Punch & Associates Investment Management Inc. lifted its holdings in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 1.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 763,910 shares of the asset manager’s stock after purchasing an additional 9,074 shares during the quarter. PennantPark Floating Rate Capital comprises about 1.0% of Punch & Associates Investment Management Inc.’s holdings, making the stock its 21st biggest holding. Punch & Associates Investment Management Inc.’s holdings in PennantPark Floating Rate Capital were worth $10,779,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of PFLT. Wells Fargo & Company MN increased its position in shares of PennantPark Floating Rate Capital by 24.4% during the first quarter. Wells Fargo & Company MN now owns 50,088 shares of the asset manager’s stock worth $699,000 after acquiring an additional 9,821 shares during the period. Oxford Asset Management acquired a new stake in shares of PennantPark Floating Rate Capital in the first quarter valued at $264,000. Raymond James Financial Services Advisors Inc. raised its stake in shares of PennantPark Floating Rate Capital by 16.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 14,133 shares of the asset manager’s stock valued at $197,000 after acquiring an additional 2,000 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of PennantPark Floating Rate Capital by 2.6% in the first quarter. Envestnet Asset Management Inc. now owns 9,621 shares of the asset manager’s stock valued at $134,000 after acquiring an additional 242 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of PennantPark Floating Rate Capital by 132.0% in the first quarter. JPMorgan Chase & Co. now owns 106,471 shares of the asset manager’s stock valued at $1,484,000 after acquiring an additional 60,588 shares in the last quarter. 31.56% of the stock is currently owned by institutional investors and hedge funds.

PFLT has been the subject of several analyst reports. Zacks Investment Research cut PennantPark Floating Rate Capital from a “buy” rating to a “hold” rating in a research note on Friday, August 25th. Keefe, Bruyette & Woods restated a “buy” rating and set a $15.50 price target on shares of PennantPark Floating Rate Capital in a report on Thursday, August 31st. BidaskClub lowered PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Finally, Maxim Group reaffirmed a “buy” rating and issued a $14.75 price target on shares of PennantPark Floating Rate Capital in a research report on Wednesday, August 9th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $15.00.

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Shares of PennantPark Floating Rate Capital Ltd. (PFLT) traded up 0.3902% during midday trading on Monday, hitting $14.5365. 91,633 shares of the company’s stock were exchanged. PennantPark Floating Rate Capital Ltd. has a 1-year low of $12.21 and a 1-year high of $14.57. The stock’s 50 day moving average is $14.22 and its 200-day moving average is $14.04.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last posted its quarterly earnings data on Tuesday, August 8th. The asset manager reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). PennantPark Floating Rate Capital had a net margin of 73.28% and a return on equity of 7.26%. The firm had revenue of $15.19 million for the quarter, compared to analysts’ expectations of $15.17 million. On average, equities analysts expect that PennantPark Floating Rate Capital Ltd. will post $1.15 earnings per share for the current year.

The company also recently announced a monthly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Wednesday, September 20th will be paid a $0.095 dividend. The ex-dividend date is Tuesday, September 19th. This represents a $1.14 annualized dividend and a dividend yield of 7.87%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is presently 78.08%.

PennantPark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital Ltd. is a business development company. The Company is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate loans and other investments made to the United States middle-market companies.

Institutional Ownership by Quarter for PennantPark Floating Rate Capital (NASDAQ:PFLT)

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