Garner Asset Management Corp Makes New Investment in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Garner Asset Management Corp acquired a new position in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 18,044 shares of the asset manager’s stock, valued at approximately $205,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Raymond James Financial Services Advisors Inc. boosted its position in shares of PennantPark Floating Rate Capital by 29.0% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 15,794 shares of the asset manager’s stock valued at $191,000 after acquiring an additional 3,555 shares during the period. International Assets Investment Management LLC boosted its position in shares of PennantPark Floating Rate Capital by 1,110.0% in the fourth quarter. International Assets Investment Management LLC now owns 287,738 shares of the asset manager’s stock valued at $3,482,000 after acquiring an additional 263,958 shares during the period. NewEdge Wealth LLC bought a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter valued at about $3,741,000. Graypoint LLC boosted its position in shares of PennantPark Floating Rate Capital by 2.0% in the fourth quarter. Graypoint LLC now owns 63,938 shares of the asset manager’s stock valued at $774,000 after acquiring an additional 1,238 shares during the period. Finally, Van ECK Associates Corp lifted its position in PennantPark Floating Rate Capital by 11.8% during the fourth quarter. Van ECK Associates Corp now owns 1,021,521 shares of the asset manager’s stock worth $12,361,000 after purchasing an additional 107,588 shares during the period. 19.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, JMP Securities cut their price objective on shares of PennantPark Floating Rate Capital from $12.50 to $12.00 and set a “market outperform” rating for the company in a research report on Tuesday.

PennantPark Floating Rate Capital Price Performance

PFLT remained flat at $11.19 on Thursday. 614,688 shares of the company traded hands, compared to its average volume of 760,245. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $746.71 million, a price-to-earnings ratio of 7.53 and a beta of 1.68. PennantPark Floating Rate Capital Ltd. has a 1-year low of $9.69 and a 1-year high of $12.63. The company has a 50 day moving average of $11.45 and a 200-day moving average of $11.40.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last issued its earnings results on Wednesday, May 8th. The asset manager reported $0.31 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.02). The business had revenue of $44.35 million for the quarter, compared to analyst estimates of $40.24 million. PennantPark Floating Rate Capital had a return on equity of 11.44% and a net margin of 55.99%. Equities research analysts expect that PennantPark Floating Rate Capital Ltd. will post 1.3 earnings per share for the current fiscal year.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Monday, July 15th will be paid a $0.1025 dividend. This represents a $1.23 annualized dividend and a dividend yield of 10.99%. The ex-dividend date is Monday, July 15th. PennantPark Floating Rate Capital’s dividend payout ratio is currently 83.11%.

Insider Activity

In other news, CFO Richard T. Allorto, Jr. acquired 10,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was bought at an average price of $11.30 per share, with a total value of $113,000.00. Following the completion of the purchase, the chief financial officer now directly owns 10,000 shares of the company’s stock, valued at approximately $113,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders bought 14,370 shares of company stock valued at $162,895 over the last quarter. 1.00% of the stock is owned by company insiders.

PennantPark Floating Rate Capital Company 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.