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 9.91%. The ex-dividend date is Wednesday, October 16th.
Pennantpark Floating Rate Capital has raised its dividend by an average of 0.4% annually over the last three years. Pennantpark Floating Rate Capital has a dividend payout ratio of 117.5% meaning 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 NASDAQ PFLT traded down $0.02 during trading hours on Monday, reaching $11.50. The stock had a trading volume of 1,212 shares, compared to its average volume of 114,666. The business’s fifty day moving average is $11.54 and its two-hundred day moving average is $11.96. Pennantpark Floating Rate Capital has a twelve month low of $11.05 and a twelve month high of $13.42. The company has a market cap of $444.33 million, a price-to-earnings ratio of 10.85 and a beta of 0.73.
Several equities analysts recently issued reports on the company. JMP Securities decreased their price target on Pennantpark Floating Rate Capital from $13.50 to $13.00 and set a “market outperform” rating on the stock in a report on Tuesday, August 13th. Zacks Investment Research raised Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Tuesday, October 8th. Finally, BidaskClub lowered Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a research note on Wednesday, August 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. Pennantpark Floating Rate Capital currently has a consensus rating of “Hold” and an average price target of $13.50.
In other news, Director Samuel L. Katz purchased 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, for a total transaction of $285,500.00. Following the acquisition, the director now directly owns 191,800 shares of the company’s stock, valued at approximately $2,190,356. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Arthur H. Penn purchased 9,000 shares of the stock in a transaction on Friday, August 9th. The shares were purchased at an average price of $11.66 per share, with a total value of $104,940.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 50,000 shares of company stock worth $575,400. 1.00% of the stock is owned by insiders.
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.
Further Reading: Price to Earnings Ratio (PE) Basics
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