Sound Income Strategies LLC Acquires 286,593 Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Posted by Cynthia Vaughn on Mar 18th, 2023

Sound Income Strategies LLC raised its holdings in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT – Get Rating) by 11.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,867,331 shares of the asset manager’s stock after buying an additional 286,593 shares during the quarter. PennantPark Floating Rate Capital accounts for 4.0% of Sound Income Strategies LLC’s investment portfolio, making the stock its 5th largest holding. Sound Income Strategies LLC owned about 6.32% of PennantPark Floating Rate Capital worth $31,483,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in PFLT. Private Trust Co. NA acquired a new position in shares of PennantPark Floating Rate Capital during the second quarter worth approximately $29,000. IFP Advisors Inc raised its position in shares of PennantPark Floating Rate Capital by 286.9% during the third quarter. IFP Advisors Inc now owns 4,055 shares of the asset manager’s stock worth $55,000 after purchasing an additional 3,007 shares during the period. BNP Paribas Arbitrage SA acquired a new position in shares of PennantPark Floating Rate Capital during the first quarter worth approximately $102,000. Belpointe Asset Management LLC raised its position in PennantPark Floating Rate Capital by 25.8% in the 3rd quarter. Belpointe Asset Management LLC now owns 11,200 shares of the asset manager’s stock valued at $108,000 after buying an additional 2,300 shares during the last quarter. Finally, Kingsview Wealth Management LLC purchased a new stake in PennantPark Floating Rate Capital in the 2nd quarter valued at $135,000. 21.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PFLT. JMP Securities reissued a “market outperform” rating and issued a $12.00 price target on shares of PennantPark Floating Rate Capital in a research report on Monday, March 13th. Truist Financial lowered their price target on PennantPark Floating Rate Capital from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Monday, February 13th. Finally, StockNews.com began coverage on PennantPark Floating Rate Capital in a research report on Thursday. They issued a “sell” rating for the company.

PennantPark Floating Rate Capital Stock Performance

NASDAQ:PFLT traded down $0.21 during trading on Friday, reaching $10.01. The company’s stock had a trading volume of 369,051 shares, compared to its average volume of 476,593. The firm has a market cap of $497.32 million, a price-to-earnings ratio of -31.28 and a beta of 1.64. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.13 and a current ratio of 0.13. The firm has a 50 day moving average of $11.01 and a 200-day moving average of $11.07. PennantPark Floating Rate Capital Ltd. has a 12 month low of $9.43 and a 12 month high of $14.38.

PennantPark Floating Rate Capital (NASDAQ:PFLT – Get Rating) last announced its quarterly earnings data on Thursday, February 9th. The asset manager reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. The firm had revenue of $31.34 million during the quarter, compared to the consensus estimate of $29.59 million. PennantPark Floating Rate Capital had a positive return on equity of 9.60% and a negative net margin of 11.40%. During the same quarter in the prior year, the company earned $0.33 EPS. Research analysts expect that PennantPark Floating Rate Capital Ltd. will post 1.25 EPS for the current fiscal year.

PennantPark Floating Rate Capital Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Thursday, March 16th will be paid a $0.10 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 11.99%. The ex-dividend date is Wednesday, March 15th. This is an increase from PennantPark Floating Rate Capital’s previous monthly dividend of $0.10. PennantPark Floating Rate Capital’s dividend payout ratio is -375.00%.

PennantPark Floating Rate Capital Company Profile

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PennantPark Floating Rate Capital Ltd., a traded fund, invests in middle market companies located in the United States. It targets companies operating across a broad range of sectors. It provides debt investment in mezzanine and buyout stage capital requirements.