Van ECK Associates Corp Buys 187,465 Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Van ECK Associates Corp raised its stake in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 10.4% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,985,730 shares of the asset manager’s stock after acquiring an additional 187,465 shares during the period. Van ECK Associates Corp’s holdings in PennantPark Floating Rate Capital were worth $21,704,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Jmac Enterprises LLC lifted its stake in PennantPark Floating Rate Capital by 50.5% during the 4th quarter. Jmac Enterprises LLC now owns 15,669 shares of the asset manager’s stock valued at $171,000 after acquiring an additional 5,258 shares during the period. Entropy Technologies LP bought a new position in PennantPark Floating Rate Capital during the 4th quarter valued at about $180,000. Strategic Financial Concepts LLC lifted its stake in PennantPark Floating Rate Capital by 1,080.4% during the 4th quarter. Strategic Financial Concepts LLC now owns 723,566 shares of the asset manager’s stock valued at $7,909,000 after acquiring an additional 662,266 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of PennantPark Floating Rate Capital in the 4th quarter worth approximately $131,000. Finally, PFG Investments LLC lifted its stake in shares of PennantPark Floating Rate Capital by 2.0% in the 4th quarter. PFG Investments LLC now owns 107,180 shares of the asset manager’s stock worth $1,171,000 after purchasing an additional 2,118 shares during the period. Institutional investors own 19.77% of the company’s stock.

Wall Street Analysts Forecast Growth

PFLT has been the topic of several recent research reports. StockNews.com upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Wednesday. Raymond James initiated coverage on shares of PennantPark Floating Rate Capital in a research note on Friday, December 20th. They issued a “market perform” rating on the stock.

PennantPark Floating Rate Capital Price Performance

NASDAQ PFLT opened at $11.18 on Friday. PennantPark Floating Rate Capital Ltd. has a 12 month low of $10.28 and a 12 month high of $12.02. The stock has a market cap of $930.10 million, a price-to-earnings ratio of 7.81 and a beta of 1.65. The company’s 50 day moving average is $11.03 and its two-hundred day moving average is $11.20. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 0.63.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be paid a dividend of $0.1025 per share. This represents a $1.23 dividend on an annualized basis and a yield of 11.01%. The ex-dividend date is Tuesday, February 18th. PennantPark Floating Rate Capital’s payout ratio is 86.01%.

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.