PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Shares Purchased by Entropy Technologies LP

Key Points

• Entropy Technologies LP significantly increased its stake in PennantPark Floating Rate Capital by 283.1% during the 1st quarter, now holding over 63,000 shares valued at approximately $707,000.
• Wall Street analysts have mixed ratings on the stock, with one analyst downgrading it from "hold" to "sell," resulting in an average rating of "Hold" and a price target of $10.96.
• PennantPark Floating Rate Capital announced a quarterly dividend of $0.1025 per share, reflecting an annualized dividend yield of 4.0% and a high payout ratio of 136.67%.

Entropy Technologies LP increased its position in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) by 283.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,145 shares of the asset manager's stock after acquiring an additional 46,662 shares during the period. Entropy Technologies LP owned about 0.07% of PennantPark Floating Rate Capital worth $707,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Synergy Investment Management LLC lifted its stake in PennantPark Floating Rate Capital by 8.9% during the 1st quarter. Synergy Investment Management LLC now owns 22,651 shares of the asset manager's stock worth $253,000 after acquiring an additional 1,856 shares in the last quarter. Bank of America Corp DE lifted its stake in PennantPark Floating Rate Capital by 14.6% during the 4th quarter. Bank of America Corp DE now owns 14,880 shares of the asset manager's stock worth $163,000 after acquiring an additional 1,891 shares in the last quarter. Graypoint LLC raised its position in PennantPark Floating Rate Capital by 2.8% in the 1st quarter. Graypoint LLC now owns 73,134 shares of the asset manager's stock valued at $818,000 after purchasing an additional 1,978 shares in the last quarter. Legal & General Group Plc raised its position in PennantPark Floating Rate Capital by 0.4% in the 4th quarter. Legal & General Group Plc now owns 486,044 shares of the asset manager's stock valued at $5,315,000 after purchasing an additional 2,081 shares in the last quarter. Finally, Tidal Investments LLC raised its position in PennantPark Floating Rate Capital by 2.3% in the 4th quarter. Tidal Investments LLC now owns 103,334 shares of the asset manager's stock valued at $1,129,000 after purchasing an additional 2,322 shares in the last quarter. Institutional investors and hedge funds own 19.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Wall Street Zen lowered PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a research report on Tuesday, May 13th. JMP Securities reduced their price target on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "market outperform" rating on the stock in a research report on Tuesday, June 24th. Citigroup reaffirmed an "outperform" rating on shares of PennantPark Floating Rate Capital in a research report on Tuesday, June 24th. Maxim Group set a $11.50 price target on PennantPark Floating Rate Capital and gave the company a "buy" rating in a research report on Wednesday, May 14th. Finally, Truist Financial reduced their price target 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $10.96.

PennantPark Floating Rate Capital Trading Down 1.0%

PFLT opened at $10.37 on Wednesday. PennantPark Floating Rate Capital Ltd. has a one year low of $8.82 and a one year high of $11.90. The company has a market cap of $1.03 billion, a P/E ratio of 7.40 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 business's 50-day simple moving average is $10.47 and its 200-day simple moving average is $10.54.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th will be issued a $0.1025 dividend. The ex-dividend date is Friday, August 15th. This represents a $0.41 dividend on an annualized basis and a dividend yield of 4.0%. PennantPark Floating Rate Capital's dividend payout ratio is presently 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.

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