Global Retirement Partners LLC Sells 2,579 Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Global Retirement Partners LLC lessened its stake in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 3.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 69,000 shares of the asset manager’s stock after selling 2,579 shares during the period. Global Retirement Partners LLC owned about 0.10% of PennantPark Floating Rate Capital worth $798,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Sound Income Strategies LLC lifted 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 valued at $34,285,000 after acquiring an additional 306,690 shares during the last quarter. Quarry LP bought a new position in PennantPark Floating Rate Capital during the 2nd quarter valued at approximately $34,000. Millennium Management LLC raised its position in PennantPark Floating Rate Capital by 391.3% during the 2nd quarter. Millennium Management LLC now owns 783,912 shares of the asset manager’s stock valued at $9,046,000 after purchasing an additional 624,342 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in PennantPark Floating Rate Capital during the 2nd quarter valued at approximately $1,769,000. Finally, Wedbush Securities Inc. raised its position in PennantPark Floating Rate Capital by 39.2% during the 2nd quarter. Wedbush Securities Inc. now owns 73,079 shares of the asset manager’s stock valued at $843,000 after purchasing an additional 20,571 shares during the last quarter. Institutional investors own 19.77% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. JMP Securities lowered their price target on PennantPark Floating Rate Capital from $12.50 to $12.00 and set a “market outperform” rating for the company in a research report on Tuesday, July 30th. StockNews.com lowered PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research 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 for the company in a research report on Monday, August 12th.

PennantPark Floating Rate Capital Stock Up 0.6 %

PennantPark Floating Rate Capital stock opened at $11.82 on Monday. The firm has a market cap of $788.72 million, a price-to-earnings ratio of 7.99 and a beta of 1.68. The stock has a fifty day simple moving average of $11.42 and a two-hundred day simple moving average of $11.38. PennantPark Floating Rate Capital Ltd. has a 12 month low of $9.69 and a 12 month high of $12.63. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.60.

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

PennantPark Floating Rate Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, November 1st. Shareholders of record on Wednesday, October 16th will be issued a $0.1025 dividend. This represents a $1.23 dividend on an annualized basis and a dividend yield of 10.41%. The ex-dividend date of this dividend is Wednesday, October 16th. PennantPark Floating Rate Capital’s payout ratio is 83.11%.

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.