Greenwich Investment Management Inc. Has $1.67 Million Stock Holdings in Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT)

Greenwich Investment Management Inc. reduced its position in Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) by 4.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 144,079 shares of the asset manager’s stock after selling 6,340 shares during the quarter. Pennantpark Floating Rate Capital makes up 1.6% of Greenwich Investment Management Inc.’s portfolio, making the stock its 20th largest holding. Greenwich Investment Management Inc. owned approximately 0.37% of Pennantpark Floating Rate Capital worth $1,666,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Psagot Investment House Ltd. bought a new position in shares of Pennantpark Floating Rate Capital during the first quarter valued at $82,000. NEXT Financial Group Inc lifted its holdings in shares of Pennantpark Floating Rate Capital by 13.3% during the second quarter. NEXT Financial Group Inc now owns 8,681 shares of the asset manager’s stock valued at $101,000 after acquiring an additional 1,018 shares during the period. First Allied Advisory Services Inc. bought a new position in shares of Pennantpark Floating Rate Capital during the first quarter valued at $149,000. FNY Investment Advisers LLC lifted its holdings in shares of Pennantpark Floating Rate Capital by 6,903.5% during the second quarter. FNY Investment Advisers LLC now owns 19,890 shares of the asset manager’s stock valued at $229,000 after acquiring an additional 19,606 shares during the period. Finally, Bank of Montreal Can bought a new position in shares of Pennantpark Floating Rate Capital during the first quarter valued at $231,000. 36.20% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts have issued reports on PFLT shares. Keefe, Bruyette & Woods cut Pennantpark Floating Rate Capital from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $14.00 to $13.00 in a report on Wednesday, May 8th. BidaskClub cut Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a report on Wednesday. LADENBURG THALM/SH SH cut Pennantpark Floating Rate Capital from a “buy” rating to a “neutral” rating in a report on Monday, May 13th. ValuEngine cut Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. Finally, Zacks Investment Research cut Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $13.50.

In other news, CFO Aviv Efrat acquired 8,200 shares of the stock in a transaction that occurred on Friday, May 17th. The stock was purchased at an average cost of $12.05 per share, for a total transaction of $98,810.00. Following the completion of the transaction, the chief financial officer now directly owns 45,150 shares in the company, valued at $544,057.50. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Arthur H. Penn acquired 8,000 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $11.57 per share, with a total value of $92,560.00. The disclosure for this purchase can be found here. Insiders purchased 25,200 shares of company stock valued at $296,310 over the last ninety days. 1.00% of the stock is currently owned by company insiders.

Pennantpark Floating Rate Capital stock opened at $11.72 on Wednesday. The firm has a 50-day simple moving average of $11.61. Pennantpark Floating Rate Capital Ltd has a 12-month low of $11.05 and a 12-month high of $13.79. The company has a market capitalization of $451.31 million, a PE ratio of 11.06 and a beta of 0.73.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last released its quarterly earnings results on Wednesday, August 7th. The asset manager reported $0.29 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.01). Pennantpark Floating Rate Capital had a net margin of 16.65% and a return on equity of 8.83%. The business had revenue of $22.88 million during the quarter, compared to the consensus estimate of $22.90 million. As a group, analysts forecast that Pennantpark Floating Rate Capital Ltd will post 1.19 EPS for the current fiscal year.

The firm also recently declared a monthly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Monday, August 19th will be issued a $0.095 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 9.73%. Pennantpark Floating Rate Capital’s dividend payout ratio is 107.55%.

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.

Further Reading: Quiet Period

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

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