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

Envestnet Asset Management Inc. purchased a new stake in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 37,559 shares of the asset manager's stock, valued at approximately $420,000.

A number of other institutional investors have also recently bought and sold shares of the company. Quarry LP increased its stake in PennantPark Floating Rate Capital by 190.2% in the 4th quarter. Quarry LP now owns 3,674 shares of the asset manager's stock valued at $40,000 after buying an additional 2,408 shares during the last quarter. Mpwm Advisory Solutions LLC acquired a new stake in PennantPark Floating Rate Capital during the 4th quarter worth approximately $55,000. Miracle Mile Advisors LLC acquired a new position in shares of PennantPark Floating Rate Capital during the 1st quarter worth approximately $124,000. Dynamic Technology Lab Private Ltd acquired a new position in PennantPark Floating Rate Capital during the fourth quarter valued at approximately $140,000. Finally, Nebula Research & Development LLC acquired a new stake in PennantPark Floating Rate Capital in the fourth quarter valued at about $140,000. Institutional investors and hedge funds own 19.77% of the company's stock.

Insiders Place Their Bets

In related news, Director Jose A. Briones bought 9,840 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The stock was bought at an average cost of $10.15 per share, for a total transaction of $99,876.00. Following the acquisition, the director directly owned 329,438 shares of the company's stock, 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 Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on PFLT shares. UBS Group raised their price objective on shares of PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the company a "neutral" rating in a report on Wednesday, July 16th. JMP Securities cut their target price on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "market outperform" rating on the stock in a report on Tuesday, June 24th. Citigroup reissued an "outperform" rating on shares of PennantPark Floating Rate Capital in a research report on Tuesday, June 24th. Maxim Group set a $11.50 target price on PennantPark Floating Rate Capital and gave the company a "buy" rating in a report on Wednesday, May 14th. Finally, Truist Financial lowered their price objective on shares of 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. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has a consensus 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 trading hours on Friday, reaching $10.52. 959,300 shares of the company's stock traded hands, compared to its average volume of 1,125,933. The firm's 50 day simple moving average is $10.46 and its 200-day simple moving average is $10.57. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57. The stock has a market cap of $1.04 billion, a PE ratio of 7.51 and a beta of 0.97. 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. Shareholders 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 3.9%. PennantPark Floating Rate Capital's 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.