Westbourne Investments Inc. Sells 1,135 Shares of PennantPark Floating Rate Capital Ltd. $PFLT

Westbourne Investments Inc. cut its position in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 5.6% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 19,175 shares of the asset manager’s stock after selling 1,135 shares during the quarter. Westbourne Investments Inc.’s holdings in PennantPark Floating Rate Capital were worth $198,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in PFLT. Scoggin Management LP acquired a new position in shares of PennantPark Floating Rate Capital in the 1st quarter valued at approximately $16,446,000. Millennium Management LLC raised its position in shares of PennantPark Floating Rate Capital by 85.0% in the 1st quarter. Millennium Management LLC now owns 1,196,752 shares of the asset manager’s stock valued at $13,392,000 after buying an additional 550,011 shares in the last quarter. Jane Street Group LLC raised its position in shares of PennantPark Floating Rate Capital by 692.7% in the 1st quarter. Jane Street Group LLC now owns 319,736 shares of the asset manager’s stock valued at $3,578,000 after buying an additional 279,399 shares in the last quarter. TrueMark Investments LLC raised its position in shares of PennantPark Floating Rate Capital by 735.7% in the 1st quarter. TrueMark Investments LLC now owns 310,616 shares of the asset manager’s stock valued at $3,476,000 after buying an additional 273,448 shares in the last quarter. Finally, Sound Income Strategies LLC raised its position in shares of PennantPark Floating Rate Capital by 8.0% in the 1st quarter. Sound Income Strategies LLC now owns 3,585,201 shares of the asset manager’s stock valued at $40,118,000 after buying an additional 265,162 shares in the last quarter. 19.77% of the stock is currently owned by institutional investors and hedge funds.

PennantPark Floating Rate Capital Trading Down 1.0%

NASDAQ:PFLT opened at $9.72 on Wednesday. The firm’s fifty day moving average is $10.39 and its 200-day moving average is $10.37. 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 Ltd. has a 52 week low of $8.82 and a 52 week high of $11.90. The firm has a market cap of $964.40 million, a P/E ratio of 6.94 and a beta of 0.98.

PennantPark Floating Rate Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a $0.1025 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 12.7%. The ex-dividend date of this dividend is Monday, September 15th. PennantPark Floating Rate Capital’s dividend payout ratio is currently 146.43%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PFLT. Citigroup restated an “outperform” rating on shares of PennantPark Floating Rate Capital in a research report on Tuesday, June 24th. Keefe, Bruyette & Woods lowered their price objective on shares of PennantPark Floating Rate Capital from $11.00 to $10.50 and set a “market perform” rating for the company in a research report on Wednesday, August 13th. 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. UBS Group upped their price objective on shares of PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the stock a “neutral” rating in a research report on Wednesday, July 16th. Finally, LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital to a “strong-buy” rating in a research report on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.88.

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.