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

Sumitomo Mitsui Trust Group Inc. raised its holdings in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 81.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 147,213 shares of the asset manager’s stock after buying an additional 65,977 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.15% of PennantPark Floating Rate Capital worth $1,309,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Millennium Management LLC lifted its stake in PennantPark Floating Rate Capital by 85.0% in the 1st quarter. Millennium Management LLC now owns 1,196,752 shares of the asset manager’s stock valued at $13,392,000 after buying an additional 550,011 shares in the last quarter. Jane Street Group LLC raised its position in shares of 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 during the last quarter. GraniteShares Advisors LLC grew its stake in PennantPark Floating Rate Capital by 6.7% in the second 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. Sound Income Strategies LLC boosted its stake in shares of PennantPark Floating Rate Capital by 8.9% during the second quarter. Sound Income Strategies LLC now owns 3,904,625 shares of the asset manager’s stock valued at $40,335,000 after purchasing an additional 319,424 shares during the period. Finally, PFG Investments LLC boosted its holdings 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 purchasing an additional 6,318 shares during the period. Institutional investors and hedge funds own 19.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. UBS Group reduced their price objective on PennantPark Floating Rate Capital from $10.50 to $9.50 and set a “neutral” rating for the company in a report on Tuesday, October 14th. Keefe, Bruyette & Woods raised PennantPark Floating Rate Capital from a “market perform” rating to an “outperform” rating and set a $10.50 price objective on the stock in a research note on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $10.67.

PennantPark Floating Rate Capital Stock Down 1.7%

Shares of PFLT opened at $9.55 on Monday. PennantPark Floating Rate Capital Ltd. has a 52 week low of $8.40 and a 52 week high of $11.50. 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 company has a market capitalization of $947.04 million, a price-to-earnings ratio of 6.82 and a beta of 0.75. The stock’s 50-day moving average price is $9.27 and its 200-day moving average price is $9.64.

PennantPark Floating Rate Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, February 2nd. Investors of record on Friday, January 16th will be paid a $0.1025 dividend. The ex-dividend date is Friday, January 16th. This represents a c) dividend on an annualized basis and a yield of 12.9%. PennantPark Floating Rate Capital’s payout ratio is currently 168.49%.

PennantPark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital, Inc (NASDAQ: PFLT) is a closed-end management investment company organized as a business development company (BDC) under the Investment Company Act of 1940. The firm’s primary objective is to generate current income and, secondarily, capital appreciation for its shareholders through debt and equity investments in middle-market companies. PennantPark Floating Rate Capital focuses on floating-rate instruments to help mitigate interest-rate risk and align cash flows with its dividend strategy.

The company’s portfolio is concentrated in senior secured loans, second-lien debt, mezzanine securities and, from time to time, equity investments.