Northwestern Mutual Wealth Management Co. Purchases 181,546 Shares of PennantPark Floating Rate Capital Ltd. $PFLT

Northwestern Mutual Wealth Management Co. lifted its position in PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) by 4,538.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 185,546 shares of the company’s stock after purchasing an additional 181,546 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in PennantPark Floating Rate Capital were worth $1,768,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PFLT. Millennium Management LLC grew its holdings in PennantPark Floating Rate Capital by 85.0% during the 1st quarter. Millennium Management LLC now owns 1,196,752 shares of the company’s stock worth $13,392,000 after acquiring an additional 550,011 shares during the last quarter. Jane Street Group LLC raised its position in shares of PennantPark Floating Rate Capital by 692.7% in the 1st quarter. Jane Street Group LLC now owns 319,736 shares of the company’s stock valued at $3,578,000 after acquiring an additional 279,399 shares during the period. Cetera Investment Advisers raised its position in shares of PennantPark Floating Rate Capital by 2.1% in 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. Quantbot Technologies LP acquired a new stake in PennantPark Floating Rate Capital during the 2nd quarter worth approximately $219,000. Finally, Invesco Ltd. raised its holdings in PennantPark Floating Rate Capital by 2.5% during the 2nd quarter. Invesco Ltd. now owns 1,076,310 shares of the company’s stock worth $11,118,000 after buying an additional 26,502 shares during the period. Institutional investors own 19.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PFLT shares. Keefe, Bruyette & Woods lowered their price objective on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating on the stock in a report on Thursday, February 12th. Wall Street Zen upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. Zacks Research cut shares of PennantPark Floating Rate Capital from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th. Truist Financial reduced their price objective on shares of PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th. Finally, Maxim Group set a $10.50 target price on shares of PennantPark Floating Rate Capital in a research report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $9.80.

Insiders Place Their Bets

In other PennantPark Floating Rate Capital news, Director Jose A. Briones purchased 5,770 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were bought at an average price of $8.67 per share, for a total transaction of $50,025.90. Following the completion of the acquisition, the director owned 348,083 shares in the company, valued at approximately $3,017,879.61. This trade represents a 1.69% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Richard T. Allorto, Jr. purchased 15,000 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were acquired at an average price of $8.15 per share, for a total transaction of $122,250.00. Following the acquisition, the chief financial officer owned 25,000 shares of the company’s stock, valued at $203,750. This trade represents a 150.00% increase in their position. The SEC filing for this purchase provides additional information. 1.00% of the stock is currently owned by insiders.

PennantPark Floating Rate Capital Stock Up 0.4%

PFLT stock opened at $8.20 on Thursday. The stock has a market capitalization of $813.11 million, a P/E ratio of 13.22 and a beta of 0.78. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 0.92. PennantPark Floating Rate Capital Ltd. has a 12 month low of $7.68 and a 12 month high of $10.88. The firm has a 50-day moving average price of $8.45 and a 200-day moving average price of $8.85.

PennantPark Floating Rate Capital (NYSE:PFLT) last posted its earnings results on Thursday, May 7th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). The company had revenue of $44.81 million during the quarter. PennantPark Floating Rate Capital had a return on equity of 9.95% and a net margin of 23.08%. As a group, equities research analysts anticipate that PennantPark Floating Rate Capital Ltd. will post 1.08 EPS for the current fiscal year.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be issued a dividend of $0.1025 per share. This represents a c) dividend on an annualized basis and a dividend yield of 15.0%. The ex-dividend date is Friday, May 15th. PennantPark Floating Rate Capital’s payout ratio is 198.39%.

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.