Voya Prime Rate Trust (PPR) Stake Held by First Trust Portfolios LP
First Trust Portfolios LP
disclosed that they own a 6.6% stake in Voya Prime Rate Trust (NYSE:PPR) in a Schedule 13G/A disclosure that was filed with the SEC on Wednesday, January 24th. The investor owns 9,734,295 shares of the stock valued at approximately $50,423,648. The filing is available through Edgar at this link.
provided the following explanation of their ownership:
Several other institutional investors have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. grew its position in Voya Prime Rate Trust by 3.4% in the 3rd quarter. Baillie Gifford & Co. now owns 8,478,476 shares of the investment management company’s stock valued at $44,342,000 after buying an additional 280,900 shares in the last quarter. City of London Investment Management Co. Ltd. bought a new position in Voya Prime Rate Trust in the 3rd quarter valued at about $3,898,000. Sit Investment Associates Inc. grew its position in Voya Prime Rate Trust by 2,035.1% in the 4th quarter. Sit Investment Associates Inc. now owns 533,768 shares of the investment management company’s stock valued at $2,706,000 after buying an additional 508,768 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its position in Voya Prime Rate Trust by 80.7% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 407,698 shares of the investment management company’s stock valued at $2,132,000 after buying an additional 182,111 shares in the last quarter. Finally, Cetera Investment Advisers bought a new position in Voya Prime Rate Trust in the 2nd quarter valued at about $2,043,000.
Shares of Voya Prime Rate Trust (NYSE PPR) traded up $0.04 during midday trading on Wednesday, reaching $5.18. 426,000 shares of the company’s stock were exchanged, compared to its average volume of 495,067. Voya Prime Rate Trust has a 52 week low of $4.97 and a 52 week high of $5.62.
The firm also recently declared a monthly dividend, which was paid on Thursday, January 11th. Shareholders of record on Friday, December 29th were issued a $0.022 dividend. This represents a $0.26 dividend on an annualized basis and a yield of 5.10%. This is an increase from Voya Prime Rate Trust’s previous monthly dividend of $0.02. The ex-dividend date was Thursday, December 28th.
Separately, AltaCorp Capital reiterated a “buy” rating and issued a $0.60 target price on shares of Voya Prime Rate Trust in a research report on Monday, January 15th.
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Voya Prime Rate Trust Company Profile
Voya Prime Rate Trust (the Trust) is a diversified, closed-end management investment company. The Trust seeks to provide investors with as high a level of current income as is consistent with the preservation of capital. The Trust seeks to achieve this objective by investing, under normal market conditions, approximately 80% of its net assets, plus borrowings for investment purposes, in United States dollar denominated floating rate secured senior loans.
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