TrueMark Investments LLC boosted its stake in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) by 735.7% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 310,616 shares of the asset manager's stock after buying an additional 273,448 shares during the quarter. TrueMark Investments LLC owned approximately 0.35% of PennantPark Floating Rate Capital worth $3,476,000 as of its most recent filing with the SEC.
A number of other large investors have also recently bought and sold shares of the stock. Quarry LP lifted its stake in shares of PennantPark Floating Rate Capital by 190.2% during the 4th quarter. Quarry LP now owns 3,674 shares of the asset manager's stock worth $40,000 after purchasing an additional 2,408 shares during the period. Mpwm Advisory Solutions LLC acquired a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter worth approximately $55,000. Investment Partners LTD. acquired a new position in PennantPark Floating Rate Capital during the fourth quarter worth approximately $109,000. Sigma Planning Corp acquired a new position in shares of PennantPark Floating Rate Capital in the 4th quarter valued at $119,000. Finally, Miracle Mile Advisors LLC acquired a new position in shares of PennantPark Floating Rate Capital in the 1st quarter valued at $124,000. Institutional investors and hedge funds own 19.77% of the company's stock.
Analysts Set New Price Targets
A number of research firms have recently commented on PFLT. Maxim Group set a $11.50 price objective on PennantPark Floating Rate Capital and gave the stock a "buy" rating in a report on Wednesday, May 14th. Truist Financial dropped 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 report on Wednesday, May 14th. 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 report on Tuesday, May 13th. UBS Group decreased their target price on 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. Finally, Wall Street Zen lowered PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a research report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $10.92.
Get Our Latest Analysis on PennantPark Floating Rate Capital
Insider Activity
In other news, Director Jose A. Briones purchased 9,840 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was purchased at an average cost of $10.15 per share, with a total value of $99,876.00. Following the purchase, the director now owns 329,438 shares in the company, valued at $3,343,795.70. This trade represents a 3.08% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.00% of the company's stock.
PennantPark Floating Rate Capital Stock Performance
NASDAQ:PFLT traded up $0.03 during trading hours on Tuesday, reaching $10.16. 789,433 shares of the stock were exchanged, compared to its average volume of 1,016,654. 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 quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $1.01 billion, a P/E ratio of 7.26 and a beta of 0.96. The firm has a 50 day simple moving average of $10.14 and a 200-day simple moving average of $10.65.
PennantPark Floating Rate Capital Announces Dividend
The business also recently announced a monthly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be given a $0.1025 dividend. This represents a $1.23 annualized dividend and a yield of 12.11%. The ex-dividend date of this dividend is Monday, June 16th. PennantPark Floating Rate Capital's dividend payout ratio is presently 136.67%.
PennantPark Floating Rate Capital Company Profile
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Free Report)
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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