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

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) declared a monthly dividend on Tuesday, July 2nd, NASDAQ reports. Shareholders of record on Monday, July 15th will be paid a dividend of 0.1025 per share by the asset manager on Thursday, August 1st. This represents a $1.23 dividend on an annualized basis and a dividend yield of 10.54%. The ex-dividend date of this dividend is Monday, July 15th.

PennantPark Floating Rate Capital has raised its dividend by an average of 1.9% annually over the last three years. PennantPark Floating Rate Capital has a payout ratio of 96.9% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research 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 Price Performance

Shares of NASDAQ PFLT traded up $0.10 during mid-day trading on Wednesday, hitting $11.68. 406,518 shares of the company’s stock traded hands, compared to its average volume of 737,344. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.36 and a quick ratio of 0.36. PennantPark Floating Rate Capital has a 1 year low of $9.69 and a 1 year high of $12.63. The company’s 50-day moving average is $11.38 and its two-hundred day moving average is $11.47. The company has a market capitalization of $779.07 million, a P/E ratio of 7.82 and a beta of 1.68.

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

Insider Activity at PennantPark Floating Rate Capital

In other PennantPark Floating Rate Capital news, CFO Richard T. Allorto, Jr. bought 10,000 shares of the company’s stock in a transaction on Thursday, May 30th. The stock was acquired at an average price of $11.30 per share, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In the last ninety days, insiders have bought 14,370 shares of company stock worth $162,895. Insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, JMP Securities restated a “market outperform” rating and issued a $12.50 price target on shares of PennantPark Floating Rate Capital in a research report on Tuesday, March 26th.

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.