Legal & General Group Plc Purchases Shares of 810,824 PennantPark Floating Rate Capital Ltd. $PFLT

Legal & General Group Plc purchased a new stake in PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 810,824 shares of the company’s stock, valued at approximately $6,061,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Millennium Management LLC boosted its holdings in shares of 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 buying an additional 550,011 shares during the period. Jane Street Group LLC raised its holdings in 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 worth $3,578,000 after acquiring an additional 279,399 shares during the period. Cetera Investment Advisers raised its holdings in PennantPark Floating Rate Capital by 2.1% in the 2nd quarter. Cetera Investment Advisers now owns 63,704 shares of the company’s stock worth $658,000 after acquiring an additional 1,329 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in PennantPark Floating Rate Capital during the 2nd quarter worth $41,000. Finally, Quantbot Technologies LP acquired a new position in PennantPark Floating Rate Capital during the 2nd quarter worth $219,000. 19.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on PFLT. Truist Financial lowered their price target on PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, May 19th. Zacks Research raised PennantPark Floating Rate Capital from a “strong sell” rating to a “hold” rating in a research report on Monday, July 20th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research note on Wednesday, August 5th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $9.80.

PennantPark Floating Rate Capital Price Performance

NYSE:PFLT opened at $7.42 on Thursday. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.19 and a quick ratio of 0.19. PennantPark Floating Rate Capital Ltd. has a one year low of $6.83 and a one year high of $10.30. The company has a fifty day moving average price of $7.27 and a 200 day moving average price of $7.93. The stock has a market cap of $735.72 million, a P/E ratio of 14.54 and a beta of 0.78.

PennantPark Floating Rate Capital (NYSE:PFLT) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.26 earnings per share (EPS) 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 company had revenue of $66.09 million for the quarter. 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 company also recently disclosed a monthly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were given a $0.08 dividend. The ex-dividend date was Friday, August 14th. This represents a c) dividend on an annualized basis and a dividend yield of 12.9%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is currently 188.24%.

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. 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.