PennantPark Floating Rate Capital (NASDAQ:PFLT) Sees Large Volume Increase

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) shares saw unusually-high trading volume on Monday . Approximately 2,413,409 shares changed hands during trading, an increase of 286% from the previous session’s volume of 625,349 shares.The stock last traded at $11.45 and had previously closed at $11.49.

Analyst Upgrades and Downgrades

Separately, JMP Securities reaffirmed a “market outperform” rating and set a $12.50 price target on shares of PennantPark Floating Rate Capital in a research report on Tuesday, March 26th.

PennantPark Floating Rate Capital Price Performance

The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.34. The company has a 50 day moving average price of $11.31 and a 200 day moving average price of $11.29. The company has a market capitalization of $706.90 million, a P/E ratio of 10.18 and a beta of 1.68.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last issued its earnings results on Wednesday, February 7th. The asset manager reported $0.33 EPS for the quarter, topping the consensus estimate of $0.31 by $0.02. PennantPark Floating Rate Capital had a return on equity of 11.83% and a net margin of 43.40%. The company had revenue of $37.97 million during the quarter, compared to the consensus estimate of $35.03 million. On average, equities analysts predict that PennantPark Floating Rate Capital Ltd. will post 1.29 EPS for the current fiscal year.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be issued a dividend of $0.1025 per share. The ex-dividend date is Friday, April 12th. This represents a $1.23 annualized dividend and a yield of 10.72%. PennantPark Floating Rate Capital’s payout ratio is currently 109.82%.

Institutional Trading of PennantPark Floating Rate Capital

Several hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC raised its holdings in PennantPark Floating Rate Capital by 1,110.0% in the 4th quarter. International Assets Investment Management LLC now owns 287,738 shares of the asset manager’s stock valued at $3,482,000 after acquiring an additional 263,958 shares in the last quarter. Toroso Investments LLC raised its holdings in PennantPark Floating Rate Capital by 6.4% in the 3rd quarter. Toroso Investments LLC now owns 77,596 shares of the asset manager’s stock valued at $827,000 after acquiring an additional 4,700 shares in the last quarter. Sound Income Strategies LLC raised its holdings in PennantPark Floating Rate Capital by 3.8% in the 4th quarter. Sound Income Strategies LLC now owns 3,246,302 shares of the asset manager’s stock valued at $39,280,000 after acquiring an additional 118,587 shares in the last quarter. Graypoint LLC acquired a new position in PennantPark Floating Rate Capital in the 3rd quarter valued at $668,000. Finally, Raymond James Financial Services Advisors Inc. raised its holdings in PennantPark Floating Rate Capital by 29.0% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 15,794 shares of the asset manager’s stock valued at $191,000 after acquiring an additional 3,555 shares in the last quarter. 19.77% of the stock is owned by institutional investors and hedge funds.

PennantPark Floating Rate Capital Company 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.