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

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) declared a monthly dividend on Tuesday, July 2nd, NASDAQ reports. Stockholders 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 annualized dividend and a dividend yield of 10.54%. The ex-dividend date of this dividend is Monday, July 15th.

PennantPark Floating Rate Capital has increased its dividend payment by an average of 1.9% annually over the last three years. PennantPark Floating Rate Capital has a dividend payout ratio of 96.9% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. 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 0.8 %

PFLT stock traded up $0.10 during trading on Wednesday, reaching $11.68. 406,518 shares of the stock were exchanged, compared to its average volume of 737,344. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $779.07 million, a price-to-earnings ratio of 7.82 and a beta of 1.68. The business has a 50 day moving average price of $11.38 and a 200-day moving average price of $11.47. PennantPark Floating Rate Capital has a 1 year low of $9.69 and a 1 year high of $12.63.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings results 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). PennantPark Floating Rate Capital had a return on equity of 11.44% and a net margin of 55.99%. The firm had revenue of $44.35 million for the quarter, compared to analyst estimates of $40.24 million. On average, research analysts predict that PennantPark Floating Rate Capital will post 1.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, CFO Richard T. Allorto, Jr. purchased 10,000 shares of the company’s stock in a transaction on Thursday, May 30th. The stock was acquired at an average cost 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 in the company, valued at $113,000. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders purchased a total of 14,370 shares of company stock valued at $162,895 over the last 90 days. 1.00% of the stock is owned by company 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.