Denali Advisors LLC Lowers Stake in PennantPark Floating Rate Capital Ltd. $PFLT

Denali Advisors LLC lowered its position in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 2.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 69,103 shares of the asset manager’s stock after selling 1,850 shares during the quarter. Denali Advisors LLC’s holdings in PennantPark Floating Rate Capital were worth $714,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. CWM LLC bought a new stake in shares of PennantPark Floating Rate Capital during the second quarter valued at approximately $49,000. M&T Bank Corp bought a new stake in shares of PennantPark Floating Rate Capital during the first quarter valued at approximately $245,000. Synergy Investment Management LLC raised its position in shares of PennantPark Floating Rate Capital by 8.9% during the first quarter. Synergy Investment Management LLC now owns 22,651 shares of the asset manager’s stock valued at $253,000 after buying an additional 1,856 shares during the last quarter. Sovran Advisors LLC bought a new stake in shares of PennantPark Floating Rate Capital during the first quarter valued at approximately $375,000. Finally, Envestnet Asset Management Inc. bought a new stake in shares of PennantPark Floating Rate Capital during the first quarter valued at approximately $420,000. Hedge funds and other institutional investors own 19.77% of the company’s stock.

PennantPark Floating Rate Capital Trading Up 0.1%

Shares of PFLT opened at $8.87 on Thursday. The company’s fifty day moving average is $9.56 and its 200 day moving average is $10.00. PennantPark Floating Rate Capital Ltd. has a fifty-two week low of $8.40 and a fifty-two week high of $11.63. The stock has a market capitalization of $879.57 million, a PE ratio of 6.33 and a beta of 0.97. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15.

PennantPark Floating Rate Capital Announces Dividend

The company also recently disclosed a oct 25 dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be given a dividend of $0.1025 per share. The ex-dividend date is Wednesday, October 15th. This represents a yield of 1,413.0%. PennantPark Floating Rate Capital’s payout ratio is 146.43%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on PFLT shares. JMP Securities reiterated a “market outperform” rating and set a $11.00 price objective on shares of PennantPark Floating Rate Capital in a research report on Wednesday, September 3rd. LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital to a “strong-buy” rating in a research report on Wednesday, August 13th. UBS Group reduced their price objective on shares of PennantPark Floating Rate Capital from $10.50 to $9.50 and set a “neutral” rating on the stock in a research report on Tuesday, October 14th. Finally, Keefe, Bruyette & Woods upgraded shares of 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 report on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.67.

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.