Envestnet Asset Management Inc. Makes New $420,000 Investment in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Envestnet Asset Management Inc. purchased a new stake in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) during the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 37,559 shares of the asset manager’s stock, valued at approximately $420,000.

Other institutional investors also recently made changes to their positions in the company. Quarry LP lifted its position in PennantPark Floating Rate Capital by 190.2% during the fourth quarter. Quarry LP now owns 3,674 shares of the asset manager’s stock valued at $40,000 after buying an additional 2,408 shares in the last quarter. Mpwm Advisory Solutions LLC acquired a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter worth $55,000. Miracle Mile Advisors LLC purchased a new position in shares of PennantPark Floating Rate Capital in the 1st quarter valued at $124,000. Nebula Research & Development LLC acquired a new position in shares of PennantPark Floating Rate Capital during the 4th quarter valued at $140,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in PennantPark Floating Rate Capital during the 4th quarter worth $140,000. 19.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other PennantPark Floating Rate Capital news, Director Jose A. Briones acquired 9,840 shares of the firm’s stock in a transaction on Wednesday, May 14th. The stock was purchased at an average price of $10.15 per share, with a total value of $99,876.00. Following the completion of the acquisition, the director directly owned 329,438 shares in the company, valued at $3,343,795.70. This trade represents a 3.08% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.00% of the stock is currently owned by corporate insiders.

PennantPark Floating Rate Capital Stock Performance

Shares of PFLT opened at $10.48 on Thursday. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57. The business’s 50 day moving average is $10.45 and its two-hundred day moving average is $10.57. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 7.49 and a beta of 0.97. PennantPark Floating Rate Capital Ltd. has a 52-week low of $8.82 and a 52-week high of $11.90.

PennantPark Floating Rate Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be issued a dividend of $0.1025 per share. This represents a $0.41 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Friday, August 15th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is currently 136.67%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. LADENBURG THALM/SH SH raised PennantPark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $10.50 price objective on the stock in a research report on Tuesday, May 13th. Wall Street Zen downgraded PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Tuesday, May 13th. Citigroup restated an “outperform” rating on shares of PennantPark Floating Rate Capital in a report on Tuesday, June 24th. Truist Financial dropped their price objective on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, May 14th. Finally, JMP Securities reduced their target price on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a “market outperform” rating on the stock in a research report on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, PennantPark Floating Rate Capital currently has an average rating of “Hold” and an average price target of $10.96.

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.