Sumitomo Mitsui Trust Group Inc. Grows Position in PennantPark Floating Rate Capital Ltd. $PFLT

Sumitomo Mitsui Trust Group Inc. increased its position in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 57.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 81,236 shares of the asset manager’s stock after purchasing an additional 29,581 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.08% of PennantPark Floating Rate Capital worth $839,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CWM LLC purchased a new stake in shares of PennantPark Floating Rate Capital during the 2nd quarter valued at about $49,000. PFG Investments LLC grew its stake in shares of PennantPark Floating Rate Capital by 5.6% during the second quarter. PFG Investments LLC now owns 118,908 shares of the asset manager’s stock worth $1,228,000 after acquiring an additional 6,318 shares during the last quarter. Sound Income Strategies LLC grew its position in PennantPark Floating Rate Capital by 8.9% during the 2nd quarter. Sound Income Strategies LLC now owns 3,904,625 shares of the asset manager’s stock worth $40,335,000 after purchasing an additional 319,424 shares during the period. GraniteShares Advisors LLC grew its stake in PennantPark Floating Rate Capital by 6.7% in the 2nd quarter. GraniteShares Advisors LLC now owns 255,250 shares of the asset manager’s stock valued at $2,637,000 after acquiring an additional 15,950 shares during the period. Finally, Jane Street Group LLC grew its stake in PennantPark Floating Rate Capital by 692.7% during the 1st quarter. Jane Street Group LLC now owns 319,736 shares of the asset manager’s stock valued at $3,578,000 after acquiring an additional 279,399 shares in the last quarter. 19.77% of the stock is owned by institutional investors.

PennantPark Floating Rate Capital Trading Up 0.9%

Shares of NASDAQ:PFLT opened at $9.15 on Friday. 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 firm has a market capitalization of $907.35 million, a P/E ratio of 6.53 and a beta of 0.97. The firm has a fifty day moving average of $9.41 and a two-hundred day moving average of $9.98. PennantPark Floating Rate Capital Ltd. has a 12-month low of $8.40 and a 12-month high of $11.50.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently disclosed a oct 25 dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be paid a $0.1025 dividend. This represents a dividend yield of 1,413.0%. The ex-dividend date of this dividend is Wednesday, October 15th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is presently 146.43%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. 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 target on the stock in a research report on Monday, October 6th. LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital to a “strong-buy” rating in a report on Wednesday, August 13th. JMP Securities reissued a “market outperform” rating and issued a $11.00 price objective on shares of PennantPark Floating Rate Capital in a research report on Wednesday, September 3rd. Finally, UBS Group cut 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. One investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $10.67.

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.