Sound Income Strategies LLC Buys 306,690 Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Sound Income Strategies LLC grew its holdings in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 11.5% in the third quarter, HoldingsChannel reports. The fund owned 2,963,258 shares of the asset manager’s stock after buying an additional 306,690 shares during the period. PennantPark Floating Rate Capital accounts for 2.2% of Sound Income Strategies LLC’s portfolio, making the stock its 10th largest position. Sound Income Strategies LLC’s holdings in PennantPark Floating Rate Capital were worth $34,285,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the stock. Quarry LP bought a new position in PennantPark Floating Rate Capital in the second quarter valued at about $34,000. International Assets Investment Management LLC acquired a new stake in PennantPark Floating Rate Capital in the 2nd quarter valued at $41,000. UMB Bank n.a. bought a new stake in PennantPark Floating Rate Capital during the 2nd quarter worth approximately $63,000. Strategic Financial Concepts LLC lifted its position in shares of PennantPark Floating Rate Capital by 1,151.8% during the second quarter. Strategic Financial Concepts LLC now owns 698,506 shares of the asset manager’s stock valued at $81,000 after purchasing an additional 642,706 shares in the last quarter. Finally, Catalina Capital Group LLC bought a new position in PennantPark Floating Rate Capital during the second quarter valued at about $117,000. 19.77% of the stock is currently owned by institutional investors.

PennantPark Floating Rate Capital Trading Up 0.1 %

PennantPark Floating Rate Capital stock traded up $0.01 during trading hours on Friday, reaching $11.68. The company had a trading volume of 511,898 shares, compared to its average volume of 762,234. The firm has a market cap of $779.38 million, a price-to-earnings ratio of 7.89 and a beta of 1.68. PennantPark Floating Rate Capital Ltd. has a 12-month low of $9.69 and a 12-month high of $12.63. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.22 and a quick ratio of 0.22. The company has a 50-day moving average price of $11.31 and a 200 day moving average price of $11.37.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last released its quarterly earnings results on Wednesday, August 7th. The asset manager reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). The company had revenue of $48.51 million during the quarter, compared to the consensus estimate 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 period in the previous year, the company earned $0.36 earnings per share. Equities analysts forecast that PennantPark Floating Rate Capital Ltd. will post 1.28 earnings per share for the current year.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, November 1st. Stockholders of record on Wednesday, October 16th will be issued a dividend of $0.1025 per share. This represents a $1.23 dividend on an annualized basis and a dividend yield of 10.53%. The ex-dividend date of this dividend is Wednesday, October 16th. PennantPark Floating Rate Capital’s payout ratio is currently 83.11%.

Wall Street Analyst Weigh In

PFLT has been the topic of several recent research reports. JMP Securities dropped their target price on PennantPark Floating Rate Capital from $12.50 to $12.00 and set a “market outperform” rating on the stock in a research report on Tuesday, July 30th. StockNews.com lowered shares of PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Finally, Maxim Group upgraded shares of PennantPark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research report on Monday, August 12th.

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.