Envestnet Asset Management Inc. Takes $420,000 Position in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Envestnet Asset Management Inc. 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 Securities and Exchange Commission (SEC). The fund purchased 37,559 shares of the asset manager's stock, valued at approximately $420,000.

Several other institutional investors and hedge funds have also bought and sold shares of PFLT. Cambridge Investment Research Advisors Inc. grew its holdings in shares of PennantPark Floating Rate Capital by 17.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 59,048 shares of the asset manager's stock valued at $661,000 after buying an additional 8,830 shares during the last quarter. Sound Income Strategies LLC grew its holdings in shares of PennantPark Floating Rate Capital by 8.0% during the first quarter. Sound Income Strategies LLC now owns 3,585,201 shares of the asset manager's stock valued at $40,118,000 after buying an additional 265,162 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of PennantPark Floating Rate Capital during the fourth quarter valued at $283,000. Janney Montgomery Scott LLC grew 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 buying an additional 2,579 shares during the last quarter. Finally, LPL Financial LLC grew its holdings in shares of PennantPark Floating Rate Capital by 20.4% during the fourth quarter. LPL Financial LLC now owns 432,287 shares of the asset manager's stock valued at $4,725,000 after buying an additional 73,365 shares during the last quarter. 19.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at PennantPark Floating Rate Capital

In other PennantPark Floating Rate Capital news, Director Jose A. Briones acquired 9,840 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The stock was bought at an average price of $10.15 per share, with a total value of $99,876.00. Following the purchase, the director owned 329,438 shares in the company, valued at approximately $3,343,795.70. The trade was a 3.08% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PFLT shares. Maxim Group set a $11.50 price objective on shares of PennantPark Floating Rate Capital and gave the company a "buy" rating in a report on Wednesday, May 14th. Citigroup restated an "outperform" rating on shares of PennantPark Floating Rate Capital in a research report on Tuesday, June 24th. UBS Group boosted their target price on shares of PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital from a "neutral" rating to a "buy" rating and set a $10.50 target price for the company in a research report on Tuesday, May 13th. Finally, Truist Financial decreased their target price on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $10.96.

PennantPark Floating Rate Capital Price Performance

Shares of PFLT traded up $0.12 during mid-day trading on Friday, hitting $10.52. 959,300 shares of the company were exchanged, compared to its average volume of 1,125,933. PennantPark Floating Rate Capital Ltd. has a 1-year low of $8.82 and a 1-year high of $11.90. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of 7.51 and a beta of 0.97. 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 50 day moving average of $10.46 and a 200-day moving average of $10.56.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be paid a dividend of $0.1025 per share. This represents a $0.41 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, August 15th. PennantPark Floating Rate Capital's dividend payout ratio is currently 136.67%.

PennantPark Floating Rate Capital 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.