PennantPark Floating Rate Capital Ltd. (PFLT) To Go Ex-Dividend on September 16th

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) announced a monthly dividend on Wednesday, September 4th, Wall Street Journal reports. Investors of record on Monday, September 16th will be paid a dividend of 0.1025 per share by the asset manager on Tuesday, October 1st. This represents a $1.23 dividend on an annualized basis and a dividend yield of 10.59%. The ex-dividend date of this dividend is Monday, September 16th.

PennantPark Floating Rate Capital has raised its dividend by an average of 1.9% per year over the last three years. PennantPark Floating Rate Capital has a payout ratio of 97.6% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities research analysts expect PennantPark Floating Rate Capital to earn $1.27 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 96.9%.

PennantPark Floating Rate Capital Trading Up 0.7 %

Shares of PFLT opened at $11.61 on Friday. The firm has a 50-day moving average price of $11.30 and a 200 day moving average price of $11.33. PennantPark Floating Rate Capital has a 12-month low of $9.69 and a 12-month high of $12.63. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $852.41 million, a P/E ratio of 7.84 and a beta of 1.68.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last posted its earnings results on Wednesday, August 7th. The asset manager reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). PennantPark Floating Rate Capital had a net margin of 59.16% and a return on equity of 10.99%. The company had revenue of $48.51 million during the quarter, compared to analyst estimates of $47.63 million. During the same period in the previous year, the company earned $0.36 EPS. Sell-side analysts forecast that PennantPark Floating Rate Capital will post 1.28 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on PFLT shares. StockNews.com cut shares of PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Maxim Group raised shares of PennantPark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Monday, August 12th. Finally, JMP Securities decreased their target price on shares of PennantPark Floating Rate Capital from $12.50 to $12.00 and set a “market outperform” rating on the stock in a research report on Tuesday, July 30th.

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.