Pennantpark Floating Rate Capital Ltd Plans Monthly Dividend of $0.10 (NASDAQ:PFLT)
Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) declared a monthly dividend on Tuesday, July 2nd, NASDAQ reports. Shareholders of record on Thursday, July 18th will be given a dividend of 0.095 per share by the asset manager on Thursday, August 1st. This represents a $1.14 dividend on an annualized basis and a yield of 9.73%. The ex-dividend date is Wednesday, July 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 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. Analysts expect Pennantpark Floating Rate Capital to earn $1.20 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 95.0%.
PFLT stock opened at $11.72 on Tuesday. Pennantpark Floating Rate Capital has a one year low of $11.05 and a one year high of $13.95. The stock has a market cap of $454.02 million, a PE ratio of 9.76 and a beta of 0.73. The business has a 50 day moving average of $11.65.
In other Pennantpark Floating Rate Capital news, Director Samuel L. Katz acquired 20,000 shares of the stock in a transaction dated Monday, May 13th. The stock was purchased at an average cost of $12.11 per share, for a total transaction of $242,200.00. Following the acquisition, the director now owns 146,900 shares in the company, valued at approximately $1,778,959. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Arthur H. Penn acquired 7,000 shares of the stock in a transaction dated Monday, May 13th. The stock was acquired at an average price of $12.10 per share, with a total value of $84,700.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 62,000 shares of company stock valued at $749,945. Company insiders own 1.00% of the company’s stock.
A number of equities analysts have commented on PFLT shares. ValuEngine raised shares of VESTAS WIND SYS/ADR from a “hold” rating to a “buy” rating in a research note on Thursday, May 9th. Zacks Investment Research cut shares of ExlService from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. LADENBURG THALM/SH SH cut shares of PennantPark Investment from a “buy” rating to a “neutral” rating in a research note on Monday, May 13th. TheStreet cut shares of Wayside Technology Group from a “b-” rating to a “c” rating in a research note on Wednesday, May 22nd. Finally, Keefe, Bruyette & Woods lowered shares of Pennantpark Floating Rate Capital from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $14.00 to $13.00 in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Pennantpark Floating Rate Capital presently has an average rating of “Hold” and a consensus price target of $13.63.
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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