Pennantpark Floating Rate Capital Ltd (PFLT) Plans $0.10 Monthly Dividend

Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) declared a monthly dividend on Monday, May 6th, NASDAQ reports. Stockholders of record on Monday, May 20th will be paid a dividend of 0.095 per share by the asset manager on Monday, June 3rd. This represents a $1.14 dividend on an annualized basis and a dividend yield of 9.37%. The ex-dividend date of this dividend is Friday, May 17th.

Pennantpark Floating Rate Capital has increased its dividend payment by an average of 0.4% per year over the last three years. Pennantpark Floating Rate Capital has a dividend payout ratio of 117.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Pennantpark Floating Rate Capital to earn $1.19 per share next year, which means the company should continue to be able to cover its $1.14 annual dividend with an expected future payout ratio of 95.8%.

Shares of NASDAQ:PFLT opened at $12.17 on Friday. The firm has a market cap of $465.27 million, a PE ratio of 11.48 and a beta of 0.72. Pennantpark Floating Rate Capital has a 52 week low of $11.05 and a 52 week high of $14.12.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last released its earnings results on Wednesday, May 8th. The asset manager reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The business had revenue of $23.01 million for the quarter, compared to analyst estimates of $22.99 million. Pennantpark Floating Rate Capital had a net margin of 17.80% and a return on equity of 8.72%. Research analysts forecast that Pennantpark Floating Rate Capital will post 1.2 EPS for the current year.

Several equities analysts recently issued reports on the stock. Zacks Investment Research lowered shares of Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Wednesday, April 10th. BidaskClub upgraded shares of Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating in a report on Thursday. ValuEngine lowered shares of Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Thursday. Keefe, Bruyette & Woods lowered shares of Pennantpark Floating Rate Capital from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $14.00 to $13.00 in a report on Wednesday. Finally, Maxim Group restated a “buy” rating and issued a $14.50 target price on shares of Pennantpark Floating Rate Capital in a report on Thursday, February 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $14.13.

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Pennantpark Floating Rate Capital Company 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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Dividend History for Pennantpark Floating Rate Capital (NASDAQ:PFLT)

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