Pennantpark Floating Rate Capital Ltd Plans Monthly Dividend of $0.10 (NASDAQ:PFLT)
Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) declared a monthly dividend on Friday, October 4th, Zacks reports. Stockholders of record on Thursday, October 17th will be paid a dividend of 0.095 per share by the asset manager on Friday, November 1st. This represents a $1.14 dividend on an annualized basis and a dividend yield of 9.93%. The ex-dividend date of this dividend is Wednesday, October 16th.
Pennantpark Floating Rate Capital has raised its dividend payment by an average of 0.4% annually over the last three years. Pennantpark Floating Rate Capital has a dividend payout ratio of 117.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Pennantpark Floating Rate Capital to earn $1.18 per share next year, which means the company should continue to be able to cover its $1.14 annual dividend with an expected future payout ratio of 96.6%.
Shares of PFLT stock opened at $11.48 on Tuesday. The stock has a market cap of $446.65 million, a price-to-earnings ratio of 10.83 and a beta of 0.73. The firm has a fifty day moving average of $11.54 and a 200-day moving average of $11.94. Pennantpark Floating Rate Capital has a 52-week low of $11.05 and a 52-week high of $13.42.
In related news, insider Arthur H. Penn acquired 9,000 shares of the stock in a transaction on Friday, August 9th. The stock was purchased at an average price of $11.66 per share, for a total transaction of $104,940.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Samuel L. Katz acquired 25,000 shares of the stock in a transaction on Wednesday, September 4th. The stock was bought at an average price of $11.42 per share, with a total value of $285,500.00. Following the transaction, the director now directly owns 191,800 shares in the company, valued at approximately $2,190,356. The disclosure for this purchase can be found here. Insiders have purchased a total of 50,000 shares of company stock valued at $575,400 in the last quarter. 1.00% of the stock is currently owned by corporate insiders.
A number of equities research analysts recently issued reports on the stock. JMP Securities dropped their target price on shares of Pennantpark Floating Rate Capital from $13.50 to $13.00 and set a “market outperform” rating for the company in a research report on Tuesday, August 13th. Zacks Investment Research upgraded shares of Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, BidaskClub cut shares of Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a research report on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $13.50.
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.
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