PennantPark Floating Rate Capital Ltd. (PFLT) to Issue Monthly Dividend of $0.10 on November 1st

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) announced a monthly dividend on Wednesday, October 2nd, Wall Street Journal reports. Shareholders of record on Wednesday, October 16th will be given a dividend of 0.1025 per share by the asset manager on Friday, November 1st. This represents a $1.23 dividend on an annualized basis and a yield of 10.53%. The ex-dividend date of this dividend is Wednesday, October 16th.

PennantPark Floating Rate Capital has decreased its dividend by an average of 35.2% annually over the last three years.

PennantPark Floating Rate Capital Price Performance

PennantPark Floating Rate Capital stock opened at $11.68 on Monday. The firm has a market capitalization of $779.38 million, a PE ratio of 7.89 and a beta of 1.68. PennantPark Floating Rate Capital has a 52 week low of $9.69 and a 52 week high of $12.63. The firm’s 50-day simple moving average is $11.31 and its 200 day simple moving average is $11.37. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 0.60.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings results on Wednesday, August 7th. The asset manager reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.01). The business had revenue of $48.51 million during the quarter, compared to analysts’ expectations of $47.63 million. PennantPark Floating Rate Capital had a net margin of 59.16% and a return on equity of 10.99%. During the same period last year, the company earned $0.36 EPS. On average, equities research analysts predict that PennantPark Floating Rate Capital will post 1.28 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PFLT. StockNews.com lowered shares of PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Maxim Group raised PennantPark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Monday, August 12th. Finally, JMP Securities dropped their price objective 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.

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.