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, August 6th, Wall Street Journal reports. Investors of record on Friday, August 16th will be given 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 yield of 11.45%. The ex-dividend date of this dividend is Friday, August 16th.

PennantPark Floating Rate Capital has raised 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% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. 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 Stock Up 2.4 %

Shares of NASDAQ:PFLT traded up $0.25 during midday trading on Tuesday, hitting $10.74. 662,927 shares of the company’s stock were exchanged, compared to its average volume of 765,796. 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 12 month low of $9.69 and a 12 month high of $12.63. The company has a market cap of $716.66 million, a PE ratio of 7.09 and a beta of 1.68. The stock has a 50 day moving average price of $11.43 and a 200-day moving average price of $11.37.

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 for the quarter, missing the consensus estimate of $0.33 by ($0.02). The company had revenue of $44.35 million for the quarter, compared to the consensus estimate 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, sell-side analysts anticipate that PennantPark Floating Rate Capital will post 1.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, JMP Securities lowered their target price on PennantPark Floating Rate Capital from $12.50 to $12.00 and set a “market outperform” rating on the stock in a research note on Tuesday, July 30th.

Insider Activity

In other PennantPark Floating Rate Capital news, CFO Richard T. Allorto, Jr. acquired 10,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was purchased at an average cost of $11.30 per share, for a total transaction of $113,000.00. Following the acquisition, the chief financial officer now owns 10,000 shares in the company, valued at approximately $113,000. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders have purchased 14,370 shares of company stock worth $162,895. 1.00% of the stock is currently owned by corporate insiders.

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.