PennantPark Floating Rate Capital Ltd. Announces Special Dividend of $0.00 (NYSE:PFLT)

Key Points

• PennantPark Floating Rate Capital declared a special dividend of $0.0033 per share, payable October 1 to shareholders of record on September 15; the stated yield is 1,295%.
• PFLT reported quarterly earnings of $0.26 per share, narrowly missing the $0.27 consensus estimate, while revenue totaled $66.09 million.
• Analyst sentiment is moderately bullish, with three Buy and three Hold ratings and a consensus price target of $9.80, compared with the stock’s opening price of $7.42.

PennantPark Floating Rate Capital Ltd. (NYSE:PFLT - Get Free Report) announced a special dividend on Wednesday, September 2nd. Shareholders of record on Tuesday, September 15th will be paid a dividend of 0.0033 per share on Thursday, October 1st. This represents a yield of 1,295.0%. The ex-dividend date of this dividend is Tuesday, September 15th.

PennantPark Floating Rate Capital has raised its dividend by an average of 0.0%per year over the last three years.

PennantPark Floating Rate Capital Price Performance

Shares of PFLT stock opened at $7.42 on Thursday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.19 and a current ratio of 0.19. The firm has a market cap of $735.72 million, a P/E ratio of 14.54 and a beta of 0.78. The business's 50 day moving average price is $7.27 and its 200-day moving average price is $7.93. PennantPark Floating Rate Capital has a fifty-two week low of $6.83 and a fifty-two week high of $10.30.

PennantPark Floating Rate Capital (NYSE:PFLT - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.01). The firm had revenue of $66.09 million for the quarter. PennantPark Floating Rate Capital had a net margin of 18.53% and a return on equity of 10.24%. On average, equities research analysts anticipate that PennantPark Floating Rate Capital will post 1.06 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PFLT. Zacks Research raised PennantPark Floating Rate Capital from a "strong sell" rating to a "hold" rating in a research report on Monday, July 20th. Truist Financial reduced their price target on shares of PennantPark Floating Rate Capital from $10.00 to $9.00 and set a "buy" rating for the company in a research note on Tuesday, May 19th. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of PennantPark Floating Rate Capital in a report on Wednesday, August 5th. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $9.80.

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. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.

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