PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Stake Raised by Strategic Financial Concepts LLC

Strategic Financial Concepts LLC boosted its holdings in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 1,151.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 698,506 shares of the asset manager’s stock after acquiring an additional 642,706 shares during the quarter. Strategic Financial Concepts LLC owned about 1.05% of PennantPark Floating Rate Capital worth $81,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PFLT. Private Advisor Group LLC bought a new stake in PennantPark Floating Rate Capital in the fourth quarter worth about $190,000. Cape Investment Advisory Inc. bought a new stake in PennantPark Floating Rate Capital in the fourth quarter worth about $29,000. Capstone Investment Advisors LLC bought a new stake in PennantPark Floating Rate Capital in the fourth quarter worth about $242,000. Prevail Innovative Wealth Advisors LLC raised its holdings in PennantPark Floating Rate Capital by 22.7% during the 4th quarter. Prevail Innovative Wealth Advisors LLC now owns 208,471 shares of the asset manager’s stock worth $2,522,000 after buying an additional 38,626 shares during the period. Finally, Creekmur Asset Management LLC acquired a new stake in PennantPark Floating Rate Capital during the 4th quarter worth about $125,000. 19.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on PFLT. StockNews.com downgraded PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Friday, August 9th. JMP Securities cut their price objective on PennantPark Floating Rate Capital from $12.50 to $12.00 and set a “market outperform” rating on the stock in a report on Tuesday, July 30th. Finally, Maxim Group upgraded PennantPark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a report on Monday, August 12th.

PennantPark Floating Rate Capital Price Performance

Shares of PFLT opened at $11.42 on Wednesday. The company has a market capitalization of $838.09 million, a price-to-earnings ratio of 7.71 and a beta of 1.69. PennantPark Floating Rate Capital Ltd. has a fifty-two week low of $9.69 and a fifty-two week high of $12.63. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.22 and a quick ratio of 0.22. The business’s 50-day moving average is $11.30 and its 200-day moving average is $11.33.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last issued its earnings results on Wednesday, August 7th. The asset manager reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). The business had revenue of $48.51 million during the quarter, compared to analyst estimates of $47.63 million. PennantPark Floating Rate Capital had a net margin of 59.16% and a return on equity of 10.99%. During the same quarter in the prior year, the company earned $0.36 EPS. Equities research analysts expect that PennantPark Floating Rate Capital Ltd. will post 1.28 EPS for the current fiscal year.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 16th will be issued a $0.1025 dividend. The ex-dividend date is Monday, September 16th. This represents a $1.23 dividend on an annualized basis and a dividend yield of 10.78%. PennantPark Floating Rate Capital’s dividend payout ratio is 83.11%.

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.