Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) announced a monthly dividend on Monday, January 6th, Wall Street Journal reports. Stockholders of record on Thursday, January 16th will be paid a dividend of 0.095 per share by the asset manager on Monday, February 3rd. This represents a $1.14 dividend on an annualized basis and a dividend yield of 9.25%. The ex-dividend date of this dividend is Wednesday, January 15th.
Pennantpark Floating Rate Capital has a dividend payout ratio of 97.4% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect Pennantpark Floating Rate Capital to earn $1.22 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 93.4%.
Shares of Pennantpark Floating Rate Capital stock opened at $12.32 on Tuesday. The stock has a market cap of $478.83 million, a PE ratio of 10.53 and a beta of 0.74. The firm has a 50-day moving average of $12.35 and a 200-day moving average of $11.77. Pennantpark Floating Rate Capital has a 52-week low of $11.14 and a 52-week high of $13.42. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.16 and a current ratio of 0.16.
A number of research analysts recently commented on PFLT shares. BidaskClub downgraded Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, December 31st. Zacks Investment Research raised Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a research note on Thursday, November 28th. Maxim Group reaffirmed a “buy” rating and issued a $14.00 price target on shares of Pennantpark Floating Rate Capital in a research note on Friday, November 22nd. Finally, ValuEngine raised Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $13.50.
In other Pennantpark Floating Rate Capital news, CEO Arthur H. Penn bought 9,000 shares of the stock in a transaction on Friday, November 22nd. The stock was purchased at an average price of $11.78 per share, with a total value of $106,020.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Arthur H. Penn bought 8,000 shares of the stock in a transaction on Monday, November 25th. The shares were acquired at an average cost of $12.03 per share, with a total value of $96,240.00. The disclosure for this purchase can be found here. 1.00% of the stock is currently owned by insiders.
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.
Further Reading: How prevalent are 12b-1 fees?
Receive News & Ratings for Pennantpark Floating Rate Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pennantpark Floating Rate Capital and related companies with MarketBeat.com's FREE daily email newsletter.