Legal & General Group Plc Purchases New Stake in PennantPark Floating Rate Capital Ltd. $PFLT

Legal & General Group Plc acquired a new position in shares of PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 810,824 shares of the company’s stock, valued at approximately $6,061,000. Legal & General Group Plc owned 0.82% of PennantPark Floating Rate Capital at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. lifted its position in shares of PennantPark Floating Rate Capital by 4,538.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 185,546 shares of the company’s stock worth $1,768,000 after purchasing an additional 181,546 shares in the last quarter. Altshuler Shaham Ltd grew its position in PennantPark Floating Rate Capital by 44.1% during the fourth quarter. Altshuler Shaham Ltd now owns 1,320,156 shares of the company’s stock valued at $12,238,000 after purchasing an additional 404,117 shares in the last quarter. NewEdge Wealth LLC acquired a new position in PennantPark Floating Rate Capital in the 2nd quarter valued at approximately $1,261,000. Sound Income Strategies LLC increased its stake in PennantPark Floating Rate Capital by 6.4% in the 1st quarter. Sound Income Strategies LLC now owns 4,940,809 shares of the company’s stock valued at $39,576,000 after buying an additional 296,851 shares during the period. Finally, UBS Group AG lifted its position in PennantPark Floating Rate Capital by 5.5% in the 4th quarter. UBS Group AG now owns 1,367,442 shares of the company’s stock worth $12,676,000 after buying an additional 71,372 shares in the last quarter. Hedge funds and other institutional investors own 19.77% of the company’s stock.

Analyst Ratings Changes

PFLT has been the subject of a number of research reports. Weiss Ratings reissued a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research note on Wednesday, August 5th. Zacks Research raised shares of PennantPark Floating Rate Capital from a “strong sell” rating to a “hold” rating in a research note on Monday, July 20th. Finally, Truist Financial cut their price objective on PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, May 19th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $9.80.

PennantPark Floating Rate Capital Price Performance

Shares of PFLT opened at $7.42 on Thursday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.19 and a current ratio of 0.19. The firm has a market cap of $735.72 million, a PE ratio of 14.54 and a beta of 0.78. The firm’s 50 day moving average price is $7.27 and its 200 day moving average price is $7.93. PennantPark Floating Rate Capital Ltd. has a twelve month low of $6.83 and a twelve month high of $10.30.

PennantPark Floating Rate Capital (NYSE:PFLT) last posted its earnings results on Monday, August 10th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.01). The business had revenue of $66.09 million during the quarter. PennantPark Floating Rate Capital had a return on equity of 10.24% and a net margin of 18.53%. As a group, research analysts expect that PennantPark Floating Rate Capital Ltd. will post 1.06 EPS for the current fiscal year.

PennantPark Floating Rate Capital Cuts Dividend

The firm also recently announced a monthly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were given a dividend of $0.08 per share. This represents a c) annualized dividend and a yield of 12.9%. The ex-dividend date of this dividend was Friday, August 14th. PennantPark Floating Rate Capital’s dividend payout ratio is presently 188.24%.

About PennantPark Floating Rate Capital

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. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.