Westbourne Investments Inc. Invests $218,000 in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Westbourne Investments Inc. bought a new stake in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 19,977 shares of the asset manager’s stock, valued at approximately $218,000.

A number of other institutional investors also recently added to or reduced their stakes in the company. NewEdge Wealth LLC raised its holdings in shares of PennantPark Floating Rate Capital by 0.6% in the 4th quarter. NewEdge Wealth LLC now owns 288,372 shares of the asset manager’s stock valued at $3,152,000 after purchasing an additional 1,700 shares in the last quarter. Graypoint LLC lifted its holdings in PennantPark Floating Rate Capital by 2.7% during the 4th quarter. Graypoint LLC now owns 71,156 shares of the asset manager’s stock worth $778,000 after buying an additional 1,897 shares during the last quarter. Legal & General Group Plc boosted its position in shares of PennantPark Floating Rate Capital by 0.4% during the 4th quarter. Legal & General Group Plc now owns 486,044 shares of the asset manager’s stock worth $5,315,000 after acquiring an additional 2,081 shares in the last quarter. PFG Investments LLC boosted its position in shares of PennantPark Floating Rate Capital by 2.0% during the 4th quarter. PFG Investments LLC now owns 107,180 shares of the asset manager’s stock worth $1,171,000 after acquiring an additional 2,118 shares in the last quarter. Finally, Quarry LP raised its position in shares of PennantPark Floating Rate Capital by 190.2% during the 4th quarter. Quarry LP now owns 3,674 shares of the asset manager’s stock worth $40,000 after acquiring an additional 2,408 shares in the last quarter. Hedge funds and other institutional investors own 19.77% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on PFLT shares. Keefe, Bruyette & Woods cut their price objective on shares of PennantPark Floating Rate Capital from $11.50 to $11.00 and set a “market perform” rating on the stock in a report on Tuesday, April 8th. UBS Group cut their target price on PennantPark Floating Rate Capital from $11.50 to $10.50 and set a “neutral” rating on the stock in a research report on Thursday, April 17th. Finally, StockNews.com downgraded PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Sunday, April 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $11.38.

PennantPark Floating Rate Capital Stock Down 1.4 %

PennantPark Floating Rate Capital stock opened at $9.97 on Friday. The stock has a market capitalization of $876.48 million, a price-to-earnings ratio of 7.12 and a beta of 1.30. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57. The stock has a 50 day moving average of $10.54 and a two-hundred day moving average of $10.93. PennantPark Floating Rate Capital Ltd. has a twelve month low of $8.82 and a twelve month high of $12.02.

PennantPark Floating Rate Capital Announces Dividend

The company also recently disclosed a monthly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were given a dividend of $0.1025 per share. The ex-dividend date was Tuesday, April 15th. This represents a $1.23 dividend on an annualized basis and a yield of 12.34%. PennantPark Floating Rate Capital’s payout ratio is currently 87.86%.

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.