PennantPark Floating Rate Capital Ltd. $PFLT is Sound Income Strategies LLC's 8th Largest Position

Key Points

• Sound Income Strategies LLC increased its stake in PennantPark Floating Rate Capital by 8.9% in Q2, making it their 8th largest position, with a total of 3,904,625 shares valued at about $40.3 million.
• Several institutional investors, including Northern Trust and Bank of America, have also increased their holdings in the company, with institutional ownership now at 19.77%.
• The company recently declared a monthly dividend of $0.1025 per share, effective October 1st, representing a 13.4% yield and a high payout ratio of 146.43%.

Sound Income Strategies LLC boosted its position in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) by 8.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,904,625 shares of the asset manager's stock after acquiring an additional 319,424 shares during the quarter. PennantPark Floating Rate Capital accounts for approximately 2.3% of Sound Income Strategies LLC's investment portfolio, making the stock its 8th biggest position. Sound Income Strategies LLC owned 3.94% of PennantPark Floating Rate Capital worth $40,335,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Northern Trust Corp grew its stake in shares of PennantPark Floating Rate Capital by 16.4% in the fourth quarter. Northern Trust Corp now owns 38,449 shares of the asset manager's stock worth $420,000 after acquiring an additional 5,406 shares in the last quarter. Bank of America Corp DE boosted its holdings in PennantPark Floating Rate Capital by 14.6% in the fourth quarter. Bank of America Corp DE now owns 14,880 shares of the asset manager's stock valued at $163,000 after purchasing an additional 1,891 shares during the period. Miracle Mile Advisors LLC acquired a new position in PennantPark Floating Rate Capital during the 1st quarter worth $124,000. GraniteShares Advisors LLC increased its holdings in PennantPark Floating Rate Capital by 6.5% during the 1st quarter. GraniteShares Advisors LLC now owns 239,300 shares of the asset manager's stock worth $2,678,000 after purchasing an additional 14,500 shares during the period. Finally, Janney Montgomery Scott LLC increased its holdings in PennantPark Floating Rate Capital by 6.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 43,716 shares of the asset manager's stock worth $489,000 after purchasing an additional 2,579 shares during the period. 19.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PFLT shares. Citigroup reiterated an "outperform" rating on shares of PennantPark Floating Rate Capital in a research note on Tuesday, June 24th. Keefe, Bruyette & Woods lowered their target price on shares of PennantPark Floating Rate Capital from $11.00 to $10.50 and set a "market perform" rating for the company in a research note on Wednesday, August 13th. UBS Group raised their price target on PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. LADENBURG THALM/SH SH raised PennantPark Floating Rate Capital to a "strong-buy" rating in a report on Wednesday, August 13th. Finally, JMP Securities reissued a "market outperform" rating and set a $11.00 target price on shares of PennantPark Floating Rate Capital in a research report on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, PennantPark Floating Rate Capital currently has a consensus rating of "Moderate Buy" and a consensus target price of $10.88.

PennantPark Floating Rate Capital Stock Performance

NASDAQ PFLT opened at $9.16 on Monday. The company has a fifty day moving average of $10.19 and a two-hundred day moving average of $10.28. The company has a market capitalization of $909.04 million, a PE ratio of 6.54 and a beta of 0.98. 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 debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a dividend of $0.1025 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a c) annualized dividend and a yield of 13.4%. PennantPark Floating Rate Capital's payout ratio is 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.

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