PennantPark Floating Rate Capital Ltd. $PFLT Position Reduced by NewEdge Wealth LLC

NewEdge Wealth LLC reduced its position in PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) by 36.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 171,744 shares of the company’s stock after selling 99,402 shares during the period. NewEdge Wealth LLC’s holdings in PennantPark Floating Rate Capital were worth $1,592,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. International Assets Investment Management LLC purchased a new stake in shares of PennantPark Floating Rate Capital in the 4th quarter valued at approximately $33,000. Quarry LP acquired a new stake in PennantPark Floating Rate Capital during the 3rd quarter valued at $36,000. State of Alaska Department of Revenue acquired a new stake in PennantPark Floating Rate Capital during the 3rd quarter valued at $41,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of PennantPark Floating Rate Capital in the second quarter valued at $41,000. Finally, Global Retirement Partners LLC lifted its holdings in shares of PennantPark Floating Rate Capital by 32.1% in the third quarter. Global Retirement Partners LLC now owns 5,188 shares of the company’s stock valued at $46,000 after purchasing an additional 1,260 shares in the last quarter. Institutional investors and hedge funds own 19.77% of the company’s stock.

PennantPark Floating Rate Capital Stock Performance

Shares of PFLT opened at $8.65 on Thursday. The firm has a market cap of $857.76 million, a price-to-earnings ratio of 13.94 and a beta of 0.78. The company’s fifty day moving average is $8.43 and its 200-day moving average is $8.91. The company has a quick ratio of 0.15, a current ratio of 0.18 and a debt-to-equity ratio of 0.92. PennantPark Floating Rate Capital Ltd. has a 12 month low of $7.68 and a 12 month high of $10.88.

PennantPark Floating Rate Capital (NYSE:PFLT) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.01). The business had revenue of $44.81 million during the quarter. PennantPark Floating Rate Capital had a net margin of 23.08% and a return on equity of 9.95%. Equities analysts expect that PennantPark Floating Rate Capital Ltd. will post 1.09 EPS for the current fiscal year.

PennantPark Floating Rate Capital Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be paid a dividend of $0.1025 per share. This represents a c) annualized dividend and a dividend yield of 14.2%. The ex-dividend date is Friday, May 15th. PennantPark Floating Rate Capital’s dividend payout ratio is 198.39%.

Insider Transactions at PennantPark Floating Rate Capital

In related news, Director Jose A. Briones acquired 5,895 shares of the stock in a transaction dated Thursday, February 19th. The shares were acquired at an average price of $8.48 per share, with a total value of $49,989.60. Following the acquisition, the director owned 342,313 shares in the company, valued at approximately $2,902,814.24. The trade was a 1.75% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Richard T. Allorto, Jr. acquired 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was bought at an average cost of $8.15 per share, for a total transaction of $122,250.00. Following the completion of the purchase, the chief financial officer directly owned 25,000 shares in the company, valued at $203,750. This represents a 150.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have bought 26,665 shares of company stock worth $222,266. 1.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on PFLT shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a report on Friday, May 8th. Citizens Jmp reduced their price objective on PennantPark Floating Rate Capital from $11.00 to $10.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 22nd. Maxim Group set a $10.50 price objective on PennantPark Floating Rate Capital in a research report on Wednesday, February 11th. Wall Street Zen raised PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th. Finally, Keefe, Bruyette & Woods dropped their target price on PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating on the stock in a report on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $10.00.

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. 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.