First Foundation Advisors Makes New Investment in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

First Foundation Advisors bought a new position in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 12,393 shares of the asset manager’s stock, valued at approximately $143,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cape Investment Advisory Inc. purchased a new stake in PennantPark Floating Rate Capital in the fourth quarter worth $29,000. Global Retirement Partners LLC increased its stake in PennantPark Floating Rate Capital by 107.8% in the first quarter. Global Retirement Partners LLC now owns 3,259 shares of the asset manager’s stock worth $37,000 after purchasing an additional 1,691 shares during the period. International Assets Investment Management LLC purchased a new stake in PennantPark Floating Rate Capital in the second quarter worth $41,000. UMB Bank n.a. bought a new position in shares of PennantPark Floating Rate Capital during the 2nd quarter worth $63,000. Finally, Catalina Capital Group LLC bought a new position in shares of PennantPark Floating Rate Capital during the 2nd quarter worth $117,000. Hedge funds and other institutional investors own 19.77% of the company’s stock.

Wall Street Analyst Weigh In

PFLT has been the topic of a number of recent research reports. JMP Securities dropped their price target on PennantPark Floating Rate Capital from $12.50 to $12.00 and set a “market outperform” rating on the stock in a research report on Tuesday, July 30th. StockNews.com downgraded PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Finally, Maxim Group raised PennantPark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Monday, August 12th.

PennantPark Floating Rate Capital Price Performance

PFLT opened at $11.42 on Wednesday. PennantPark Floating Rate Capital Ltd. has a 12-month low of $9.69 and a 12-month high of $12.63. The business’s fifty day simple moving average is $11.30 and its 200-day simple moving average is $11.33. The company has a market capitalization of $838.09 million, a price-to-earnings ratio of 7.71 and a beta of 1.69. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.60.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last issued its quarterly earnings data 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). PennantPark Floating Rate Capital had a net margin of 59.16% and a return on equity of 10.99%. The company had revenue of $48.51 million for the quarter, compared to the consensus estimate of $47.63 million. During the same period in the previous year, the business earned $0.36 EPS. On average, equities research analysts anticipate that PennantPark Floating Rate Capital Ltd. will post 1.28 earnings per share for the current fiscal year.

PennantPark Floating Rate Capital Announces Dividend

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

PennantPark Floating Rate Capital 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.