33,511 Shares in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Bought by Sovran Advisors LLC

Sovran Advisors LLC purchased a new stake in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 33,511 shares of the asset manager's stock, valued at approximately $375,000.

Several other institutional investors have also bought and sold shares of the stock. TrueMark Investments LLC lifted its holdings in shares of PennantPark Floating Rate Capital by 735.7% during the first quarter. TrueMark Investments LLC now owns 310,616 shares of the asset manager's stock valued at $3,476,000 after acquiring an additional 273,448 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in shares of PennantPark Floating Rate Capital by 17.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 59,048 shares of the asset manager's stock worth $661,000 after purchasing an additional 8,830 shares in the last quarter. PFG Investments LLC lifted its holdings in PennantPark Floating Rate Capital by 5.0% during the 1st quarter. PFG Investments LLC now owns 112,590 shares of the asset manager's stock valued at $1,260,000 after purchasing an additional 5,410 shares during the last quarter. Cornerstone Wealth Management LLC acquired a new position in PennantPark Floating Rate Capital in the first quarter valued at about $825,000. Finally, Janney Montgomery Scott LLC boosted its position in PennantPark Floating Rate Capital by 6.3% in the first quarter. Janney Montgomery Scott LLC now owns 43,716 shares of the asset manager's stock valued at $489,000 after buying an additional 2,579 shares in the last quarter. Institutional investors and hedge funds own 19.77% of the company's stock.

PennantPark Floating Rate Capital Trading Up 0.7%

PFLT traded up $0.08 during mid-day trading on Thursday, reaching $10.54. The stock had a trading volume of 462,878 shares, compared to its average volume of 1,019,802. The firm's fifty day simple moving average is $10.22 and its two-hundred day simple moving average is $10.63. The stock has a market capitalization of $1.05 billion, a P/E ratio of 7.53 and a beta of 0.96. PennantPark Floating Rate Capital Ltd. has a 52 week low of $8.82 and a 52 week high of $12.02. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently declared a monthly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th were given a dividend of $0.1025 per share. This represents a $1.23 annualized dividend and a dividend yield of 11.68%. The ex-dividend date of this dividend was Monday, June 16th. PennantPark Floating Rate Capital's dividend payout ratio is 136.67%.

Insider Buying and Selling at PennantPark Floating Rate Capital

In other PennantPark Floating Rate Capital news, Director Jose A. Briones acquired 9,840 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The shares were acquired at an average cost of $10.15 per share, for a total transaction of $99,876.00. Following the completion of the acquisition, the director directly owned 329,438 shares of the company's stock, valued at approximately $3,343,795.70. This represents a 3.08% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PFLT has been the subject of several recent analyst reports. Wall Street Zen lowered shares of PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a report on Tuesday, May 13th. Citigroup reaffirmed an "outperform" rating on shares of PennantPark Floating Rate Capital in a report on Tuesday, June 24th. LADENBURG THALM/SH SH raised PennantPark Floating Rate Capital from a "neutral" rating to a "buy" rating and set a $10.50 price objective on the stock in a research note on Tuesday, May 13th. JMP Securities decreased their target price on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "market outperform" rating on the stock in a report on Tuesday, June 24th. Finally, UBS Group cut their price target on PennantPark Floating Rate Capital from $11.50 to $10.50 and set a "neutral" rating for the company in a report on Thursday, April 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, PennantPark Floating Rate Capital has a consensus rating of "Hold" and an average target price of $10.92.

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.