Van ECK Associates Corp Raises Position in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Van ECK Associates Corp raised its holdings in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) by 11.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,021,521 shares of the asset manager's stock after purchasing an additional 107,588 shares during the period. Van ECK Associates Corp owned 1.74% of PennantPark Floating Rate Capital worth $12,361,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of PFLT. International Assets Investment Management LLC grew its stake in PennantPark Floating Rate Capital by 1,110.0% during the fourth quarter. International Assets Investment Management LLC now owns 287,738 shares of the asset manager's stock valued at $3,482,000 after acquiring an additional 263,958 shares in the last quarter. Toroso Investments LLC grew its stake in PennantPark Floating Rate Capital by 6.4% during the third quarter. Toroso Investments LLC now owns 77,596 shares of the asset manager's stock valued at $827,000 after acquiring an additional 4,700 shares in the last quarter. Sound Income Strategies LLC grew its stake in PennantPark Floating Rate Capital by 3.8% during the fourth quarter. Sound Income Strategies LLC now owns 3,246,302 shares of the asset manager's stock valued at $39,280,000 after acquiring an additional 118,587 shares in the last quarter. Graypoint LLC bought a new stake in PennantPark Floating Rate Capital during the third quarter valued at approximately $668,000. Finally, NewEdge Wealth LLC bought a new stake in PennantPark Floating Rate Capital during the fourth quarter valued at approximately $3,741,000. Hedge funds and other institutional investors own 19.77% of the company's stock.

PennantPark Floating Rate Capital Trading Up 0.7 %

Shares of PFLT traded up $0.08 during mid-day trading on Friday, reaching $11.38. The company's stock had a trading volume of 777,532 shares, compared to its average volume of 689,157. The stock has a market cap of $701.35 million, a PE ratio of 10.08 and a beta of 1.66. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.34. PennantPark Floating Rate Capital Ltd. has a 52 week low of $9.69 and a 52 week high of $12.63. The company's fifty day moving average price is $11.32 and its two-hundred day moving average price is $11.30.

PennantPark Floating Rate Capital (NASDAQ:PFLT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 7th. The asset manager reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.31 by $0.02. PennantPark Floating Rate Capital had a net margin of 43.40% and a return on equity of 11.83%. The firm had revenue of $37.97 million during the quarter, compared to analyst estimates of $35.03 million. On average, analysts predict that PennantPark Floating Rate Capital Ltd. will post 1.29 earnings per share for the current fiscal year.

PennantPark Floating Rate Capital Announces Dividend

The company also recently declared a monthly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were issued a dividend of $0.1025 per share. The ex-dividend date of this dividend was Friday, April 12th. This represents a $1.23 dividend on an annualized basis and a yield of 10.81%. PennantPark Floating Rate Capital's dividend payout ratio is currently 109.82%.

Wall Street Analyst Weigh In

Separately, JMP Securities reiterated a "market outperform" rating and set a $12.50 target price on shares of PennantPark Floating Rate Capital in a research report on Tuesday, March 26th.

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.