Miracle Mile Advisors LLC Takes $124,000 Position in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Miracle Mile Advisors LLC purchased a new position in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 11,060 shares of the asset manager’s stock, valued at approximately $124,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. PharVision Advisers LLC bought a new stake in PennantPark Floating Rate Capital during the 4th quarter worth approximately $170,000. Mpwm Advisory Solutions LLC bought a new position in shares of PennantPark Floating Rate Capital during the fourth quarter valued at $55,000. Two Sigma Advisers LP lifted its holdings in shares of PennantPark Floating Rate Capital by 2.3% during the fourth quarter. Two Sigma Advisers LP now owns 716,775 shares of the asset manager’s stock worth $7,834,000 after purchasing an additional 15,778 shares during the period. Tidal Investments LLC grew its stake in shares of PennantPark Floating Rate Capital by 2.3% in the fourth quarter. Tidal Investments LLC now owns 103,334 shares of the asset manager’s stock worth $1,129,000 after purchasing an additional 2,322 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in PennantPark Floating Rate Capital by 94.4% in the fourth quarter. Millennium Management LLC now owns 646,741 shares of the asset manager’s stock valued at $7,069,000 after purchasing an additional 314,064 shares during the period. Institutional investors and hedge funds own 19.77% of the company’s stock.

PennantPark Floating Rate Capital Trading Up 0.2%

Shares of PFLT stock opened at $10.49 on Thursday. PennantPark Floating Rate Capital Ltd. has a fifty-two week low of $8.82 and a fifty-two week high of $12.02. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15. The stock has a 50 day simple moving average of $10.00 and a two-hundred day simple moving average of $10.70. The company has a market cap of $1.04 billion, a P/E ratio of 7.49 and a beta of 0.96.

PennantPark Floating Rate Capital Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be paid a $0.1025 dividend. This represents a $1.23 annualized dividend and a yield of 11.73%. The ex-dividend date of this dividend is Monday, June 16th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is currently 136.67%.

Insider Activity

In other news, Director Jose A. Briones bought 9,840 shares of the firm’s stock in a transaction that occurred on Wednesday, May 14th. The stock was acquired at an average cost of $10.15 per share, with a total value of $99,876.00. Following the transaction, the director now directly owns 329,438 shares of the company’s stock, valued at approximately $3,343,795.70. This represents a 3.08% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on PFLT shares. Truist Financial cut their target price on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, May 14th. Keefe, Bruyette & Woods cut their price objective on PennantPark Floating Rate Capital from $11.50 to $11.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 8th. LADENBURG THALM/SH SH upgraded PennantPark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $10.50 target price on the stock in a report on Tuesday, May 13th. UBS Group lowered their price target on shares of PennantPark Floating Rate Capital from $11.50 to $10.50 and set a “neutral” rating for the company in a report on Thursday, April 17th. Finally, Maxim Group set a $11.50 price target on shares of PennantPark Floating Rate Capital and gave the stock a “buy” rating in a research report on Wednesday, May 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $11.08.

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.