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

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) declared a monthly dividend on Monday, May 6th, Wall Street Journal reports. Shareholders of record on Wednesday, May 15th will be given a dividend of 0.1025 per share by the asset manager on Monday, June 3rd. This represents a $1.23 annualized dividend and a dividend yield of 10.70%. The ex-dividend date of this dividend is Tuesday, May 14th.

PennantPark Floating Rate Capital has raised its dividend by an average of 1.9% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. PennantPark Floating Rate Capital has a dividend 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 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 Price Performance

Shares of PFLT stock traded up $0.12 during trading hours on Monday, hitting $11.50. 580,244 shares of the company’s stock were exchanged, compared to its average volume of 687,917. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.34. PennantPark Floating Rate Capital has a 12-month low of $9.69 and a 12-month high of $12.63. The business’s 50 day simple moving average is $11.32 and its 200-day simple moving average is $11.31. The company has a market capitalization of $708.75 million, a PE ratio of 8.37 and a beta of 1.66.

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, topping the consensus estimate of $0.31 by $0.02. The company had revenue of $37.97 million for the quarter, compared to the consensus estimate of $35.03 million. PennantPark Floating Rate Capital had a net margin of 43.40% and a return on equity of 11.83%. On average, equities research analysts anticipate that PennantPark Floating Rate Capital will post 1.29 earnings per share for the current year.

Analysts Set New Price Targets

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

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.