Pennantpark Floating Rate Capital Ltd (PFLT) Sees Large Volume Increase
Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) saw unusually-high trading volume on Thursday . Approximately 109,054 shares traded hands during mid-day trading, an increase of 49% from the previous session’s volume of 73,427 shares.The stock last traded at $12.97 and had previously closed at $12.94.
Separately, Zacks Investment Research downgraded Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a research report on Wednesday, July 20th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $14.00.
The firm’s 50 day moving average price is $12.63 and its 200 day moving average price is $11.90.
The company also recently declared a dividend, which will be paid on Thursday, September 1st. Investors of record on Friday, August 19th will be issued a $0.095 dividend. The ex-dividend date of this dividend is Wednesday, August 17th.
An institutional investor recently raised its position in Pennantpark Floating Rate Capital stock. West Family Investments Inc. increased its position in shares of Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) by 47.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 263,584 shares of the company’s stock after buying an additional 85,200 shares during the period. West Family Investments Inc.’s holdings in Pennantpark Floating Rate Capital were worth $2,965,000 as of its most recent filing with the SEC.
PennantPark Floating Rate Capital Ltd. is a business development company. The Company is a closed-end, externally managed, non-diversified investment company. The Company’s objective is to generate current income and capital appreciation by investing primarily in loans bearing a variable-rate of interest, or Floating Rate Loans, and other investments made to the United States middle-market companies.
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