Van ECK Associates Corp Buys 668,394 Shares of PennantPark Floating Rate Capital Ltd. $PFLT

Van ECK Associates Corp lifted its stake in PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) by 37.0% during the second quarter, Holdings Channel.com reports. The fund owned 2,473,706 shares of the company’s stock after buying an additional 668,394 shares during the period. Van ECK Associates Corp’s holdings in PennantPark Floating Rate Capital were worth $18,503,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. acquired a new position in PennantPark Floating Rate Capital during the second quarter valued at approximately $30,000. International Assets Investment Management LLC bought a new stake in shares of PennantPark Floating Rate Capital during the 4th quarter worth approximately $33,000. Quarry LP acquired a new stake in shares of PennantPark Floating Rate Capital in the 3rd quarter valued at approximately $36,000. McIlrath & Eck LLC grew its stake in shares of PennantPark Floating Rate Capital by 177.9% in the first quarter. McIlrath & Eck LLC now owns 4,689 shares of the company’s stock valued at $38,000 after buying an additional 3,002 shares in the last quarter. Finally, Allied Private Wealth LLC bought a new position in shares of PennantPark Floating Rate Capital in the second quarter valued at $51,000. Institutional investors own 19.77% of the company’s stock.

PennantPark Floating Rate Capital Stock Performance

NYSE:PFLT opened at $7.39 on Monday. The stock has a 50 day simple moving average of $7.26 and a 200 day simple moving average of $7.97. The stock has a market cap of $733.24 million, a P/E ratio of 14.49 and a beta of 0.76. PennantPark Floating Rate Capital Ltd. has a 1-year low of $6.83 and a 1-year high of $10.30. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.94.

PennantPark Floating Rate Capital (NYSE:PFLT) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.01). PennantPark Floating Rate Capital had a return on equity of 10.24% and a net margin of 18.53%.The firm had revenue of $22.73 million for the quarter. Research analysts anticipate that PennantPark Floating Rate Capital Ltd. will post 1.06 earnings per share for the current year.

PennantPark Floating Rate Capital Cuts Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a c) annualized dividend and a dividend yield of 13.0%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is currently 188.24%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Weiss Ratings reiterated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research note on Wednesday, August 5th. Truist Financial dropped their target price on shares of PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, May 19th. Finally, Zacks Research upgraded PennantPark Floating Rate Capital from a “strong sell” rating to a “hold” rating in a report on Monday, July 20th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $9.80.

PennantPark Floating Rate Capital 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. 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.