Van ECK Associates Corp Increases Holdings in PennantPark Floating Rate Capital Ltd. $PFLT

Van ECK Associates Corp increased its position in PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) by 7.4% during the 3rd quarter, Holdings Channel reports. The firm owned 2,533,205 shares of the company’s stock after acquiring an additional 174,630 shares during the quarter. Van ECK Associates Corp’s holdings in PennantPark Floating Rate Capital were worth $22,520,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of PFLT. Millennium Management LLC raised its stake in PennantPark Floating Rate Capital by 85.0% in the first quarter. Millennium Management LLC now owns 1,196,752 shares of the company’s stock worth $13,392,000 after buying an additional 550,011 shares in the last quarter. Jane Street Group LLC boosted its position in PennantPark Floating Rate Capital by 692.7% during the 1st quarter. Jane Street Group LLC now owns 319,736 shares of the company’s stock valued at $3,578,000 after acquiring an additional 279,399 shares in the last quarter. AE Wealth Management LLC boosted its position in PennantPark Floating Rate Capital by 18.7% during the 2nd quarter. AE Wealth Management LLC now owns 21,641 shares of the company’s stock valued at $224,000 after acquiring an additional 3,416 shares in the last quarter. Allworth Financial LP increased its holdings in shares of PennantPark Floating Rate Capital by 1,603.7% in the 2nd quarter. Allworth Financial LP now owns 2,777 shares of the company’s stock valued at $29,000 after acquiring an additional 2,614 shares during the period. Finally, Foundations Investment Advisors LLC purchased a new position in shares of PennantPark Floating Rate Capital in the 2nd quarter valued at $172,000. 19.77% of the stock is owned by institutional investors.

PennantPark Floating Rate Capital Price Performance

NYSE PFLT traded up $0.12 on Friday, hitting $8.16. The stock had a trading volume of 203,824 shares, compared to its average volume of 1,189,414. The business has a fifty day moving average of $8.99. The company has a market capitalization of $809.14 million, a PE ratio of 23.99 and a beta of 0.77. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.15 and a current ratio of 0.15. PennantPark Floating Rate Capital Ltd. has a 52-week low of $7.92 and a 52-week high of $11.46.

PennantPark Floating Rate Capital (NYSE:PFLT) last issued its quarterly earnings data on Monday, February 9th. The company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.03). The business had revenue of $12.72 million for the quarter. PennantPark Floating Rate Capital had a net margin of 13.03% and a return on equity of 9.72%.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th will be paid a $0.1025 dividend. The ex-dividend date is Monday, March 16th. This represents a c) dividend on an annualized basis and a yield of 15.1%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is 361.76%.

Insider Activity

In other PennantPark Floating Rate Capital news, Director Jose A. Briones purchased 5,895 shares of the stock in a transaction on Thursday, February 19th. The stock was acquired at an average price of $8.48 per share, with a total value of $49,989.60. Following the completion of the acquisition, the director owned 342,313 shares in the company, valued at $2,902,814.24. The trade was a 1.75% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Richard T. Allorto, Jr. purchased 15,000 shares of the company’s stock in a transaction dated Wednesday, March 11th. The shares were acquired at an average price of $8.15 per share, for a total transaction of $122,250.00. Following the purchase, the chief financial officer directly owned 25,000 shares of the company’s stock, valued at approximately $203,750. The trade was a 150.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 1.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on PFLT. Weiss Ratings restated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research note on Monday, December 29th. Keefe, Bruyette & Woods reduced their target price on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating for the company in a report on Thursday, February 12th. Finally, Maxim Group set a $10.50 price target on shares of PennantPark Floating Rate Capital in a research report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, PennantPark Floating Rate Capital presently has a consensus rating of “Moderate Buy” and an average target price of $10.42.

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. 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.