Cetera Investment Advisers Grows Stock Position in PennantPark Floating Rate Capital Ltd. $PFLT

Key Points

• Cetera Investment Advisers has significantly increased its stake in PennantPark Floating Rate Capital by 94.5% during the first quarter, now holding over 62,000 shares valued at approximately $698,000.
• Multiple institutional investors, including Wedbush Securities Inc. and PFG Advisors, have also boosted their investments in PennantPark, indicating strong interest among large financial entities.
• PennantPark's dividend yield stands at 3.9%, with a quarterly dividend of $0.1025 per share announced, reflecting a high payout ratio of 146.43%.

Cetera Investment Advisers raised 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 disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,375 shares of the asset manager's stock after purchasing 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 filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. increased its position in shares of PennantPark Floating Rate Capital by 17.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 59,048 shares of the asset manager's stock valued at $661,000 after acquiring an additional 8,830 shares during the period. Sound Income Strategies LLC grew its position in shares of PennantPark Floating Rate Capital by 8.0% in the 1st quarter. Sound Income Strategies LLC now owns 3,585,201 shares of the asset manager's stock worth $40,118,000 after buying an additional 265,162 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of PennantPark Floating Rate Capital by 6.3% during the first quarter. Janney Montgomery Scott LLC now owns 43,716 shares of the asset manager's stock valued at $489,000 after acquiring an additional 2,579 shares in the last quarter. Bank of America Corp DE lifted its stake 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 worth $163,000 after acquiring an additional 1,891 shares during the period. Finally, D. E. Shaw & Co. Inc. boosted its holdings in PennantPark Floating Rate Capital by 199.2% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 30,558 shares of the asset manager's stock valued at $334,000 after acquiring an additional 20,345 shares in the last quarter. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

PennantPark Floating Rate Capital Price Performance

PFLT stock traded up $0.04 during mid-day trading on Tuesday, hitting $10.24. The company had a trading volume of 156,480 shares, compared to its average volume of 1,118,538. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 7.32 and a beta of 0.97. The company has a 50-day moving average price of $10.47 and a 200 day moving average price of $10.52. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57. PennantPark Floating Rate Capital Ltd. has a 12-month low of $8.82 and a 12-month high of $11.90.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be issued a $0.1025 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $0.41 dividend on an annualized basis and a dividend yield of 4.0%. PennantPark Floating Rate Capital's dividend payout ratio (DPR) is presently 146.43%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PFLT. Citigroup reissued an "outperform" rating on shares of PennantPark Floating Rate Capital in a research note on Tuesday, June 24th. Keefe, Bruyette & Woods decreased their target price on PennantPark Floating Rate Capital from $11.00 to $10.50 and set a "market perform" rating for the company in a research report on Wednesday, August 13th. Truist Financial reduced their price target on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. JMP Securities decreased their price objective on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "market outperform" rating for the company in a report on Tuesday, June 24th. Finally, LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital to a "strong-buy" rating in a research note on Wednesday, August 13th. One analyst has rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $10.88.

About PennantPark Floating Rate Capital

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.