Sound Income Strategies LLC Has $40.12 Million Stock Holdings in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Sound Income Strategies LLC grew its position in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) by 8.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,585,201 shares of the asset manager's stock after acquiring an additional 265,162 shares during the quarter. PennantPark Floating Rate Capital accounts for 2.4% of Sound Income Strategies LLC's holdings, making the stock its 8th biggest position. Sound Income Strategies LLC owned approximately 4.08% of PennantPark Floating Rate Capital worth $40,118,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. NewEdge Wealth LLC grew its position in PennantPark Floating Rate Capital by 0.6% in the fourth quarter. NewEdge Wealth LLC now owns 288,372 shares of the asset manager's stock valued at $3,152,000 after purchasing an additional 1,700 shares in the last quarter. Bank of America Corp DE boosted its stake 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 worth $163,000 after buying an additional 1,891 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of PennantPark Floating Rate Capital by 0.4% in 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 in the last quarter. Tidal Investments LLC increased its position in shares of PennantPark Floating Rate Capital by 2.3% in the fourth 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. Finally, Quarry LP raised its holdings in PennantPark Floating Rate Capital by 190.2% during the fourth quarter. Quarry LP now owns 3,674 shares of the asset manager's stock worth $40,000 after acquiring an additional 2,408 shares in the last quarter. 19.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Wall Street Zen downgraded shares of PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a research report on Tuesday, May 13th. Truist Financial reduced their target price on 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. Maxim Group set a $11.50 price objective on PennantPark Floating Rate Capital and gave the stock a "buy" rating in a research report on Wednesday, May 14th. LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital from a "neutral" rating to a "buy" rating and set a $10.50 price target on the stock in a report on Tuesday, May 13th. Finally, Keefe, Bruyette & Woods cut their price objective on PennantPark Floating Rate Capital from $11.50 to $11.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $11.08.

Insider Buying and Selling

In other PennantPark Floating Rate Capital news, Director Jose A. Briones bought 9,840 shares of PennantPark Floating Rate Capital stock in a transaction that occurred on Wednesday, May 14th. The stock was acquired at an average cost of $10.15 per share, for a total transaction of $99,876.00. Following the completion of the transaction, the director now directly owns 329,438 shares in the company, valued at $3,343,795.70. This represents a 3.08% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 1.00% of the stock is currently owned by insiders.

PennantPark Floating Rate Capital Stock Up 1.3%

NASDAQ PFLT traded up $0.14 on Wednesday, reaching $10.39. The company had a trading volume of 882,825 shares, compared to its average volume of 1,017,021. The company's fifty day moving average is $10.07 and its 200 day moving average is $10.68. The stock has a market capitalization of $1.03 billion, a P/E ratio of 7.42 and a beta of 0.96. 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 $12.02.

PennantPark Floating Rate Capital Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 16th will be issued a dividend of $0.1025 per share. The ex-dividend date is Monday, June 16th. This represents a $1.23 dividend on an annualized basis and a yield of 11.84%. PennantPark Floating Rate Capital's dividend payout ratio (DPR) is presently 136.67%.

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.