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

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) declared a monthly dividend on Tuesday, April 2nd, Wall Street Journal reports. Shareholders of record on Monday, April 15th will be paid a dividend of 0.1025 per share by the asset manager on Wednesday, May 1st. This represents a $1.23 dividend on an annualized basis and a yield of 11.03%. The ex-dividend date of this dividend is Friday, April 12th.

PennantPark Floating Rate Capital has a dividend payout ratio of 97.6% 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 PFLT traded down $0.05 during midday trading on Thursday, reaching $11.15. The stock had a trading volume of 601,557 shares, compared to its average volume of 688,933. PennantPark Floating Rate Capital has a 52 week low of $9.69 and a 52 week high of $12.63. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.19 and a quick ratio of 0.19. The firm’s 50 day moving average price is $11.30 and its 200-day moving average price is $11.19. The company has a market capitalization of $687.17 million, a P/E ratio of 10.07 and a beta of 1.68.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last issued its earnings results on Wednesday, February 7th. The asset manager reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.02. PennantPark Floating Rate Capital had a return on equity of 11.83% and a net margin of 43.40%. The firm had revenue of $37.97 million for the quarter, compared to the consensus estimate of $35.03 million. On average, analysts forecast that PennantPark Floating Rate Capital will post 1.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Institutional investors have recently bought and sold shares of the business. Quarry LP acquired a new position in PennantPark Floating Rate Capital during the second quarter worth approximately $34,000. Castleview Partners LLC acquired a new position in PennantPark Floating Rate Capital during the second quarter worth approximately $38,000. Comerica Bank acquired a new position in PennantPark Floating Rate Capital during the third quarter worth approximately $61,000. Citigroup Inc. acquired a new position in shares of PennantPark Floating Rate Capital in the second quarter valued at approximately $75,000. Finally, Sunbelt Securities Inc. acquired a new stake in PennantPark Floating Rate Capital during the first quarter worth approximately $99,000. Institutional investors and hedge funds own 19.77% of the company’s stock.

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.