PennantPark Floating Rate Capital Ltd. $PFLT is Sound Income Strategies LLC’s 7th Largest Position

by · The Markets Daily

Sound Income Strategies LLC raised its stake in shares of PennantPark Floating Rate Capital Ltd. (NYSE:PFLT – Free Report) by 12.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 4,643,958 shares of the company’s stock after purchasing an additional 512,528 shares during the quarter. PennantPark Floating Rate Capital makes up approximately 2.1% of Sound Income Strategies LLC’s portfolio, making the stock its 7th largest holding. Sound Income Strategies LLC’s holdings in PennantPark Floating Rate Capital were worth $44,257,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Sovran Advisors LLC lifted its stake in PennantPark Floating Rate Capital by 3.2% during the 3rd quarter. Sovran Advisors LLC now owns 35,274 shares of the company’s stock valued at $320,000 after acquiring an additional 1,090 shares during the period. Global Retirement Partners LLC lifted its stake in PennantPark Floating Rate Capital by 32.1% during the 3rd quarter. Global Retirement Partners LLC now owns 5,188 shares of the company’s stock valued at $46,000 after acquiring an additional 1,260 shares during the period. Cetera Investment Advisers lifted its stake in PennantPark Floating Rate Capital by 2.1% during the 2nd quarter. Cetera Investment Advisers now owns 63,704 shares of the company’s stock valued at $658,000 after acquiring an additional 1,329 shares during the period. Ethos Financial Group LLC lifted its stake in PennantPark Floating Rate Capital by 7.9% during the 4th quarter. Ethos Financial Group LLC now owns 21,308 shares of the company’s stock valued at $198,000 after acquiring an additional 1,555 shares during the period. Finally, Synergy Investment Management LLC lifted its stake in PennantPark Floating Rate Capital by 8.4% during the 3rd quarter. Synergy Investment Management LLC now owns 27,102 shares of the company’s stock valued at $241,000 after acquiring an additional 2,091 shares during the period. Institutional investors own 19.77% of the company’s stock.

Insider Activity at PennantPark Floating Rate Capital

In other PennantPark Floating Rate Capital news, CFO Richard T. Allorto, Jr. acquired 15,000 shares of the stock in a transaction dated Wednesday, March 11th. The shares were purchased 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. This trade represents a 150.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jose A. Briones acquired 5,895 shares of the stock in a transaction dated Thursday, February 19th. The stock was acquired at an average price of $8.48 per share, for a total transaction of $49,989.60. Following the purchase, the director directly owned 342,313 shares in the company, valued at approximately $2,902,814.24. This trade represents a 1.75% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 1.00% of the stock is owned by corporate insiders.

PennantPark Floating Rate Capital Price Performance

Shares of NYSE:PFLT opened at $8.40 on Tuesday. The firm’s 50 day moving average price is $8.52 and its 200-day moving average price is $8.94. PennantPark Floating Rate Capital Ltd. has a twelve month low of $7.68 and a twelve month high of $10.88. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $832.95 million, a PE ratio of 24.69 and a beta of 0.75.

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

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th will be paid a $0.1025 dividend. This represents a c) annualized dividend and a dividend yield of 14.7%. The ex-dividend date is Wednesday, April 15th. PennantPark Floating Rate Capital’s dividend payout ratio is 361.76%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research note on Monday, December 29th. Wall Street Zen upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th. Keefe, Bruyette & Woods lowered their target price on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating on the stock in a research note on Thursday, February 12th. Finally, Maxim Group set a $10.50 target price on shares of PennantPark Floating Rate Capital in a research note on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, PennantPark Floating Rate Capital presently has an average rating of “Moderate Buy” and an average target price of $10.42.

Check Out Our Latest Stock Report on PFLT

About PennantPark Floating Rate Capital

(Free Report)

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.

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