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

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

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quarry LP boosted its holdings 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 buying an additional 2,408 shares during the period. Mpwm Advisory Solutions LLC purchased a new stake in shares of PennantPark Floating Rate Capital during the fourth quarter worth about $55,000. Investment Partners LTD. bought a new stake in PennantPark Floating Rate Capital during the 4th quarter valued at approximately $109,000. Miracle Mile Advisors LLC purchased a new position in PennantPark Floating Rate Capital in the 1st quarter worth approximately $124,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in PennantPark Floating Rate Capital in the 4th quarter worth approximately $140,000. Institutional investors own 19.77% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on PFLT shares. UBS Group dropped their target price on shares of PennantPark Floating Rate Capital from $11.50 to $10.50 and set a "neutral" rating for the company in a research report on Thursday, April 17th. JMP Securities cut their price objective on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "market outperform" rating for the company in a research 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 target price on the stock in a report on Tuesday, May 13th. Keefe, Bruyette & Woods dropped their price target on PennantPark Floating Rate Capital from $11.50 to $11.00 and set a "market perform" rating for the company in a research note on Tuesday, April 8th. Finally, Maxim Group set a $11.50 price target on PennantPark Floating Rate Capital and gave the company a "buy" rating in a report on Wednesday, May 14th. 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, PennantPark Floating Rate Capital presently has a consensus rating of "Hold" and an average price target of $10.92.

PennantPark Floating Rate Capital Trading Up 0.7%

Shares of PFLT traded up $0.08 during midday trading on Friday, hitting $10.54. The stock had a trading volume of 465,101 shares, compared to its average volume of 1,022,258. The stock's 50 day moving average is $10.23 and its 200 day moving average is $10.62. The firm has a market cap of $1.05 billion, a PE ratio of 7.53 and a beta of 0.96. 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 1 year low of $8.82 and a 1 year high of $12.02.

PennantPark Floating Rate Capital Announces Dividend

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

Insider Activity

In other PennantPark Floating Rate Capital news, Director Jose A. Briones purchased 9,840 shares of PennantPark Floating Rate Capital stock in a transaction dated Wednesday, May 14th. The shares were purchased 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 owned 329,438 shares in the company, valued at $3,343,795.70. This represents a 3.08% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.00% of the stock is owned by company insiders.

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.