TrueMark Investments LLC Acquires 273,448 Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

TrueMark Investments LLC lifted its holdings in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) by 735.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 310,616 shares of the asset manager's stock after purchasing 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 SEC filing.

Several other hedge funds also recently modified their holdings of the business. NewEdge Wealth LLC increased its stake in shares of PennantPark Floating Rate Capital by 0.6% during the 4th quarter. NewEdge Wealth LLC now owns 288,372 shares of the asset manager's stock worth $3,152,000 after purchasing an additional 1,700 shares during the last quarter. Bank of America Corp DE grew its stake in PennantPark Floating Rate Capital by 14.6% in the 4th quarter. Bank of America Corp DE now owns 14,880 shares of the asset manager's stock valued at $163,000 after buying an additional 1,891 shares during the last quarter. Legal & General Group Plc grew its stake in 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 buying an additional 2,081 shares during the last quarter. Tidal Investments LLC grew its stake in PennantPark Floating Rate Capital by 2.3% in the 4th quarter. Tidal Investments LLC now owns 103,334 shares of the asset manager's stock valued at $1,129,000 after buying an additional 2,322 shares during the last quarter. Finally, Quarry LP grew 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 valued at $40,000 after buying an additional 2,408 shares during the last quarter. Institutional investors and hedge funds own 19.77% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PFLT. LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital from a "neutral" rating to a "buy" rating and set a $10.50 target price on the stock in a research note on Tuesday, May 13th. Citigroup reiterated an "outperform" rating on shares of PennantPark Floating Rate Capital in a research note on Tuesday. JMP Securities lowered their target price on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "market outperform" rating on the stock in a research note on Tuesday. Wall Street Zen lowered shares of PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a research note on Tuesday, May 13th. Finally, Maxim Group set a $11.50 target price on shares of PennantPark Floating Rate Capital and gave the company a "buy" rating in a research note on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $10.92.

Insiders Place Their Bets

In related news, Director Jose A. Briones purchased 9,840 shares of the firm's stock in a transaction on Wednesday, May 14th. The shares were bought at an average cost of $10.15 per share, for a total transaction of $99,876.00. Following the transaction, the director now directly owns 329,438 shares of the company's stock, valued at approximately $3,343,795.70. This trade represents a 3.08% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.00% of the company's stock.

PennantPark Floating Rate Capital Stock Performance

NASDAQ PFLT traded up $0.09 during midday trading on Thursday, hitting $10.27. The company had a trading volume of 1,266,050 shares, compared to its average volume of 1,019,813. 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 cap of $1.02 billion, a price-to-earnings ratio of 7.33 and a beta of 0.96. The firm has a fifty day simple moving average of $10.16 and a two-hundred day simple moving average of $10.64. PennantPark Floating Rate Capital Ltd. has a fifty-two week low of $8.82 and a fifty-two week high of $12.02.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently declared 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. The ex-dividend date is Monday, June 16th. This represents a $1.23 annualized dividend and a yield of 11.98%. PennantPark Floating Rate Capital's dividend payout ratio is 136.67%.

PennantPark Floating Rate Capital Company 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.