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

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Get Free Report) announced a monthly dividend on Monday, May 5th, Wall Street Journal reports. Investors of record on Thursday, May 15th will be given a dividend of 0.1025 per share by the asset manager on Monday, June 2nd. This represents a $1.23 dividend on an annualized basis and a yield of 12.14%. The ex-dividend date of this dividend is Thursday, May 15th.

PennantPark Floating Rate Capital has raised its dividend payment by an average of 2.6% per year over the last three years and has increased its dividend annually for the last 2 consecutive years. PennantPark Floating Rate Capital has a payout ratio of 95.3% meaning its dividend is currently covered by earnings, but may not be in the future if the company's earnings decline. Research analysts expect PennantPark Floating Rate Capital to earn $1.34 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 91.8%.

PennantPark Floating Rate Capital Stock Performance

Shares of PennantPark Floating Rate Capital stock traded up $0.10 on Thursday, reaching $10.13. 334,606 shares of the stock were exchanged, compared to its average volume of 1,016,295. The business has a 50 day moving average price of $10.44 and a two-hundred day moving average price of $10.88. The firm has a market capitalization of $890.99 million, a price-to-earnings ratio of 7.24 and a beta of 1.01. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57. PennantPark Floating Rate Capital has a twelve month low of $8.82 and a twelve month high of $12.02.

Wall Street Analyst Weigh In

PFLT has been the subject of several research analyst reports. Keefe, Bruyette & Woods lowered their target price on shares of PennantPark Floating Rate Capital from $11.50 to $11.00 and set a "market perform" rating for the company in a research note on Tuesday, April 8th. UBS Group reduced their price target on PennantPark Floating Rate Capital from $11.50 to $10.50 and set a "neutral" rating for the company in a report on Thursday, April 17th. Finally, StockNews.com upgraded shares of PennantPark Floating Rate Capital from a "sell" rating to a "hold" rating in a research report on Monday. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $11.38.

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.