Foundations Investment Advisors LLC Invests $172,000 in PennantPark Floating Rate Capital Ltd. $PFLT

Foundations Investment Advisors LLC acquired a new stake in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) in the 2nd quarter, Holdings Channel reports. The firm acquired 16,652 shares of the asset manager’s stock, valued at approximately $172,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sound Income Strategies LLC grew 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 buying an additional 319,424 shares during the last quarter. Scoggin Management LP bought a new position in shares of PennantPark Floating Rate Capital during the first quarter valued at approximately $16,446,000. Millennium Management LLC boosted its position in PennantPark Floating Rate Capital by 85.0% during the 1st quarter. Millennium Management LLC now owns 1,196,752 shares of the asset manager’s stock valued at $13,392,000 after acquiring an additional 550,011 shares in the last quarter. Invesco Ltd. boosted its position in PennantPark Floating Rate Capital by 8.9% during the first quarter. Invesco Ltd. now owns 1,049,808 shares of the asset manager’s stock valued at $11,747,000 after purchasing an additional 86,099 shares in the last quarter. Finally, LPL Financial LLC raised its stake in shares of PennantPark Floating Rate Capital by 1.5% during the 1st quarter. LPL Financial LLC now owns 438,966 shares of the asset manager’s stock worth $4,912,000 after acquiring an additional 6,679 shares in the last quarter. Hedge funds and other institutional investors own 19.77% of the company’s stock.

Analysts Set New Price Targets

PFLT has been the subject of a number of research analyst reports. LADENBURG THALM/SH SH upgraded PennantPark Floating Rate Capital to a “strong-buy” rating in a research note on Wednesday, August 13th. 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 report on Monday, October 6th. UBS Group dropped 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 note on Tuesday, October 14th. Finally, JMP Securities restated a “market outperform” rating and issued a $11.00 price target on shares of PennantPark Floating Rate Capital in a research note on Wednesday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.67.

PennantPark Floating Rate Capital Stock Performance

NASDAQ:PFLT opened at $9.04 on Friday. The company has a fifty day simple moving average of $9.09 and a two-hundred day simple moving average of $9.91. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57. 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 market cap of $896.43 million, a price-to-earnings ratio of 6.45 and a beta of 0.96.

PennantPark Floating Rate Capital Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be paid a dividend of $0.1025 per share. This represents a c) annualized dividend and a yield of 13.6%. The ex-dividend date is Monday, November 17th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is currently 146.43%.

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.