Sovran Advisors LLC Acquires New Shares in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Sovran Advisors LLC bought a new position in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 33,511 shares of the asset manager's stock, valued at approximately $375,000.

A number of other large investors have also recently made changes to their positions in the stock. Quarry LP increased its stake in PennantPark Floating Rate Capital by 190.2% in the 4th quarter. Quarry LP now owns 3,674 shares of the asset manager's stock worth $40,000 after acquiring an additional 2,408 shares during the last quarter. Mpwm Advisory Solutions LLC purchased a new position in shares of PennantPark Floating Rate Capital during the fourth quarter worth about $55,000. Investment Partners LTD. bought a new position in shares of PennantPark Floating Rate Capital in the fourth quarter worth approximately $109,000. Miracle Mile Advisors LLC purchased a new stake in PennantPark Floating Rate Capital in the first quarter valued at approximately $124,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in PennantPark Floating Rate Capital during the fourth quarter valued at approximately $140,000. 19.77% of the stock is owned by institutional investors.

PennantPark Floating Rate Capital Trading Up 0.7%

PFLT stock traded up $0.08 during trading on Friday, reaching $10.54. The company had a trading volume of 465,101 shares, compared to its average volume of 1,022,258. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15. PennantPark Floating Rate Capital Ltd. has a 52 week low of $8.82 and a 52 week high of $12.02. The business has a 50 day moving average of $10.24 and a 200 day moving average of $10.62. The company has a market cap of $1.05 billion, a P/E ratio of 7.53 and a beta of 0.95.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be issued a $0.1025 dividend. This represents a $1.23 dividend on an annualized basis and a yield of 11.68%. The ex-dividend date is Tuesday, July 15th. PennantPark Floating Rate Capital's dividend payout ratio (DPR) is presently 136.67%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PFLT. Keefe, Bruyette & Woods lowered their price objective on shares of PennantPark Floating Rate Capital from $11.50 to $11.00 and set a "market perform" rating for the company in a report on Tuesday, April 8th. Maxim Group set a $11.50 price target on shares of PennantPark Floating Rate Capital and gave the company a "buy" rating in a research report on Wednesday, May 14th. Truist Financial lowered their price objective on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. 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. Finally, Citigroup restated an "outperform" rating on shares of PennantPark Floating Rate Capital in a report on Tuesday, June 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $10.92.

Insiders Place Their Bets

In related news, Director Jose A. Briones acquired 9,840 shares of the stock in a transaction on Wednesday, May 14th. The stock was acquired at an average price of $10.15 per share, for a total transaction of $99,876.00. Following the completion of the purchase, the director owned 329,438 shares of the company's stock, valued at $3,343,795.70. This represents a 3.08% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is currently owned by company insiders.

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.