Van ECK Associates Corp Grows Position in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Van ECK Associates Corp grew its holdings in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) by 22.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,798,265 shares of the asset manager's stock after purchasing an additional 330,731 shares during the period. Van ECK Associates Corp owned approximately 2.45% of PennantPark Floating Rate Capital worth $20,554,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Sound Income Strategies LLC grew its position 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 buying an additional 306,690 shares during the last quarter. Millennium Management LLC grew its position 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 valued at $9,046,000 after buying an additional 624,342 shares during the last quarter. Strategic Financial Concepts LLC grew its position in shares of PennantPark Floating Rate Capital by 1,151.8% in the 2nd quarter. Strategic Financial Concepts LLC now owns 698,506 shares of the asset manager's stock valued at $81,000 after buying an additional 642,706 shares during the last quarter. Capstone Investment Advisors LLC grew its position in shares of PennantPark Floating Rate Capital by 9.0% in the 1st quarter. Capstone Investment Advisors LLC now owns 21,800 shares of the asset manager's stock valued at $248,000 after buying an additional 1,800 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its position in shares of PennantPark Floating Rate Capital by 50.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 58,395 shares of the asset manager's stock valued at $665,000 after buying an additional 19,685 shares during the last quarter. Institutional investors own 19.77% of the company's stock.

PennantPark Floating Rate Capital Stock Performance

NASDAQ PFLT traded up $0.04 on Tuesday, hitting $11.04. 426,145 shares of the stock traded hands, compared to its average volume of 768,010. The business's fifty day moving average is $11.48 and its two-hundred day moving average is $11.40. PennantPark Floating Rate Capital Ltd. has a 12 month low of $10.28 and a 12 month high of $12.63. The firm has a market capitalization of $810.56 million, a price-to-earnings ratio of 6.83 and a beta of 1.69. 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 (NASDAQ:PFLT - Get Free Report) last posted 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 company had revenue of $48.51 million for the quarter, compared to analysts' expectations 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 quarter in the prior year, the company earned $0.36 EPS. As a group, equities analysts anticipate that PennantPark Floating Rate Capital Ltd. will post 1.28 EPS for the current fiscal year.

PennantPark Floating Rate Capital Announces Dividend

The business also recently announced a monthly dividend, which was paid on Friday, November 1st. Shareholders of record on Wednesday, October 16th were given a dividend of $0.1025 per share. The ex-dividend date was Wednesday, October 16th. This represents a $1.23 annualized dividend and a dividend yield of 11.14%. PennantPark Floating Rate Capital's dividend payout ratio is currently 75.93%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PFLT. StockNews.com downgraded PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a research note on Friday, August 9th. Maxim Group raised PennantPark Floating Rate Capital from a "hold" rating to a "buy" rating and set a $12.00 price objective on the stock in a research note on Monday, August 12th. Finally, JMP Securities dropped their price objective on PennantPark Floating Rate Capital from $12.50 to $12.00 and set a "market outperform" rating on the stock in a research note on Tuesday, July 30th.

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.