Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) declared a monthly dividend on Monday, May 6th, NASDAQ reports. Shareholders of record on Monday, May 20th will be given a dividend of 0.095 per share by the asset manager on Monday, June 3rd. This represents a $1.14 annualized dividend and a yield of 9.40%. The ex-dividend date of this dividend is Friday, May 17th.
Pennantpark Floating Rate Capital has raised its dividend payment by an average of 0.4% annually over the last three years. Pennantpark Floating Rate Capital has a 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. Research 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%.
NASDAQ:PFLT opened at $12.13 on Thursday. The stock has a market capitalization of $468.75 million, a price-to-earnings ratio of 11.44 and a beta of 0.72. Pennantpark Floating Rate Capital has a 1-year low of $11.05 and a 1-year high of $14.12.
In related news, insider Arthur H. Penn acquired 9,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were purchased at an average cost of $12.15 per share, for a total transaction of $109,350.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Samuel L. Katz acquired 20,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was bought at an average price of $12.11 per share, for a total transaction of $242,200.00. Following the completion of the acquisition, the director now owns 146,900 shares in the company, valued at approximately $1,778,959. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 36,100 shares of company stock worth $437,470. Company insiders own 1.00% of the company’s stock.
Several equities analysts have weighed in on the stock. Keefe, Bruyette & Woods lowered shares of Pennantpark Floating Rate Capital from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $14.00 to $13.00 in a report on Wednesday, May 8th. Zacks Investment Research lowered shares of Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a report on Thursday, February 14th. BidaskClub upgraded shares of Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating in a report on Wednesday, February 13th. Finally, Maxim Group restated a “buy” rating and issued a $14.50 price objective on shares of Pennantpark Floating Rate Capital in a report on Thursday, February 7th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $14.13.
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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.
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