Millennium Management LLC Acquires 624,342 Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Millennium Management LLC lifted its stake in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 391.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 783,912 shares of the asset manager’s stock after acquiring an additional 624,342 shares during the period. Millennium Management LLC owned 1.17% of PennantPark Floating Rate Capital worth $9,046,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. International Assets Investment Management LLC acquired a new stake in shares of PennantPark Floating Rate Capital in the 2nd quarter valued at about $41,000. UMB Bank n.a. acquired a new stake in PennantPark Floating Rate Capital in the second quarter valued at approximately $63,000. Strategic Financial Concepts LLC grew its stake in PennantPark Floating Rate Capital by 1,151.8% in the second quarter. Strategic Financial Concepts LLC now owns 698,506 shares of the asset manager’s stock valued at $81,000 after acquiring an additional 642,706 shares during the period. Catalina Capital Group LLC bought a new stake in shares of PennantPark Floating Rate Capital during the second quarter valued at approximately $117,000. Finally, Creekmur Asset Management LLC bought a new position in shares of PennantPark Floating Rate Capital in the 4th quarter worth $125,000. Institutional investors and hedge funds own 19.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PFLT. JMP Securities lowered their target price on shares of PennantPark Floating Rate Capital from $12.50 to $12.00 and set a “market outperform” rating on the stock in a report on Tuesday, July 30th. StockNews.com lowered PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Finally, Maxim Group raised PennantPark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Monday, August 12th.

PennantPark Floating Rate Capital Stock Performance

PFLT stock opened at $11.73 on Wednesday. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.60. The firm has a market cap of $782.39 million, a PE ratio of 7.92 and a beta of 1.68. The business has a 50 day moving average of $11.28 and a 200-day moving average of $11.36. PennantPark Floating Rate Capital Ltd. has a 12-month low of $9.69 and a 12-month high of $12.63.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last announced its earnings results on Wednesday, August 7th. The asset manager reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.01). The business had revenue of $48.51 million for the quarter, compared to analysts’ expectations 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 period in the prior year, the business earned $0.36 earnings per share. As a group, sell-side analysts expect that PennantPark Floating Rate Capital Ltd. will post 1.28 earnings per share for the current year.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, November 1st. Stockholders of record on Wednesday, October 16th will be paid a dividend of $0.1025 per share. The ex-dividend date is Wednesday, October 16th. This represents a $1.23 annualized dividend and a dividend yield of 10.49%. PennantPark Floating Rate Capital’s payout ratio is currently 83.11%.

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.