Bank of America Corp DE Makes New Investment in PennantPark Floating Rate Capital Ltd. $PFLT

Key Points

• Bank of America purchased 164,131 shares of PennantPark Floating Rate Capital in the second quarter, valued at approximately $1.23 million and representing a 0.17% stake. Other institutions also initiated positions, bringing total institutional ownership to 19.77%.
• PFLT shares opened at $6.96, near their 52-week low of $6.83, while the company reported quarterly earnings of $0.26 per share—slightly below the $0.27 analyst consensus.
• Analysts maintain a consensus “Moderate Buy” rating with a $9.80 price target, although the company’s dividend payout ratio stands at 188.24%.

Bank of America Corp DE purchased a new stake in shares of PennantPark Floating Rate Capital Ltd. (NYSE:PFLT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 164,131 shares of the company's stock, valued at approximately $1,228,000. Bank of America Corp DE owned 0.17% of PennantPark Floating Rate Capital as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Legal & General Group Plc acquired a new position in PennantPark Floating Rate Capital during the 2nd quarter valued at about $6,061,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of PennantPark Floating Rate Capital during the second quarter valued at approximately $30,000. NewEdge Wealth LLC bought a new stake in shares of PennantPark Floating Rate Capital during the second quarter valued at approximately $1,261,000. BlackRock Inc. acquired a new position in shares of PennantPark Floating Rate Capital during the second quarter worth approximately $2,811,000. Finally, Allied Private Wealth LLC acquired a new position in shares of PennantPark Floating Rate Capital during the second quarter worth approximately $51,000. Institutional investors own 19.77% of the company's stock.

PennantPark Floating Rate Capital Stock Up 0.7%

Shares of NYSE:PFLT opened at $6.96 on Friday. The firm has a 50 day simple moving average of $7.22 and a 200 day simple moving average of $7.75. PennantPark Floating Rate Capital Ltd. has a 52 week low of $6.83 and a 52 week high of $9.75. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.19 and a current ratio of 0.19. The company has a market cap of $690.67 million, a PE ratio of 13.65 and a beta of 0.80.

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

PennantPark Floating Rate Capital Announces Dividend

The firm also recently disclosed a special dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were given a dividend of $0.0033 per share. The ex-dividend date was Tuesday, September 15th. This represents a yield of 1,368.0%. PennantPark Floating Rate Capital's dividend payout ratio (DPR) is presently 188.24%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Weiss Ratings restated a "hold (c-)" rating on shares of PennantPark Floating Rate Capital in a research note on Wednesday, August 5th. Zacks Research raised shares of 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 given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $9.80.

PennantPark Floating Rate Capital Profile

PennantPark Floating Rate Capital Ltd. NYSE: PFLT is a business development company (BDC) that provides financing to middle-market companies. The company primarily invests in floating-rate, senior secured loans, with a focus on first-lien and other secured debt investments. It may also make second-lien debt investments and receive equity interests in portfolio companies.

PFLT seeks to generate current income and, to a lesser extent, capital appreciation by investing in privately owned businesses across a range of industries.

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