Van ECK Associates Corp raised its stake in shares of PennantPark Floating Rate Capital Ltd. (NYSE:PFLT - Free Report) by 37.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,473,706 shares of the company's stock after buying an additional 668,394 shares during the quarter. Van ECK Associates Corp owned about 2.49% of PennantPark Floating Rate Capital worth $18,503,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. acquired a new stake in PennantPark Floating Rate Capital in the second quarter worth $30,000. International Assets Investment Management LLC acquired a new position in shares of PennantPark Floating Rate Capital in the 4th quarter valued at $33,000. Quarry LP acquired a new position in shares of PennantPark Floating Rate Capital in the 3rd quarter valued at $36,000. McIlrath & Eck LLC increased its position in shares of PennantPark Floating Rate Capital by 177.9% in the 1st quarter. McIlrath & Eck LLC now owns 4,689 shares of the company's stock valued at $38,000 after buying an additional 3,002 shares in the last quarter. Finally, Allied Private Wealth LLC bought a new stake in shares of PennantPark Floating Rate Capital in the 2nd quarter valued at $51,000. 19.77% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
PFLT has been the topic of several research analyst reports. Truist Financial dropped their price objective on PennantPark Floating Rate Capital from $10.00 to $9.00 and set a "buy" rating on the stock in a research note on Tuesday, May 19th. Zacks Research upgraded PennantPark Floating Rate Capital from a "strong sell" rating to a "hold" rating in a report on Monday, July 20th. Finally, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of PennantPark Floating Rate Capital in a research report on Wednesday, August 5th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $9.80.
Get Our Latest Report on PFLT
PennantPark Floating Rate Capital Price Performance
PFLT stock opened at $7.39 on Monday. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.19 and a quick ratio of 0.19. The stock has a market capitalization of $733.24 million, a P/E ratio of 14.49 and a beta of 0.76. PennantPark Floating Rate Capital Ltd. has a fifty-two week low of $6.83 and a fifty-two week high of $10.30. The business has a 50-day moving average of $7.26 and a 200-day moving average of $7.97.
PennantPark Floating Rate Capital (NYSE:PFLT - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.27 by ($0.01). PennantPark Floating Rate Capital had a net margin of 18.53% and a return on equity of 10.24%. The firm had revenue of $22.73 million during the quarter. On average, sell-side analysts anticipate that PennantPark Floating Rate Capital Ltd. will post 1.06 earnings per share for the current fiscal year.
PennantPark Floating Rate Capital Cuts Dividend
The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a $0.08 dividend. The ex-dividend date is Friday, August 14th. This represents a c) dividend on an annualized basis and a dividend yield of 13.0%. PennantPark Floating Rate Capital's dividend payout ratio (DPR) is 188.24%.
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. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.
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