NewEdge Wealth LLC Raises Position in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

NewEdge Wealth LLC increased its holdings in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 0.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 288,372 shares of the asset manager’s stock after acquiring an additional 1,700 shares during the quarter. NewEdge Wealth LLC’s holdings in PennantPark Floating Rate Capital were worth $3,152,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in PFLT. Sound Income Strategies LLC grew its holdings in PennantPark Floating Rate Capital by 12.0% in the 4th quarter. Sound Income Strategies LLC now owns 3,320,039 shares of the asset manager’s stock worth $36,288,000 after acquiring an additional 356,781 shares during the last quarter. Van ECK Associates Corp grew its holdings in PennantPark Floating Rate Capital by 22.5% in the 3rd quarter. Van ECK Associates Corp now owns 1,798,265 shares of the asset manager’s stock worth $20,554,000 after acquiring an additional 330,731 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in PennantPark Floating Rate Capital by 72.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 251,733 shares of the asset manager’s stock worth $2,913,000 after acquiring an additional 105,855 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in PennantPark Floating Rate Capital in the 4th quarter worth $131,000. Finally, Blue Trust Inc. bought a new stake in PennantPark Floating Rate Capital in the 4th quarter worth $136,000. Hedge funds and other institutional investors own 19.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PFLT shares. Raymond James started coverage on shares of PennantPark Floating Rate Capital in a report on Friday, December 20th. They issued a “market perform” rating on the stock. StockNews.com lowered shares of PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Tuesday.

PennantPark Floating Rate Capital Trading Up 1.1 %

Shares of PFLT opened at $11.33 on Friday. The firm’s 50-day moving average price is $11.09 and its 200-day moving average price is $11.22. The firm has a market capitalization of $996.81 million, a price-to-earnings ratio of 8.10 and a beta of 1.65. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57. PennantPark Floating Rate Capital Ltd. has a 1-year low of $10.28 and a 1-year high of $12.02.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th will be paid a dividend of $0.1025 per share. This represents a $1.23 dividend on an annualized basis and a dividend yield of 10.85%. The ex-dividend date is Tuesday, February 18th. PennantPark Floating Rate Capital’s payout ratio is 87.86%.

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.