Cue Financial Group Inc. Cuts Stake in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Cue Financial Group Inc. reduced its stake in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 0.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 155,072 shares of the asset manager’s stock after selling 544 shares during the period. PennantPark Floating Rate Capital comprises about 1.6% of Cue Financial Group Inc.’s holdings, making the stock its 9th largest position. Cue Financial Group Inc.’s holdings in PennantPark Floating Rate Capital were worth $2,188,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Muzinich & Co. Inc. raised its position in PennantPark Floating Rate Capital by 95.5% in the first quarter. Muzinich & Co. Inc. now owns 1,083,721 shares of the asset manager’s stock valued at $15,107,000 after buying an additional 529,519 shares during the last quarter. UBS Group AG raised its position in PennantPark Floating Rate Capital by 50.3% in the first quarter. UBS Group AG now owns 806,964 shares of the asset manager’s stock valued at $11,249,000 after buying an additional 270,153 shares during the last quarter. LGT Capital Partners LTD. raised its position in PennantPark Floating Rate Capital by 34.9% in the first quarter. LGT Capital Partners LTD. now owns 580,000 shares of the asset manager’s stock valued at $8,085,000 after buying an additional 150,000 shares during the last quarter. Ares Management LLC raised its position in PennantPark Floating Rate Capital by 6.6% in the first quarter. Ares Management LLC now owns 426,268 shares of the asset manager’s stock valued at $5,942,000 after buying an additional 26,500 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its position in PennantPark Floating Rate Capital by 33.4% in the first quarter. Janney Montgomery Scott LLC now owns 416,835 shares of the asset manager’s stock valued at $5,811,000 after buying an additional 104,371 shares during the last quarter. 34.44% of the stock is owned by hedge funds and other institutional investors.

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) opened at 13.96 on Friday. The company’s 50-day moving average price is $14.23 and its 200 day moving average price is $13.97. PennantPark Floating Rate Capital Ltd. has a 12 month low of $12.21 and a 12 month high of $14.45.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings results on Tuesday, August 8th. The asset manager reported $0.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.28 by $0.03. The business had revenue of $15.19 million for the quarter, compared to analysts’ expectations of $15.17 million. PennantPark Floating Rate Capital had a return on equity of 7.26% and a net margin of 73.28%. Equities research analysts predict that PennantPark Floating Rate Capital Ltd. will post $1.14 EPS for the current year.

The firm also recently declared a monthly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be issued a dividend of $0.095 per share. This represents a $1.14 dividend on an annualized basis and a yield of 8.17%. The ex-dividend date is Wednesday, August 16th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is 78.08%.

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PFLT has been the subject of several recent research reports. Maxim Group reissued a “buy” rating and issued a $14.75 price target on shares of PennantPark Floating Rate Capital in a research report on Wednesday. Zacks Investment Research raised PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research report on Friday, May 12th. Keefe, Bruyette & Woods raised PennantPark Floating Rate Capital from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $15.00 to $15.50 in a research report on Wednesday, May 10th. Ladenburg Thalmann Financial Services raised PennantPark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $14.75 price target for the company in a research report on Thursday, May 11th. Finally, BidaskClub lowered PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. PennantPark Floating Rate Capital has a consensus rating of “Hold” and a consensus target price of $14.83.

About PennantPark Floating Rate Capital

PennantPark Floating Rate Capital Ltd. is a business development company. The Company is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate loans and other investments made to the United States middle-market companies.

Institutional Ownership by Quarter for PennantPark Floating Rate Capital (NASDAQ:PFLT)

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