Invesco Ltd. Has $11.75 Million Holdings in PennantPark Floating Rate Capital Ltd. $PFLT

Key Points

• Invesco Ltd. increased its stake in PennantPark Floating Rate Capital Ltd. by 8.9% in Q1, holding approximately 1.19% of the company, valued at about $11.7 million.
• Multiple institutional investors have significantly boosted their stakes in PennantPark, with some like Balyasny Asset Management increasing their positions by over 57% during the last quarter.
• PennantPark has declared a quarterly dividend of $0.1025 per share, which represents a 4.0% annual yield, despite a high payout ratio of 146.43%.

Invesco Ltd. grew its holdings in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) by 8.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,049,808 shares of the asset manager's stock after buying an additional 86,099 shares during the quarter. Invesco Ltd. owned approximately 1.19% of PennantPark Floating Rate Capital worth $11,747,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. XTX Topco Ltd bought a new stake in PennantPark Floating Rate Capital during the 1st quarter worth about $978,000. LPL Financial LLC lifted its position in PennantPark Floating Rate Capital by 1.5% during the 1st quarter. LPL Financial LLC now owns 438,966 shares of the asset manager's stock worth $4,912,000 after buying an additional 6,679 shares in the last quarter. Cetera Investment Advisers lifted its position in PennantPark Floating Rate Capital by 94.5% during the 1st quarter. Cetera Investment Advisers now owns 62,375 shares of the asset manager's stock worth $698,000 after buying an additional 30,313 shares in the last quarter. Wedbush Securities Inc. lifted its position in PennantPark Floating Rate Capital by 4.0% during the 1st quarter. Wedbush Securities Inc. now owns 132,529 shares of the asset manager's stock worth $1,483,000 after buying an additional 5,037 shares in the last quarter. Finally, PFG Advisors lifted its position in PennantPark Floating Rate Capital by 3.8% during the 1st quarter. PFG Advisors now owns 108,150 shares of the asset manager's stock worth $1,210,000 after buying an additional 4,002 shares in the last quarter. 19.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PFLT has been the topic of several recent analyst reports. LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital to a "strong-buy" rating in a research note on Wednesday, August 13th. Wall Street Zen lowered shares of PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a research note on Tuesday, May 13th. Keefe, Bruyette & Woods lowered their price objective on shares of PennantPark Floating Rate Capital from $11.00 to $10.50 and set a "market perform" rating on the stock in a research note on Wednesday, August 13th. Maxim Group set a $11.50 price objective on shares of PennantPark Floating Rate Capital and gave the stock a "buy" rating in a research note on Wednesday, May 14th. Finally, JMP Securities reduced their target price on shares of 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. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, PennantPark Floating Rate Capital presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.88.

PennantPark Floating Rate Capital Trading Up 0.7%

NASDAQ PFLT traded up $0.08 during trading hours on Friday, reaching $10.26. The company's stock had a trading volume of 768,767 shares, compared to its average volume of 1,105,134. The firm has a fifty day simple moving average of $10.44 and a 200-day simple moving average of $10.47. The stock has a market cap of $1.02 billion, a P/E ratio of 7.33 and a beta of 0.97. PennantPark Floating Rate Capital Ltd. has a 52 week low of $8.82 and a 52 week high of $11.90. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15.

PennantPark Floating Rate Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be given a dividend of $0.1025 per share. This represents a $0.41 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Friday, August 15th. PennantPark Floating Rate Capital's dividend payout ratio is currently 146.43%.

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.