Pennantpark Floating Rate Capital Ltd (PFLT) Shares Sold by Garner Asset Management Corp

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Garner Asset Management Corp lessened its stake in Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) by 7.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,374 shares of the asset manager’s stock after selling 1,494 shares during the period. Garner Asset Management Corp’s holdings in Pennantpark Floating Rate Capital were worth $235,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its stake in shares of Pennantpark Floating Rate Capital by 48.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 42,835 shares of the asset manager’s stock worth $563,000 after acquiring an additional 14,000 shares during the period. BlackRock Inc. boosted its stake in Pennantpark Floating Rate Capital by 8.6% in the 3rd quarter. BlackRock Inc. now owns 185,987 shares of the asset manager’s stock worth $2,446,000 after purchasing an additional 14,662 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in Pennantpark Floating Rate Capital in the 3rd quarter worth about $266,000. Standard Life Aberdeen plc bought a new position in Pennantpark Floating Rate Capital in the 3rd quarter worth about $278,000. Finally, Legal & General Group Plc boosted its stake in Pennantpark Floating Rate Capital by 2.1% in the 3rd quarter. Legal & General Group Plc now owns 150,628 shares of the asset manager’s stock worth $1,982,000 after purchasing an additional 3,152 shares during the period. Institutional investors own 36.24% of the company’s stock.

Several research analysts have commented on the company. Zacks Investment Research downgraded Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a research note on Thursday, February 14th. BidaskClub upgraded Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating in a research note on Wednesday, February 13th. Finally, Maxim Group restated a “buy” rating and issued a $14.50 target price on shares of Pennantpark Floating Rate Capital in a research note on Thursday, February 7th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $14.50.

NASDAQ PFLT traded up $0.08 during trading hours on Tuesday, hitting $13.07. The company had a trading volume of 83,700 shares, compared to its average volume of 116,274. Pennantpark Floating Rate Capital Ltd has a 52 week low of $11.05 and a 52 week high of $14.12. The company has a market cap of $503.43 million, a P/E ratio of 12.33 and a beta of 0.71.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last issued its earnings results on Wednesday, February 6th. The asset manager reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. Pennantpark Floating Rate Capital had a return on equity of 8.24% and a net margin of 45.40%. The business had revenue of $23.18 million during the quarter, compared to the consensus estimate of $22.06 million. On average, equities research analysts predict that Pennantpark Floating Rate Capital Ltd will post 1.2 EPS for the current fiscal year.

The business also recently announced a monthly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 17th will be paid a $0.095 dividend. The ex-dividend date of this dividend is Tuesday, April 16th. This represents a $1.14 annualized dividend and a yield of 8.72%. Pennantpark Floating Rate Capital’s dividend payout ratio is currently 107.55%.

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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.

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Institutional Ownership by Quarter for Pennantpark Floating Rate Capital (NASDAQ:PFLT)

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