PennantPark Floating Rate Capital Ltd. $PFLT Shares Bought by Northwestern Mutual Wealth Management Co.

Key Points

• Northwestern Mutual Wealth Management massively increased its stake in PennantPark Floating Rate Capital in Q4, buying an additional 181,546 shares and boosting its holdings by 4,538.7% to 185,546 shares.
• The company reported Q1 earnings of $0.27 per share, narrowly missing analyst estimates of $0.28, while revenue came in at $44.81 million.
• PFLT declared a monthly dividend of $0.1025 per share, implying an annualized yield of about 15.0%, though the payout ratio is very high at 198.39%.

Northwestern Mutual Wealth Management Co. increased its position in PennantPark Floating Rate Capital Ltd. (NYSE:PFLT - Free Report) by 4,538.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 185,546 shares of the company's stock after purchasing an additional 181,546 shares during the quarter. Northwestern Mutual Wealth Management Co. owned 0.19% of PennantPark Floating Rate Capital worth $1,768,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. International Assets Investment Management LLC bought a new position in PennantPark Floating Rate Capital during the 4th quarter valued at $33,000. Quarry LP bought a new position in shares of PennantPark Floating Rate Capital in the 3rd quarter worth about $36,000. BNP Paribas Financial Markets bought a new position in shares of PennantPark Floating Rate Capital in the 2nd quarter worth about $55,000. CWM LLC increased its holdings in shares of PennantPark Floating Rate Capital by 37.4% in the 4th quarter. CWM LLC now owns 7,382 shares of the company's stock worth $68,000 after acquiring an additional 2,011 shares during the period. Finally, Key Capital Management INC acquired a new stake in shares of PennantPark Floating Rate Capital in the 4th quarter worth about $91,000. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

PennantPark Floating Rate Capital Trading Up 0.4%

NYSE:PFLT opened at $8.20 on Thursday. PennantPark Floating Rate Capital Ltd. has a 12 month low of $7.68 and a 12 month high of $10.88. The firm has a market cap of $813.11 million, a price-to-earnings ratio of 13.22 and a beta of 0.78. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 0.92. The company's 50 day moving average is $8.45 and its 200-day moving average is $8.85.

PennantPark Floating Rate Capital (NYSE:PFLT - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.27 EPS for the quarter, missing analysts' consensus estimates of $0.28 by ($0.01). PennantPark Floating Rate Capital had a net margin of 23.08% and a return on equity of 9.95%. The firm had revenue of $44.81 million during the quarter. Equities analysts anticipate that PennantPark Floating Rate Capital Ltd. will post 1.08 EPS for the current year.

PennantPark Floating Rate Capital Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 15th will be issued a $0.1025 dividend. The ex-dividend date of this dividend is Friday, May 15th. This represents a c) dividend on an annualized basis and a yield of 15.0%. PennantPark Floating Rate Capital's dividend payout ratio is 198.39%.

Insiders Place Their Bets

In other PennantPark Floating Rate Capital news, Director Jose A. Briones purchased 5,770 shares of the stock in a transaction on Tuesday, May 12th. The shares were purchased at an average price of $8.67 per share, with a total value of $50,025.90. Following the acquisition, the director directly owned 348,083 shares of the company's stock, valued at $3,017,879.61. This represents a 1.69% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Richard T. Allorto, Jr. purchased 15,000 shares of the stock in a transaction on Wednesday, March 11th. The stock was acquired at an average cost of $8.15 per share, for a total transaction of $122,250.00. Following the acquisition, the chief financial officer directly owned 25,000 shares in the company, valued at approximately $203,750. This trade represents a 150.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 1.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Maxim Group set a $10.50 target price on shares of PennantPark Floating Rate Capital in a research note on Wednesday, February 11th. Citizens Jmp reduced their price objective on shares of PennantPark Floating Rate Capital from $11.00 to $10.00 and set a "market outperform" rating for the company in a research report on Wednesday, April 22nd. Keefe, Bruyette & Woods decreased their target price on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an "outperform" rating for the company in a report on Thursday, February 12th. Zacks Research cut shares of PennantPark Floating Rate Capital from a "hold" rating to a "strong sell" rating in a report on Tuesday, May 12th. Finally, Truist Financial decreased their price target on shares of PennantPark Floating Rate Capital from $10.00 to $9.00 and set a "buy" rating for the company in a report on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $9.80.

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. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.

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