Scoggin Management LP Invests $16.45 Million in PennantPark Floating Rate Capital Ltd. $PFLT

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

A number of other hedge funds have also recently made changes to their positions in the stock. Magnetar Financial LLC bought a new position in shares of PennantPark Floating Rate Capital in the first quarter worth about $1,481,000. Trexquant Investment LP grew its holdings in PennantPark Floating Rate Capital by 11.5% during the 1st quarter. Trexquant Investment LP now owns 416,710 shares of the asset manager's stock worth $4,663,000 after acquiring an additional 43,097 shares in the last quarter. Entropy Technologies LP grew its holdings in PennantPark Floating Rate Capital by 283.1% during the 1st quarter. Entropy Technologies LP now owns 63,145 shares of the asset manager's stock worth $707,000 after acquiring an additional 46,662 shares in the last quarter. Invesco Ltd. grew its holdings in PennantPark Floating Rate Capital by 8.9% during the 1st quarter. Invesco Ltd. now owns 1,049,808 shares of the asset manager's stock worth $11,747,000 after acquiring an additional 86,099 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in PennantPark Floating Rate Capital during the 1st quarter worth about $978,000. 19.77% of the stock is currently owned by institutional investors.

PennantPark Floating Rate Capital Stock Up 0.7%

Shares of PennantPark Floating Rate Capital stock opened at $10.26 on Monday. The firm's 50 day moving average price is $10.44 and its 200-day moving average price is $10.46. 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 52-week low of $8.82 and a 52-week high of $11.90. The company has a market cap of $1.02 billion, a P/E ratio of 7.33 and a beta of 0.97.

PennantPark Floating Rate Capital Announces Dividend

The company 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 $0.1025 dividend. The ex-dividend date of this dividend 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 payout ratio is presently 146.43%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PFLT. Maxim Group set a $11.50 target price on shares of PennantPark Floating Rate Capital and gave the stock a "buy" rating in a report on Wednesday, May 14th. Wall Street Zen cut shares of PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a report on Tuesday, May 13th. UBS Group increased their target price on shares of PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Truist Financial dropped their target price 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. Finally, Citigroup reiterated an "outperform" rating on shares of PennantPark Floating Rate Capital in a report on Tuesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $10.88.

PennantPark Floating Rate Capital 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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