Sound Income Strategies LLC Boosts Stake in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Sound Income Strategies LLC boosted its position in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 12.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,320,039 shares of the asset manager’s stock after purchasing an additional 356,781 shares during the period. PennantPark Floating Rate Capital comprises approximately 2.2% of Sound Income Strategies LLC’s portfolio, making the stock its 9th biggest holding. Sound Income Strategies LLC owned 3.99% of PennantPark Floating Rate Capital worth $36,288,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of PFLT. Millennium Management LLC lifted its position in shares of PennantPark Floating Rate Capital by 391.3% during the 2nd quarter. Millennium Management LLC now owns 783,912 shares of the asset manager’s stock valued at $9,046,000 after buying an additional 624,342 shares during the last quarter. Van ECK Associates Corp lifted its holdings in PennantPark Floating Rate Capital by 22.5% during the third quarter. Van ECK Associates Corp now owns 1,798,265 shares of the asset manager’s stock valued at $20,554,000 after purchasing an additional 330,731 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in PennantPark Floating Rate Capital during the second quarter worth about $1,769,000. JPMorgan Chase & Co. increased its stake in shares of PennantPark Floating Rate Capital by 72.6% in the third quarter. JPMorgan Chase & Co. now owns 251,733 shares of the asset manager’s stock worth $2,913,000 after purchasing an additional 105,855 shares in the last quarter. Finally, Crescent Grove Advisors LLC bought a new stake in shares of PennantPark Floating Rate Capital in the third quarter valued at approximately $476,000. 19.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Raymond James started coverage on shares of PennantPark Floating Rate Capital in a report on Friday, December 20th. They issued a “market perform” rating for the company. StockNews.com raised PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Wednesday, January 15th.

PennantPark Floating Rate Capital Price Performance

PFLT stock opened at $11.28 on Friday. The firm has a 50 day moving average of $11.00 and a 200-day moving average of $11.25. The firm has a market capitalization of $938.42 million, a P/E ratio of 8.87 and a beta of 1.65. PennantPark Floating Rate Capital Ltd. has a 12 month low of $10.28 and a 12 month high of $12.02. 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 Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Wednesday, January 15th will be issued a $0.1025 dividend. This represents a $1.23 annualized dividend and a yield of 10.91%. The ex-dividend date is Wednesday, January 15th. PennantPark Floating Rate Capital’s payout ratio is 86.01%.

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.