Wedbush Securities Inc. Purchases 6,673 Shares of PennantPark Floating Rate Capital Ltd. $PFLT

Wedbush Securities Inc. boosted its position in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 5.0% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 139,202 shares of the asset manager’s stock after purchasing an additional 6,673 shares during the period. Wedbush Securities Inc.’s holdings in PennantPark Floating Rate Capital were worth $1,438,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. CWM LLC bought a new stake in PennantPark Floating Rate Capital in the second quarter valued at approximately $49,000. Golden State Wealth Management LLC acquired a new position in shares of PennantPark Floating Rate Capital during the 2nd quarter worth approximately $101,000. M&T Bank Corp acquired a new position in shares of PennantPark Floating Rate Capital during the 1st quarter worth approximately $245,000. Envestnet Asset Management Inc. bought a new stake in PennantPark Floating Rate Capital in the 1st quarter valued at $420,000. Finally, Cetera Investment Advisers raised its stake in PennantPark Floating Rate Capital by 94.5% in the 1st quarter. Cetera Investment Advisers now owns 62,375 shares of the asset manager’s stock valued at $698,000 after acquiring an additional 30,313 shares during the period. Institutional investors and hedge funds own 19.77% of the company’s stock.

Wall Street Analyst Weigh In

PFLT has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods raised shares of PennantPark Floating Rate Capital from a “market perform” rating to an “outperform” rating and set a $10.50 price objective for the company in a research report on Monday, October 6th. UBS Group cut their target price on shares of PennantPark Floating Rate Capital from $10.50 to $9.50 and set a “neutral” rating for the company in a research note on Tuesday, October 14th. JMP Securities reaffirmed a “market outperform” rating and set a $11.00 target price on shares of PennantPark Floating Rate Capital in a report on Wednesday, September 3rd. Finally, LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital to a “strong-buy” rating in a research note on Wednesday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $10.67.

PennantPark Floating Rate Capital Stock Up 1.5%

PFLT opened at $9.26 on Monday. The stock has a fifty day moving average of $9.31 and a 200-day moving average of $9.97. The company has a market capitalization of $918.26 million, a P/E ratio of 6.61 and a beta of 0.96. PennantPark Floating Rate Capital Ltd. has a fifty-two week low of $8.40 and a fifty-two week high of $11.50. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be given a dividend of $0.1025 per share. This represents a c) dividend on an annualized basis and a dividend yield of 13.3%. The ex-dividend date is Monday, November 17th. PennantPark Floating Rate Capital’s dividend 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.