Cetera Investment Advisers boosted its stake in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) by 94.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,375 shares of the asset manager's stock after buying an additional 30,313 shares during the quarter. Cetera Investment Advisers owned 0.07% of PennantPark Floating Rate Capital worth $698,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Quarry LP lifted its position in shares of PennantPark Floating Rate Capital by 190.2% during the fourth quarter. Quarry LP now owns 3,674 shares of the asset manager's stock worth $40,000 after purchasing an additional 2,408 shares in the last quarter. Mpwm Advisory Solutions LLC acquired a new stake in PennantPark Floating Rate Capital in the fourth quarter valued at approximately $55,000. Miracle Mile Advisors LLC acquired a new stake in PennantPark Floating Rate Capital in the first quarter valued at approximately $124,000. Nebula Research & Development LLC acquired a new stake in PennantPark Floating Rate Capital in the fourth quarter valued at approximately $140,000. Finally, Bank of America Corp DE raised its holdings in 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 valued at $163,000 after acquiring an additional 1,891 shares in the last quarter. Hedge funds and other institutional investors own 19.77% of the company's stock.
PennantPark Floating Rate Capital Price Performance
Shares of NASDAQ:PFLT traded down $0.22 during midday trading on Friday, hitting $10.23. 916,505 shares of the stock were exchanged, compared to its average volume of 1,126,675. The stock has a market cap of $1.02 billion, a P/E ratio of 7.31 and a beta of 0.97. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57. PennantPark Floating Rate Capital Ltd. has a twelve month low of $8.82 and a twelve month high of $11.90. The company has a 50 day moving average price of $10.48 and a 200-day moving average price of $10.53.
PennantPark Floating Rate Capital Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be paid a $0.1025 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $0.41 annualized dividend and a yield of 4.0%. PennantPark Floating Rate Capital's payout ratio is presently 146.43%.
Analysts Set New Price Targets
Several analysts recently weighed in on the stock. Truist Financial reduced their target price on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Keefe, Bruyette & Woods cut their price objective on shares of PennantPark Floating Rate Capital from $11.00 to $10.50 and set a "market perform" rating on the stock in a report on Wednesday. UBS Group raised their price objective on shares of PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Citigroup restated an "outperform" rating on shares of PennantPark Floating Rate Capital in a research report on Tuesday, June 24th. Finally, JMP Securities lowered their target price on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "market outperform" rating on the stock in a research report on Tuesday, June 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, PennantPark Floating Rate Capital currently has a consensus rating of "Moderate Buy" and a consensus target price of $10.88.
Get Our Latest Research Report on PFLT
About PennantPark Floating Rate Capital
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Free Report)
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.
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