LPL Financial LLC Purchases 6,679 Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

LPL Financial LLC lifted its holdings in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 1.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 438,966 shares of the asset manager’s stock after buying an additional 6,679 shares during the quarter. LPL Financial LLC owned approximately 0.50% of PennantPark Floating Rate Capital worth $4,912,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Quarry LP increased its holdings in shares of 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 acquiring an additional 2,408 shares in the last quarter. Mpwm Advisory Solutions LLC purchased a new stake in PennantPark Floating Rate Capital during the 4th quarter valued at about $55,000. Miracle Mile Advisors LLC bought a new stake in PennantPark Floating Rate Capital during the 1st quarter valued at about $124,000. Nebula Research & Development LLC purchased a new position in PennantPark Floating Rate Capital in the fourth quarter worth about $140,000. Finally, Bank of America Corp DE raised its holdings in PennantPark Floating Rate Capital by 14.6% in the fourth quarter. Bank of America Corp DE now owns 14,880 shares of the asset manager’s stock worth $163,000 after buying an additional 1,891 shares during the last quarter. 19.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PFLT has been the topic of a number of recent analyst reports. Maxim Group set a $11.50 price target on shares of PennantPark Floating Rate Capital and gave the company a “buy” rating in a report on Wednesday, May 14th. 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. Truist Financial cut their target price on 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. JMP Securities reduced their target price on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a “market outperform” rating for the company in a report on Tuesday, June 24th. Finally, UBS Group upped their price target on PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the company a “neutral” rating in a report on Wednesday, July 16th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, PennantPark Floating Rate Capital has an average rating of “Hold” and a consensus price target of $10.88.

PennantPark Floating Rate Capital Trading Up 1.4%

Shares of PFLT stock opened at $10.51 on Thursday. PennantPark Floating Rate Capital Ltd. has a 12-month low of $8.82 and a 12-month high of $11.90. 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 firm’s 50 day moving average is $10.48 and its 200 day moving average is $10.54. The stock has a market capitalization of $1.04 billion, a P/E ratio of 7.50 and a beta of 0.97.

PennantPark Floating Rate Capital Dividend Announcement

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

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.