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

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Get Free Report) announced a monthly dividend on Wednesday, June 4th, Wall Street Journal reports. Investors of record on Monday, June 16th will be paid a dividend of 0.1025 per share by the asset manager on Tuesday, July 1st. This represents a $1.23 annualized dividend and a dividend yield of 12.04%. The ex-dividend date of this dividend is Monday, June 16th.

PennantPark Floating Rate Capital has decreased its dividend by an average of 35.2% annually over the last three years.

PennantPark Floating Rate Capital Price Performance

Shares of PennantPark Floating Rate Capital stock traded down $0.02 during midday trading on Thursday, hitting $10.22. 578,305 shares of the company traded hands, compared to its average volume of 1,283,985. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 7.30 and a beta of 1.01. 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 $10.05 and its 200-day moving average price is $10.73. PennantPark Floating Rate Capital has a 12 month low of $8.82 and a 12 month high of $12.02.

Wall Street Analyst Weigh In

PFLT has been the topic of a number of research reports. Keefe, Bruyette & Woods reduced their target price on shares of PennantPark Floating Rate Capital from $11.50 to $11.00 and set a "market perform" rating on the stock in a report on Tuesday, April 8th. LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital from a "neutral" rating to a "buy" rating and set a $10.50 price target on the stock in a research report on Tuesday, May 13th. Truist Financial dropped their price target on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. UBS Group dropped their price target on shares of PennantPark Floating Rate Capital from $11.50 to $10.50 and set a "neutral" rating on the stock in a research report on Thursday, April 17th. Finally, Maxim Group set a $11.50 target price on shares of PennantPark Floating Rate Capital and gave the company a "buy" rating in a research report on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $11.08.

Insider Activity

In other news, Director Jose A. Briones bought 9,840 shares of the business's stock in a transaction dated Wednesday, May 14th. The shares were purchased at an average price of $10.15 per share, for a total transaction of $99,876.00. Following the completion of the acquisition, the director now owns 329,438 shares of the company's stock, valued at approximately $3,343,795.70. This trade represents a 3.08% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.00% of the stock is owned by corporate insiders.

Institutional Trading of PennantPark Floating Rate Capital

A hedge fund recently raised its stake in PennantPark Floating Rate Capital stock. Jane Street Group LLC boosted its stake in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Free Report) by 692.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 319,736 shares of the asset manager's stock after acquiring an additional 279,399 shares during the period. Jane Street Group LLC owned 0.32% of PennantPark Floating Rate Capital worth $3,578,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 19.77% of the company's stock.

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.