Sound Income Strategies LLC Has $39.58 Million Stake in PennantPark Floating Rate Capital Ltd. $PFLT

Sound Income Strategies LLC raised its position in shares of PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) by 6.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,940,809 shares of the company’s stock after acquiring an additional 296,851 shares during the period. PennantPark Floating Rate Capital makes up about 1.9% of Sound Income Strategies LLC’s investment portfolio, making the stock its 9th largest position. Sound Income Strategies LLC’s holdings in PennantPark Floating Rate Capital were worth $39,576,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in PFLT. Northwestern Mutual Wealth Management Co. boosted its stake in shares of PennantPark Floating Rate Capital by 4,538.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 185,546 shares of the company’s stock worth $1,768,000 after purchasing an additional 181,546 shares during the period. Van ECK Associates Corp raised its position in PennantPark Floating Rate Capital by 7.4% in the 3rd quarter. Van ECK Associates Corp now owns 2,533,205 shares of the company’s stock worth $22,520,000 after purchasing an additional 174,630 shares during the period. Altshuler Shaham Ltd lifted its stake in PennantPark Floating Rate Capital by 44.1% in the fourth quarter. Altshuler Shaham Ltd now owns 1,320,156 shares of the company’s stock worth $12,238,000 after purchasing an additional 404,117 shares during the last quarter. UBS Group AG lifted its stake in PennantPark Floating Rate Capital by 5.5% in the fourth quarter. UBS Group AG now owns 1,367,442 shares of the company’s stock worth $12,676,000 after purchasing an additional 71,372 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in PennantPark Floating Rate Capital by 14.0% in the fourth quarter. Legal & General Group Plc now owns 687,570 shares of the company’s stock worth $6,377,000 after purchasing an additional 84,231 shares during the last quarter. Hedge funds and other institutional investors own 19.77% of the company’s stock.

Insiders Place Their Bets

In related news, Director Jose A. Briones bought 5,770 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were acquired at an average price of $8.67 per share, with a total value of $50,025.90. Following the transaction, the director owned 348,083 shares of the company’s stock, valued at $3,017,879.61. The trade was a 1.69% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is currently owned by corporate insiders.

PennantPark Floating Rate Capital Price Performance

PFLT opened at $7.46 on Friday. PennantPark Floating Rate Capital Ltd. has a 12-month low of $7.03 and a 12-month high of $10.88. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 0.92. The business’s fifty day simple moving average is $8.17 and its 200-day simple moving average is $8.58. The company has a market capitalization of $740.66 million, a price-to-earnings ratio of 12.04 and a beta of 0.76.

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

PennantPark Floating Rate Capital Announces Dividend

The business also recently announced a special dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a dividend of $0.0033 per share. The ex-dividend date is Wednesday, July 15th. PennantPark Floating Rate Capital’s dividend payout ratio is currently 154.84%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Zacks Research cut PennantPark Floating Rate Capital from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Weiss Ratings reiterated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research report on Friday, May 8th. Citizens Jmp lowered their target price on shares of PennantPark Floating Rate Capital from $11.00 to $10.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 22nd. Wall Street Zen upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. Finally, Truist Financial reduced their price target on shares of PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $9.80.

About PennantPark Floating Rate Capital

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.