1,469,691 Shares in PennantPark Floating Rate Capital Ltd. $PFLT Acquired by Scoggin Management LP

Key Points

• Scoggin Management LP has invested approximately $16.45 million in PennantPark Floating Rate Capital Ltd., acquiring 1,469,691 shares, which now represents 4.6% of their investment portfolio.
• Prior to this investment, other hedge funds, including Magnetar Financial LLC and Trexquant Investment LP, have also increased their stakes in PennantPark Floating Rate Capital, reflecting growing institutional interest.
• PennantPark Floating Rate Capital has declared a quarterly dividend of $0.1025, set to be paid on September 2nd, which results in an annualized yield of 4.0% despite a payout ratio of 146.43%.

Scoggin Management LP acquired a new stake in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,469,691 shares of the asset manager's stock, valued at approximately $16,446,000. PennantPark Floating Rate Capital comprises approximately 4.6% of Scoggin Management LP's portfolio, making the stock its 5th largest position. Scoggin Management LP owned 1.67% of PennantPark Floating Rate Capital as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. grew its stake in PennantPark Floating Rate Capital by 17.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 59,048 shares of the asset manager's stock valued at $661,000 after acquiring an additional 8,830 shares during the last quarter. Sound Income Strategies LLC grew its stake in PennantPark Floating Rate Capital by 8.0% in the 1st quarter. Sound Income Strategies LLC now owns 3,585,201 shares of the asset manager's stock valued at $40,118,000 after acquiring an additional 265,162 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in PennantPark Floating Rate Capital by 6.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 43,716 shares of the asset manager's stock valued at $489,000 after acquiring an additional 2,579 shares during the last quarter. Bank of America Corp DE grew its stake in PennantPark Floating Rate Capital by 14.6% in 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. Finally, D. E. Shaw & Co. Inc. grew its stake in PennantPark Floating Rate Capital by 199.2% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 30,558 shares of the asset manager's stock valued at $334,000 after acquiring an additional 20,345 shares during the last quarter. 19.77% of the stock is owned by institutional investors and hedge funds.

PennantPark Floating Rate Capital Trading Down 0.3%

Shares of PennantPark Floating Rate Capital stock traded down $0.04 during mid-day trading on Friday, hitting $10.25. 690,780 shares of the stock were exchanged, compared to its average volume of 1,098,438. PennantPark Floating Rate Capital Ltd. has a twelve month low of $8.82 and a twelve month high of $11.90. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 7.32 and a beta of 0.98. The company has a 50-day simple moving average of $10.44 and a 200 day simple moving average of $10.43. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57.

PennantPark Floating Rate Capital Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a $0.1025 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a c) annualized dividend and a dividend yield of 12.0%. PennantPark Floating Rate Capital's dividend payout ratio (DPR) is currently 146.43%.

Analyst Ratings Changes

A number of brokerages recently commented on PFLT. 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. Citigroup reaffirmed an "outperform" rating on shares of PennantPark Floating Rate Capital in a research note on Tuesday, June 24th. LADENBURG THALM/SH SH raised shares of PennantPark Floating Rate Capital to a "strong-buy" rating in a research note on Wednesday, August 13th. UBS Group raised their price target on shares of PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Finally, Truist Financial decreased their price target on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $10.88.

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.