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

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Quarry LP grew its holdings in shares of PennantPark Floating Rate Capital by 190.2% during the fourth 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 last quarter. Mpwm Advisory Solutions LLC purchased a new position in shares of PennantPark Floating Rate Capital during the fourth quarter worth about $55,000. Miracle Mile Advisors LLC purchased a new position in shares of PennantPark Floating Rate Capital during the first quarter worth about $124,000. Nebula Research & Development LLC purchased a new position in shares of PennantPark Floating Rate Capital during the fourth quarter worth about $140,000. Finally, Bank of America Corp DE grew its holdings in shares of PennantPark Floating Rate Capital by 14.6% during the fourth quarter. Bank of America Corp DE now owns 14,880 shares of the asset manager's stock worth $163,000 after buying an additional 1,891 shares during the last quarter. Hedge funds and other institutional investors own 19.77% of the company's stock.

PennantPark Floating Rate Capital Stock Performance

NASDAQ:PFLT traded up $0.0550 during mid-day trading on Friday, reaching $10.1850. The stock had a trading volume of 277,955 shares, compared to its average volume of 1,110,850. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of 7.28 and a beta of 0.97. PennantPark Floating Rate Capital Ltd. has a twelve month low of $8.82 and a twelve month high of $11.90. The business has a 50 day simple moving average of $10.46 and a 200 day simple moving average of $10.51.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th will be given a dividend of $0.1025 per share. This represents a $0.41 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Friday, August 15th. PennantPark Floating Rate Capital's dividend payout ratio (DPR) is presently 146.43%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on PFLT shares. Wall Street Zen lowered PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a report on Tuesday, May 13th. Citigroup reissued an "outperform" rating on shares of PennantPark Floating Rate Capital in a report on Tuesday, June 24th. Maxim Group set a $11.50 price objective on shares of PennantPark Floating Rate Capital and gave the company a "buy" rating in a research report on Wednesday, May 14th. LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital to a "strong-buy" rating in a research report on Wednesday, August 13th. Finally, UBS Group raised their price objective on shares of PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, PennantPark Floating Rate Capital currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.88.

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.