PennantPark Floating Rate Capital Ltd. $PFLT Stock Position Lessened by Virtus Investment Advisers LLC

Virtus Investment Advisers LLC trimmed its holdings in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 10.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 88,549 shares of the asset manager’s stock after selling 10,506 shares during the period. Virtus Investment Advisers LLC owned approximately 0.09% of PennantPark Floating Rate Capital worth $915,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of PFLT. Northwestern Mutual Wealth Management Co. acquired a new position in PennantPark Floating Rate Capital during the 2nd quarter valued at about $41,000. CreativeOne Wealth LLC bought a new stake in PennantPark Floating Rate Capital during the second quarter worth approximately $124,000. Legal & General Group Plc raised its holdings in PennantPark Floating Rate Capital by 4.2% during the second quarter. Legal & General Group Plc now owns 578,019 shares of the asset manager’s stock worth $5,974,000 after purchasing an additional 23,301 shares in the last quarter. Synergy Investment Management LLC lifted its position in PennantPark Floating Rate Capital by 10.4% in the second quarter. Synergy Investment Management LLC now owns 25,011 shares of the asset manager’s stock worth $258,000 after purchasing an additional 2,360 shares during the period. Finally, Cetera Investment Advisers boosted its stake in PennantPark Floating Rate Capital by 2.1% during the 2nd quarter. Cetera Investment Advisers now owns 63,704 shares of the asset manager’s stock valued at $658,000 after purchasing an additional 1,329 shares in the last quarter. Institutional investors and hedge funds own 19.77% of the company’s stock.

PennantPark Floating Rate Capital Trading Up 0.9%

Shares of PFLT opened at $9.19 on Friday. The business’s 50-day moving average price is $9.02 and its 200 day moving average price is $9.87. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $911.81 million, a P/E ratio of 6.56 and a beta of 0.96. PennantPark Floating Rate Capital Ltd. has a 1-year low of $8.40 and a 1-year high of $11.50.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be given a $0.1025 dividend. This represents a c) annualized dividend and a dividend yield of 13.4%. The ex-dividend date is Monday, November 17th. PennantPark Floating Rate Capital’s dividend payout ratio is 168.49%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PFLT shares. UBS Group dropped their price objective on PennantPark Floating Rate Capital from $10.50 to $9.50 and set a “neutral” rating on the stock in a research note on Tuesday, October 14th. JMP Securities reiterated a “market outperform” rating and issued a $11.00 price target on shares of PennantPark Floating Rate Capital in a research report on Wednesday, September 3rd. 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, 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 on the stock in a research note on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, PennantPark Floating Rate Capital currently has an average rating of “Moderate Buy” and a consensus price target of $10.67.

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.