Entropy Technologies LP Acquires 46,662 Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

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 raised its position in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) by 283.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 63,145 shares of the asset manager's stock after purchasing an additional 46,662 shares during the quarter. Entropy Technologies LP owned 0.07% of PennantPark Floating Rate Capital worth $707,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Synergy Investment Management LLC boosted its holdings in shares of 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 valued at $253,000 after acquiring an additional 1,856 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of 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 valued at $163,000 after acquiring an additional 1,891 shares during the last quarter. Graypoint LLC boosted its holdings in shares of PennantPark Floating Rate Capital by 2.8% during the 1st quarter. Graypoint LLC now owns 73,134 shares of the asset manager's stock valued at $818,000 after acquiring an additional 1,978 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of PennantPark Floating Rate Capital by 0.4% during the 4th quarter. Legal & General Group Plc now owns 486,044 shares of the asset manager's stock valued at $5,315,000 after acquiring an additional 2,081 shares during the last quarter. Finally, Tidal Investments LLC boosted its holdings in shares of PennantPark Floating Rate Capital by 2.3% during the 4th quarter. Tidal Investments LLC now owns 103,334 shares of the asset manager's stock valued at $1,129,000 after acquiring an additional 2,322 shares during the last quarter. 19.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PFLT has been the topic of a number of research reports. LADENBURG THALM/SH SH raised shares of PennantPark Floating Rate Capital to a "strong-buy" rating in a report on Wednesday. Citigroup reissued an "outperform" rating on shares of PennantPark Floating Rate Capital in a report on Tuesday, June 24th. Truist Financial dropped 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 report on Wednesday, May 14th. Wall Street Zen downgraded shares of PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a report on Tuesday, May 13th. Finally, Keefe, Bruyette & Woods dropped 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 report on Wednesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, PennantPark Floating Rate Capital currently has an average rating of "Moderate Buy" and an average price target of $10.88.

PennantPark Floating Rate Capital Price Performance

NASDAQ:PFLT traded down $0.22 during trading hours on Friday, hitting $10.23. 916,505 shares of the stock traded hands, compared to its average volume of 1,126,675. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57. PennantPark Floating Rate Capital Ltd. has a 1 year low of $8.82 and a 1 year high of $11.90. The company has a market cap of $1.02 billion, a price-to-earnings ratio of 7.31 and a beta of 0.97. The stock has a 50 day moving average price of $10.48 and a 200 day moving average price of $10.53.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th will be given a dividend of $0.1025 per share. The ex-dividend date is Friday, August 15th. This represents a $0.41 annualized dividend and a dividend yield of 4.0%. PennantPark Floating Rate Capital's dividend payout ratio (DPR) is presently 146.43%.

About PennantPark Floating Rate Capital

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.