PennantPark Floating Rate Capital Ltd. $PFLT Shares Sold by Virtu Financial LLC

Key Points

• Virtu Financial LLC significantly cut its holdings in PennantPark Floating Rate Capital, reducing its stake by 81.2% during Q1, resulting in ownership of only 10,519 shares valued at $118,000.
• Several hedge funds increased their positions in PennantPark, with Quarry LP raising its stake by 190.2% in Q4 and others also acquiring new stakes during the same period.
• Research analysts have given mixed ratings on PennantPark, with one analyst issuing a strong-buy rating while others adjusted their price targets downward, leading to an average price target of $10.88.

Virtu Financial LLC decreased its position in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) by 81.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,519 shares of the asset manager's stock after selling 45,558 shares during the period. Virtu Financial LLC's holdings in PennantPark Floating Rate Capital were worth $118,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Entropy Technologies LP grew its holdings in PennantPark Floating Rate Capital by 283.1% in the first quarter. Entropy Technologies LP now owns 63,145 shares of the asset manager's stock worth $707,000 after purchasing an additional 46,662 shares during the last quarter. Invesco Ltd. grew its stake in PennantPark Floating Rate Capital by 8.9% during the 1st quarter. Invesco Ltd. now owns 1,049,808 shares of the asset manager's stock worth $11,747,000 after buying an additional 86,099 shares during the last quarter. XTX Topco Ltd acquired a new position in PennantPark Floating Rate Capital during the 1st quarter valued at about $978,000. LPL Financial LLC increased its position in PennantPark Floating Rate Capital by 1.5% during the 1st quarter. LPL Financial LLC now owns 438,966 shares of the asset manager's stock valued at $4,912,000 after buying an additional 6,679 shares in the last quarter. Finally, Cetera Investment Advisers raised its stake in PennantPark Floating Rate Capital by 94.5% in the first quarter. Cetera Investment Advisers now owns 62,375 shares of the asset manager's stock valued at $698,000 after buying an additional 30,313 shares during the last quarter. 19.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PFLT. Truist Financial dropped their price target on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Wall Street Zen cut shares of PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a research note on Tuesday, May 13th. Maxim Group set a $11.50 target price on shares of PennantPark Floating Rate Capital and gave the stock a "buy" rating in a research report on Wednesday, May 14th. JMP Securities cut their price target 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, June 24th. Finally, UBS Group raised their price target on shares of PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, PennantPark Floating Rate Capital has a consensus rating of "Moderate Buy" and an average target price of $10.88.

PennantPark Floating Rate Capital Stock Performance

PennantPark Floating Rate Capital stock traded down $0.0470 during mid-day trading on Wednesday, hitting $10.1730. The company had a trading volume of 699,614 shares, compared to its average volume of 1,119,658. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of 7.27 and a beta of 0.97. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57. The company's fifty day moving average is $10.47 and its 200-day moving average is $10.52. PennantPark Floating Rate Capital Ltd. has a 12-month low of $8.82 and a 12-month high of $11.90.

PennantPark Floating Rate Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be issued a $0.1025 dividend. This represents a $0.41 annualized dividend and a yield of 4.0%. The ex-dividend date is Friday, August 15th. PennantPark Floating Rate Capital's payout ratio is presently 146.43%.

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.