Legal & General Group Plc Acquires 84,231 Shares of PennantPark Floating Rate Capital Ltd. $PFLT

Legal & General Group Plc grew its holdings in PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) by 14.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 687,570 shares of the company’s stock after acquiring an additional 84,231 shares during the quarter. Legal & General Group Plc owned 0.69% of PennantPark Floating Rate Capital worth $6,377,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PFLT. Millennium Management LLC increased its holdings in shares of PennantPark Floating Rate Capital by 85.0% in the first quarter. Millennium Management LLC now owns 1,196,752 shares of the company’s stock worth $13,392,000 after acquiring an additional 550,011 shares in the last quarter. Jane Street Group LLC increased its holdings in shares of PennantPark Floating Rate Capital by 692.7% in the first quarter. Jane Street Group LLC now owns 319,736 shares of the company’s stock worth $3,578,000 after acquiring an additional 279,399 shares in the last quarter. Cetera Investment Advisers grew its holdings in shares of PennantPark Floating Rate Capital by 2.1% during the second quarter. Cetera Investment Advisers now owns 63,704 shares of the company’s stock worth $658,000 after buying an additional 1,329 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in shares of PennantPark Floating Rate Capital during the second quarter worth about $41,000. Finally, Quantbot Technologies LP bought a new position in shares of PennantPark Floating Rate Capital during the second quarter worth about $219,000. 19.77% of the stock is currently owned by institutional investors.

PennantPark Floating Rate Capital Stock Down 2.7%

PFLT stock opened at $8.10 on Friday. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 0.92. The business has a 50 day moving average price of $8.46 and a two-hundred day moving average price of $8.80. The company has a market cap of $803.88 million, a price-to-earnings ratio of 13.07 and a beta of 0.75. PennantPark Floating Rate Capital Ltd. has a twelve month low of $7.68 and a twelve month high of $10.88.

PennantPark Floating Rate Capital (NYSE:PFLT) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). The company had revenue of $44.81 million during the quarter. PennantPark Floating Rate Capital had a net margin of 23.08% and a return on equity of 9.95%. Analysts anticipate that PennantPark Floating Rate Capital Ltd. will post 1.08 EPS for the current fiscal year.

PennantPark Floating Rate Capital Cuts Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be paid a $0.0833 dividend. This represents a c) dividend on an annualized basis and a yield of 12.3%. The ex-dividend date is Monday, June 15th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is currently 198.39%.

Wall Street Analysts Forecast Growth

PFLT has been the subject of a number of research reports. Maxim Group set a $10.50 price objective on PennantPark Floating Rate Capital in a report on Wednesday, February 11th. Zacks Research downgraded PennantPark Floating Rate Capital from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th. Keefe, Bruyette & Woods decreased their price objective on PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating for the company in a report on Thursday, February 12th. Citizens Jmp decreased their price objective on PennantPark Floating Rate Capital from $11.00 to $10.00 and set a “market outperform” rating for the company in a report on Wednesday, April 22nd. Finally, Wall Street Zen upgraded PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, PennantPark Floating Rate Capital has a consensus rating of “Moderate Buy” and an average target price of $9.80.

Insider Buying and Selling

In related news, CFO Richard T. Allorto, Jr. purchased 15,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was purchased at an average cost of $8.15 per share, for a total transaction of $122,250.00. Following the completion of the purchase, the chief financial officer directly owned 25,000 shares in the company, valued at $203,750. This trade represents a 150.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jose A. Briones purchased 5,770 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was bought at an average price of $8.67 per share, with a total value of $50,025.90. Following the completion of the purchase, the director owned 348,083 shares of the company’s stock, valued at approximately $3,017,879.61. This represents a 1.69% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 1.00% of the stock is owned by company insiders.

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. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.