Cornerstone Wealth Management LLC Invests $825,000 in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Cornerstone Wealth Management LLC purchased a new position in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 73,732 shares of the asset manager's stock, valued at approximately $825,000. Cornerstone Wealth Management LLC owned 0.08% of PennantPark Floating Rate Capital as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the business. Sound Income Strategies LLC increased its position in 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 period. Balyasny Asset Management L.P. increased its position in shares of PennantPark Floating Rate Capital by 57.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,507,513 shares of the asset manager's stock valued at $16,477,000 after purchasing an additional 549,905 shares during the period. Invesco Ltd. bought a new stake in shares of PennantPark Floating Rate Capital during the fourth quarter valued at approximately $10,533,000. Two Sigma Advisers LP increased its position in shares of PennantPark Floating Rate Capital by 2.3% during the fourth quarter. Two Sigma Advisers LP now owns 716,775 shares of the asset manager's stock valued at $7,834,000 after purchasing an additional 15,778 shares during the period. Finally, Millennium Management LLC increased its position in shares of PennantPark Floating Rate Capital by 94.4% during the fourth quarter. Millennium Management LLC now owns 646,741 shares of the asset manager's stock valued at $7,069,000 after purchasing an additional 314,064 shares during the period. 19.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PFLT. Truist Financial lowered their price objective on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Maxim Group set a $11.50 price objective on PennantPark Floating Rate Capital and gave the company a "buy" rating in a research report on Wednesday, May 14th. Keefe, Bruyette & Woods lowered their price objective on PennantPark Floating Rate Capital from $11.50 to $11.00 and set a "market perform" rating on the stock in a research report on Tuesday, April 8th. UBS Group lowered their price objective on PennantPark Floating Rate Capital from $11.50 to $10.50 and set a "neutral" rating on the stock in a research report on Thursday, April 17th. Finally, LADENBURG THALM/SH SH raised PennantPark Floating Rate Capital from a "neutral" rating to a "buy" rating and set a $10.50 price target on the stock in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $11.08.

Insiders Place Their Bets

In other news, Director Jose A. Briones bought 9,840 shares of the company's stock in a transaction dated Wednesday, May 14th. The stock was bought at an average price of $10.15 per share, for a total transaction of $99,876.00. Following the completion of the transaction, the director now directly owns 329,438 shares in the company, valued at $3,343,795.70. The trade was a 3.08% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.00% of the company's stock.

PennantPark Floating Rate Capital Price Performance

PennantPark Floating Rate Capital stock traded down $0.14 on Monday, reaching $10.13. The company's stock had a trading volume of 834,646 shares, compared to its average volume of 1,018,911. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15. The company has a market cap of $1.00 billion, a price-to-earnings ratio of 7.23 and a beta of 0.96. The business's fifty day moving average price is $10.13 and its 200 day moving average price is $10.66. PennantPark Floating Rate Capital Ltd. has a twelve month low of $8.82 and a twelve month high of $12.02.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be paid a $0.1025 dividend. This represents a $1.23 dividend on an annualized basis and a yield of 12.15%. The ex-dividend date is Monday, June 16th. PennantPark Floating Rate Capital's dividend payout ratio is currently 136.67%.

PennantPark Floating Rate Capital Company 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.