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

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Get Free Report) announced a monthly dividend on Thursday, July 3rd, Wall Street Journal reports. Stockholders of record on Tuesday, July 15th will be paid a dividend of 0.1025 per share by the asset manager on Friday, August 1st. This represents a $1.23 dividend on an annualized basis and a dividend yield of 11.68%. The ex-dividend date is Tuesday, July 15th.

PennantPark Floating Rate Capital Price Performance

Shares of PennantPark Floating Rate Capital stock traded up $0.08 during midday trading on Friday, hitting $10.54. 465,101 shares of the company traded hands, compared to its average volume of 1,023,275. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 7.53 and a beta of 0.95. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15. The firm's fifty day moving average price is $10.24 and its 200-day moving average price is $10.62. PennantPark Floating Rate Capital has a 12 month low of $8.82 and a 12 month high of $12.02.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PFLT shares. Wall Street Zen lowered shares of PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a report on Tuesday, May 13th. Truist Financial lowered their target price on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. Keefe, Bruyette & Woods reduced their price target on PennantPark Floating Rate Capital from $11.50 to $11.00 and set a "market perform" rating on the stock in a research report on Tuesday, April 8th. LADENBURG THALM/SH SH raised PennantPark Floating Rate Capital from a "neutral" rating to a "buy" rating and set a $10.50 price target for the company in a research note on Tuesday, May 13th. Finally, JMP Securities lowered their price objective on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "market outperform" rating for the company in a research report on Tuesday, June 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, PennantPark Floating Rate Capital has a consensus rating of "Hold" and an average target price of $10.92.

Insider Activity at PennantPark Floating Rate Capital

In related news, Director Jose A. Briones acquired 9,840 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was purchased at an average cost of $10.15 per share, with a total value of $99,876.00. Following the acquisition, the director owned 329,438 shares of the company's stock, valued at approximately $3,343,795.70. This trade represents a 3.08% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

An institutional investor recently raised its position in PennantPark Floating Rate Capital stock. Millennium Management LLC grew its position in shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) by 85.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,196,752 shares of the asset manager's stock after buying an additional 550,011 shares during the quarter. Millennium Management LLC owned 1.21% of PennantPark Floating Rate Capital worth $13,392,000 as of its most recent filing with the Securities & Exchange Commission. 19.77% of the stock is owned by institutional investors and hedge funds.

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.