Cornerstone Wealth Management LLC Acquires Shares of 73,732 PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Cornerstone Wealth Management LLC bought a new position in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 73,732 shares of the asset manager's stock, valued at approximately $825,000. Cornerstone Wealth Management LLC owned approximately 0.08% of PennantPark Floating Rate Capital at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Quarry LP grew its stake in PennantPark Floating Rate Capital by 190.2% in 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 bought a new position in shares of PennantPark Floating Rate Capital during the 4th quarter worth $55,000. Investment Partners LTD. bought a new position in shares of PennantPark Floating Rate Capital during the 4th quarter worth $109,000. Sigma Planning Corp purchased a new position in shares of PennantPark Floating Rate Capital during the fourth quarter valued at $119,000. Finally, Miracle Mile Advisors LLC purchased a new position in shares of PennantPark Floating Rate Capital during the first quarter valued at $124,000. 19.77% of the stock is owned by hedge funds and other institutional investors.

PennantPark Floating Rate Capital Stock Down 1.4%

PFLT stock traded down $0.14 on Friday, hitting $10.26. 1,038,171 shares of the company's stock were exchanged, compared to its average volume of 1,019,982. The firm has a 50 day moving average price of $10.10 and a two-hundred day moving average price of $10.67. PennantPark Floating Rate Capital Ltd. has a 12-month low of $8.82 and a 12-month high of $12.02. The stock has a market cap of $1.02 billion, a P/E ratio of 7.33 and a beta of 0.96. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be issued a $0.1025 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $1.23 dividend on an annualized basis and a dividend yield of 11.99%. PennantPark Floating Rate Capital's dividend payout ratio is currently 136.67%.

Analyst Ratings Changes

Several research analysts have issued reports on PFLT shares. Maxim Group set a $11.50 target price on shares of PennantPark Floating Rate Capital and gave the stock a "buy" rating in a report on Wednesday, May 14th. Keefe, Bruyette & Woods reduced their price objective on shares of PennantPark Floating Rate Capital from $11.50 to $11.00 and set a "market perform" rating for the company in a research note on Tuesday, April 8th. UBS Group dropped their target price 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. Wall Street Zen downgraded PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a report on Tuesday, May 13th. Finally, Truist Financial decreased their price objective on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, PennantPark Floating Rate Capital currently has an average rating of "Hold" and an average target price of $11.08.

Insider Transactions at PennantPark Floating Rate Capital

In other news, Director Jose A. Briones bought 9,840 shares of PennantPark Floating Rate Capital stock in a transaction that occurred on 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 purchase, the director now directly owns 329,438 shares of the company's stock, valued at approximately $3,343,795.70. The trade was a 3.08% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.00% of the company's stock.

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.