PennantPark Floating Rate Capital Ltd. Declares Monthly Dividend of $0.10 (NASDAQ:PFLT)

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) announced a monthly dividend on Tuesday, August 6th, Wall Street Journal reports. Stockholders of record on Friday, August 16th will be paid a dividend of 0.1025 per share by the asset manager on Tuesday, September 3rd. This represents a $1.23 dividend on an annualized basis and a dividend yield of 11.45%. The ex-dividend date of this dividend is Friday, August 16th.

PennantPark Floating Rate Capital has increased its dividend by an average of 1.9% per year over the last three years. PennantPark Floating Rate Capital has a dividend payout ratio of 96.1% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities analysts expect PennantPark Floating Rate Capital to earn $1.29 per share next year, which means the company should continue to be able to cover its $1.23 annual dividend with an expected future payout ratio of 95.3%.

PennantPark Floating Rate Capital Trading Up 2.4 %

Shares of NASDAQ:PFLT traded up $0.25 during trading on Tuesday, reaching $10.74. The stock had a trading volume of 662,927 shares, compared to its average volume of 765,796. The stock has a market cap of $716.66 million, a price-to-earnings ratio of 7.09 and a beta of 1.68. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.36 and a current ratio of 0.36. PennantPark Floating Rate Capital has a 52 week low of $9.69 and a 52 week high of $12.63. The firm’s fifty day moving average is $11.43 and its 200 day moving average is $11.37.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last posted its quarterly earnings data on Wednesday, May 8th. The asset manager reported $0.31 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $44.35 million during the quarter, compared to the consensus estimate of $40.24 million. As a group, equities analysts forecast that PennantPark Floating Rate Capital will post 1.3 EPS for the current fiscal year.

Insider Buying and Selling at PennantPark Floating Rate Capital

In other news, CFO Richard T. Allorto, Jr. purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were bought at an average cost of $11.30 per share, with a total value of $113,000.00. Following the completion of the transaction, the chief financial officer now directly owns 10,000 shares of the company’s stock, valued at $113,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have acquired 14,370 shares of company stock valued at $162,895. Corporate insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

Separately, JMP Securities decreased their price target on shares of 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.

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.