PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Stock Holdings Trimmed by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its position in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 7.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 51,655 shares of the asset manager’s stock after selling 4,221 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in PennantPark Floating Rate Capital were worth $598,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Jmac Enterprises LLC acquired a new stake in shares of PennantPark Floating Rate Capital during the 3rd quarter valued at approximately $120,000. Graypoint LLC lifted its position in shares of PennantPark Floating Rate Capital by 2.7% in the 3rd quarter. Graypoint LLC now owns 69,259 shares of the asset manager’s stock worth $801,000 after buying an additional 1,844 shares during the last quarter. Crescent Grove Advisors LLC acquired a new position in shares of PennantPark Floating Rate Capital in the 3rd quarter valued at about $476,000. Van ECK Associates Corp grew its position in shares of PennantPark Floating Rate Capital by 22.5% during the 3rd quarter. Van ECK Associates Corp now owns 1,798,265 shares of the asset manager’s stock valued at $20,554,000 after buying an additional 330,731 shares during the last quarter. Finally, International Assets Investment Management LLC raised its stake in PennantPark Floating Rate Capital by 1,057.0% during the third quarter. International Assets Investment Management LLC now owns 41,421 shares of the asset manager’s stock worth $479,000 after acquiring an additional 37,841 shares during the period. Institutional investors and hedge funds own 19.77% of the company’s stock.

PennantPark Floating Rate Capital Price Performance

NASDAQ PFLT opened at $11.09 on Wednesday. The company has a 50-day moving average price of $11.45 and a two-hundred day moving average price of $11.38. The stock has a market cap of $814.23 million, a price-to-earnings ratio of 6.85 and a beta of 1.69. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.60. PennantPark Floating Rate Capital Ltd. has a 52 week low of $10.28 and a 52 week high of $12.63.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be given a $0.1025 dividend. This represents a $1.23 annualized dividend and a yield of 11.09%. The ex-dividend date is Friday, November 15th. PennantPark Floating Rate Capital’s dividend payout ratio is currently 75.93%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PFLT shares. Maxim Group upgraded PennantPark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research note on Monday, August 12th. JMP Securities lowered their price objective on PennantPark Floating Rate Capital from $12.50 to $12.00 and set a “market outperform” rating for the company in a research note on Tuesday, July 30th. Finally, StockNews.com cut PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Friday, August 9th.

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.