Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) Plans $0.10 Monthly Dividend

Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) declared a monthly dividend on Friday, October 2nd, Zacks reports. Investors of record on Wednesday, October 21st will be paid a dividend of 0.095 per share by the asset manager on Monday, November 2nd. This represents a $1.14 dividend on an annualized basis and a dividend yield of 13.12%. The ex-dividend date of this dividend is Tuesday, October 20th.

Pennantpark Floating Rate Capital has a payout ratio of 102.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Pennantpark Floating Rate Capital to earn $1.05 per share next year, which means the company may not be able to cover its $1.14 annual dividend with an expected future payout ratio of 108.6%.

Shares of NASDAQ:PFLT opened at $8.69 on Friday. The company’s 50-day moving average is $8.54 and its 200 day moving average is $7.91. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.12 and a current ratio of 0.12. The company has a market capitalization of $336.91 million, a P/E ratio of 39.50 and a beta of 1.78. Pennantpark Floating Rate Capital has a fifty-two week low of $3.34 and a fifty-two week high of $12.67.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last issued its quarterly earnings results on Wednesday, August 5th. The asset manager reported $0.26 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.02). The company had revenue of $22.77 million during the quarter, compared to analysts’ expectations of $25.46 million. Pennantpark Floating Rate Capital had a return on equity of 9.14% and a net margin of 9.02%. As a group, research analysts predict that Pennantpark Floating Rate Capital will post 1.11 earnings per share for the current year.

Several research firms have commented on PFLT. ValuEngine downgraded shares of Pennantpark Floating Rate Capital from a “sell” rating to a “strong sell” rating in a report on Monday, August 3rd. Zacks Investment Research raised shares of Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Saturday, October 10th. TheStreet raised shares of Pennantpark Floating Rate Capital from a “d+” rating to a “c” rating in a report on Monday, August 24th. BidaskClub downgraded shares of Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, Maxim Group reaffirmed a “hold” rating on shares of Pennantpark Floating Rate Capital in a report on Tuesday, August 11th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. Pennantpark Floating Rate Capital currently has a consensus rating of “Hold” and an average target price of $10.58.

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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Dividend History for Pennantpark Floating Rate Capital (NASDAQ:PFLT)

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