Creekmur Asset Management LLC Cuts Stake in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Creekmur Asset Management LLC lowered its position in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 43.5% in the 1st quarter, Holdings Channel.com reports. The fund owned 5,855 shares of the asset manager’s stock after selling 4,516 shares during the quarter. Creekmur Asset Management LLC’s holdings in PennantPark Floating Rate Capital were worth $67,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. Cape Investment Advisory Inc. bought a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter worth $29,000. Global Retirement Partners LLC raised its holdings in PennantPark Floating Rate Capital by 107.8% during the first quarter. Global Retirement Partners LLC now owns 3,259 shares of the asset manager’s stock valued at $37,000 after acquiring an additional 1,691 shares during the period. Private Advisor Group LLC bought a new position in shares of PennantPark Floating Rate Capital in the fourth quarter worth about $190,000. Raymond James Financial Services Advisors Inc. raised its stake in PennantPark Floating Rate Capital by 29.0% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 15,794 shares of the asset manager’s stock valued at $191,000 after purchasing an additional 3,555 shares during the period. Finally, Capstone Investment Advisors LLC bought a new stake in PennantPark Floating Rate Capital in the 4th quarter valued at $242,000. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Richard T. Allorto, Jr. acquired 10,000 shares of the stock in a transaction on Thursday, May 30th. The shares were acquired at an average price of $11.30 per share, for a total transaction of $113,000.00. Following the transaction, the chief financial officer now owns 10,000 shares in the company, valued at approximately $113,000. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders acquired a total of 14,370 shares of company stock valued at $162,895 over the last 90 days. Insiders own 1.00% of the company’s stock.

PennantPark Floating Rate Capital Price Performance

PFLT traded down $0.03 during trading hours on Thursday, hitting $11.16. The company’s stock had a trading volume of 209,665 shares, compared to its average volume of 757,490. The business’s 50-day moving average price is $11.45 and its 200-day moving average price is $11.40. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.71. The stock has a market cap of $744.71 million, a price-to-earnings ratio of 8.51 and a beta of 1.68. PennantPark Floating Rate Capital Ltd. has a 12 month low of $9.69 and a 12 month high of $12.63.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last issued its earnings results on Wednesday, May 8th. The asset manager reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.02). PennantPark Floating Rate Capital had a return on equity of 11.44% and a net margin of 55.99%. The company had revenue of $44.35 million for the quarter, compared to analysts’ expectations of $40.24 million. Sell-side analysts expect that PennantPark Floating Rate Capital Ltd. will post 1.3 earnings per share for the current fiscal year.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be paid a dividend of $0.1025 per share. This represents a $1.23 annualized dividend and a yield of 11.02%. The ex-dividend date of this dividend is Monday, July 15th. PennantPark Floating Rate Capital’s payout ratio is 83.11%.

Analyst Ratings Changes

Separately, JMP Securities reduced their target price on PennantPark Floating Rate Capital from $12.50 to $12.00 and set a “market outperform” rating on the stock in a report on Tuesday.

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.