000. Northwestern Mutual Wealth Management Co. bought a new stake in PennantPark Floating Rate Capital during the second quarter valued at about $41,000. BNP Paribas Financial Markets bought a new stake in PennantPark Floating Rate Capital during the second quarter valued at about $55,000. Finally, CWM LLC grew its holdings in PennantPark Floating Rate Capital by 37.4% during the fourth quarter. CWM LLC now owns 7,382 shares of the company's stock valued at $68,000 after purchasing an additional 2,011 shares during the period. Institutional investors own 19.77% of the company's stock.

PennantPark Floating Rate Capital Stock Performance

NYSE PFLT opened at $7.59 on Thursday. The firm has a market cap of $752.58 million, a price-to-earnings ratio of 12.23 and a beta of 0.75. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 0.92. The business has a 50-day moving average price of $8.44 and a 200-day moving average price of $8.74. PennantPark Floating Rate Capital Ltd. has a twelve month low of $7.56 and a twelve month high of $10.88.

PennantPark Floating Rate Capital (NYSE:PFLT - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.27 earnings per share for the quarter, missing analysts' consensus estimates of $0.28 by ($0.01). The business had revenue of $44.81 million during the quarter. PennantPark Floating Rate Capital had a return on equity of 9.95% and a net margin of 23.08%. As a group, equities research analysts predict that PennantPark Floating Rate Capital Ltd. will post 1.08 EPS for the current fiscal year.

PennantPark Floating Rate Capital Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, July 1st. Investors of record on Monday, June 15th will be given a $0.0833 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 13.2%. The ex-dividend date is Monday, June 15th. PennantPark Floating Rate Capital's payout ratio is currently 154.84%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Truist Financial cut their price target on PennantPark Floating Rate Capital from $10.00 to $9.00 and set a "buy" rating for the company in a report on Tuesday, May 19th. Weiss Ratings reissued a "hold (c-)" rating on shares of PennantPark Floating Rate Capital in a report on Friday, May 8th. Zacks Research lowered PennantPark Floating Rate Capital from a "hold" rating to a "strong sell" rating in a report on Tuesday, May 12th. Wall Street Zen raised PennantPark Floating Rate Capital from a "sell" rating to a "hold" rating in a research note on Saturday, March 28th. Finally, Citizens Jmp dropped their price objective on PennantPark Floating Rate Capital from $11.00 to $10.00 and set a "market outperform" rating for the company in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $9.80.

Insider Activity at PennantPark Floating Rate Capital

In other news, Director Jose A. Briones bought 5,770 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were bought at an average cost of $8.67 per share, for a total transaction of $50,025.90. Following the completion of the transaction, the director owned 348,083 shares of the company's stock, valued at approximately $3,017,879.61. This represents a 1.69% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 1.00% of the company's stock.

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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