Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) is Sound Income Strategies LLC’s 8th Largest Position

Sound Income Strategies LLC raised its holdings in shares of Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) by 36.3% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,598,700 shares of the asset manager’s stock after acquiring an additional 426,133 shares during the period. Pennantpark Floating Rate Capital makes up about 6.4% of Sound Income Strategies LLC’s investment portfolio, making the stock its 8th largest position. Sound Income Strategies LLC’s holdings in Pennantpark Floating Rate Capital were worth $18,481,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Psagot Investment House Ltd. bought a new stake in Pennantpark Floating Rate Capital during the first quarter worth about $82,000. First Allied Advisory Services Inc. bought a new stake in Pennantpark Floating Rate Capital during the first quarter worth about $149,000. Bank of Montreal Can bought a new stake in Pennantpark Floating Rate Capital during the first quarter worth about $231,000. Acadian Asset Management LLC bought a new stake in Pennantpark Floating Rate Capital during the first quarter worth about $450,000. Finally, Alphasimplex Group LLC bought a new stake in Pennantpark Floating Rate Capital during the first quarter worth about $601,000. Institutional investors and hedge funds own 36.24% of the company’s stock.

In related news, Director Samuel L. Katz bought 20,000 shares of the stock in a transaction dated Monday, May 13th. The stock was bought at an average price of $12.11 per share, with a total value of $242,200.00. Following the purchase, the director now owns 146,900 shares in the company, valued at approximately $1,778,959. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Aviv Efrat bought 8,200 shares of the stock in a transaction dated Friday, May 17th. The stock was bought at an average cost of $12.05 per share, with a total value of $98,810.00. Following the purchase, the chief financial officer now owns 45,150 shares in the company, valued at approximately $544,057.50. The disclosure for this purchase can be found here. In the last three months, insiders bought 62,000 shares of company stock valued at $749,945. 1.00% of the stock is currently owned by corporate insiders.

PFLT stock traded up $0.01 during mid-day trading on Thursday, hitting $11.72. 1,436 shares of the stock were exchanged, compared to its average volume of 136,448. The firm’s fifty day simple moving average is $11.63. Pennantpark Floating Rate Capital Ltd has a 12 month low of $11.05 and a 12 month high of $13.85. The company has a market cap of $455.55 million, a PE ratio of 11.07 and a beta of 0.73.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last released its earnings results on Wednesday, May 8th. The asset manager reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. Pennantpark Floating Rate Capital had a return on equity of 8.80% and a net margin of 17.80%. The company had revenue of $23.01 million during the quarter, compared to analyst estimates of $22.99 million. As a group, equities analysts anticipate that Pennantpark Floating Rate Capital Ltd will post 1.2 EPS for the current year.

The business also recently announced a monthly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Thursday, July 18th will be paid a $0.095 dividend. This represents a $1.14 dividend on an annualized basis and a dividend yield of 9.73%. The ex-dividend date of this dividend is Wednesday, July 17th. Pennantpark Floating Rate Capital’s dividend payout ratio (DPR) is presently 107.55%.

Several equities research analysts have issued reports on the company. Zacks Investment Research lowered Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. BidaskClub lowered Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a research note on Friday, June 21st. TheStreet lowered Pennantpark Floating Rate Capital from a “b-” rating to a “c+” rating in a research note on Wednesday, May 22nd. LADENBURG THALM/SH SH lowered Pennantpark Floating Rate Capital from a “buy” rating to a “neutral” rating in a research note on Monday, May 13th. Finally, ValuEngine lowered Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Thursday, May 9th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $13.63.

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.

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Institutional Ownership by Quarter for Pennantpark Floating Rate Capital (NASDAQ:PFLT)

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