International Assets Investment Management LLC Acquires 37,841 Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

International Assets Investment Management LLC raised its holdings in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 1,057.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,421 shares of the asset manager’s stock after purchasing an additional 37,841 shares during the quarter. International Assets Investment Management LLC owned 0.06% of PennantPark Floating Rate Capital worth $479,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PFLT. Strategic Financial Concepts LLC increased its stake in PennantPark Floating Rate Capital by 1,151.8% during the 2nd quarter. Strategic Financial Concepts LLC now owns 698,506 shares of the asset manager’s stock valued at $81,000 after purchasing an additional 642,706 shares in the last quarter. Millennium Management LLC grew its stake in shares of PennantPark Floating Rate Capital by 391.3% in the 2nd quarter. Millennium Management LLC now owns 783,912 shares of the asset manager’s stock worth $9,046,000 after acquiring an additional 624,342 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of PennantPark Floating Rate Capital by 27.0% in the 2nd quarter. Van ECK Associates Corp now owns 1,467,534 shares of the asset manager’s stock worth $16,936,000 after acquiring an additional 312,413 shares in the last quarter. Sound Income Strategies LLC grew its stake in shares of PennantPark Floating Rate Capital by 11.5% in the 3rd quarter. Sound Income Strategies LLC now owns 2,963,258 shares of the asset manager’s stock worth $34,285,000 after acquiring an additional 306,690 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of PennantPark Floating Rate Capital in the 2nd quarter worth $1,769,000. Institutional investors own 19.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PFLT. StockNews.com lowered shares of PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. JMP Securities reduced their target price on shares of PennantPark Floating Rate Capital from $12.50 to $12.00 and set a “market outperform” rating for the company in a research note on Tuesday, July 30th. Finally, Maxim Group upgraded shares of PennantPark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research report on Monday, August 12th.

PennantPark Floating Rate Capital Price Performance

PFLT opened at $11.07 on Wednesday. The firm has a market cap of $812.76 million, a P/E ratio of 6.83 and a beta of 1.69. The firm has a 50-day moving average of $11.48 and a 200 day moving average of $11.40. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.22 and a current ratio of 0.22. PennantPark Floating Rate Capital Ltd. has a fifty-two week low of $10.28 and a fifty-two week high of $12.63.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last posted its quarterly earnings results on Wednesday, August 7th. The asset manager reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.01). The company had revenue of $48.51 million for the quarter, compared to the consensus estimate of $47.63 million. PennantPark Floating Rate Capital had a net margin of 59.16% and a return on equity of 10.99%. During the same quarter in the previous year, the company posted $0.36 EPS. On average, research analysts expect that PennantPark Floating Rate Capital Ltd. will post 1.28 EPS for the current year.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be issued a dividend of $0.1025 per share. This represents a $1.23 annualized dividend and a yield of 11.11%. The ex-dividend date of this dividend is Friday, November 15th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is presently 75.93%.

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.