Crescent Grove Advisors LLC Makes New Investment in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Crescent Grove Advisors LLC purchased a new stake in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 40,778 shares of the asset manager’s stock, valued at approximately $476,000. Crescent Grove Advisors LLC owned approximately 0.06% of PennantPark Floating Rate Capital at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Janney Montgomery Scott LLC lifted its stake in shares of PennantPark Floating Rate Capital by 50.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 58,395 shares of the asset manager’s stock valued at $665,000 after purchasing an additional 19,685 shares during the last quarter. Capstone Investment Advisors LLC lifted its position in PennantPark Floating Rate Capital by 9.0% in the first quarter. Capstone Investment Advisors LLC now owns 21,800 shares of the asset manager’s stock valued at $248,000 after buying an additional 1,800 shares during the last quarter. Prevail Innovative Wealth Advisors LLC boosted its stake in PennantPark Floating Rate Capital by 8.5% during the first quarter. Prevail Innovative Wealth Advisors LLC now owns 226,174 shares of the asset manager’s stock worth $2,574,000 after buying an additional 17,703 shares during the period. MQS Management LLC acquired a new stake in shares of PennantPark Floating Rate Capital during the first quarter valued at about $289,000. Finally, Advisors Asset Management Inc. increased its position in shares of PennantPark Floating Rate Capital by 4.2% during the first quarter. Advisors Asset Management Inc. now owns 282,549 shares of the asset manager’s stock valued at $3,215,000 after acquiring an additional 11,387 shares during the last quarter. Institutional investors and hedge funds own 19.77% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on PFLT. JMP Securities decreased their price target on PennantPark Floating Rate Capital from $12.50 to $12.00 and set a “market outperform” rating on the stock in a research note on Tuesday, July 30th. StockNews.com downgraded PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research 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 on the stock in a research note on Monday, August 12th.

PennantPark Floating Rate Capital Stock Up 0.6 %

Shares of NASDAQ:PFLT opened at $11.07 on Wednesday. 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 stock has a market cap of $812.76 million, a P/E ratio of 6.83 and a beta of 1.69. PennantPark Floating Rate Capital Ltd. has a 1-year low of $10.28 and a 1-year high of $12.63. The firm has a fifty day moving average price of $11.48 and a 200 day moving average price of $11.39.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last released its quarterly earnings results on Wednesday, August 7th. The asset manager reported $0.31 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.01). PennantPark Floating Rate Capital had a return on equity of 10.99% and a net margin of 59.16%. The company had revenue of $48.51 million for the quarter, compared to analysts’ expectations of $47.63 million. During the same quarter last year, the company earned $0.36 EPS. Sell-side analysts predict that PennantPark Floating Rate Capital Ltd. will post 1.28 EPS for the current year.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be issued a $0.1025 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.23 dividend on an annualized basis and a yield of 11.11%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is presently 75.93%.

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.