PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) to Issue Monthly Dividend of $0.08

Key Points

• PennantPark Floating Rate Capital declared a monthly dividend of $0.08 per share, payable September 1 to shareholders of record on August 14. The dividend implies a 13.3% annualized yield.
• PFLT shares opened at $7.20, near the lower end of their 52-week range of $6.83 to $10.60. The stock has declined below both its 50-day and 200-day moving averages.
• The company narrowly missed quarterly earnings expectations, reporting $0.27 in EPS versus a $0.28 consensus estimate. Analysts maintain a “Moderate Buy” consensus with an average price target of $9.80.

PennantPark Floating Rate Capital Ltd. (NYSE:PFLT - Get Free Report) announced a monthly dividend on Tuesday, August 4th. Stockholders of record on Friday, August 14th will be given a dividend of 0.08 per share on Tuesday, September 1st. This represents a c) annualized dividend and a dividend yield of 13.3%. The ex-dividend date is Friday, August 14th.

PennantPark Floating Rate Capital has increased its dividend by an average of 0.0%annually over the last three years.

PennantPark Floating Rate Capital Price Performance

Shares of NYSE:PFLT opened at $7.20 on Wednesday. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $714.48 million, a PE ratio of 11.61 and a beta of 0.76. The firm's 50 day moving average price is $7.48 and its 200-day moving average price is $8.23. PennantPark Floating Rate Capital has a twelve month low of $6.83 and a twelve month high of $10.60.

PennantPark Floating Rate Capital (NYSE:PFLT - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $0.27 EPS for the quarter, missing analysts' consensus estimates of $0.28 by ($0.01). The business had revenue of $44.81 million for the quarter. PennantPark Floating Rate Capital had a net margin of 23.08% and a return on equity of 9.95%. Equities research analysts expect that PennantPark Floating Rate Capital will post 1.08 EPS for the current year.

Analyst Ratings Changes

Several analysts have issued reports on the company. Weiss Ratings reissued a "hold (c-)" rating on shares of PennantPark Floating Rate Capital in a report on Friday, May 8th. Zacks Research upgraded shares of PennantPark Floating Rate Capital from a "strong sell" rating to a "hold" rating in a research note on Monday, July 20th. Citizens Jmp reduced their price objective on shares of PennantPark Floating Rate Capital from $11.00 to $10.00 and set a "market outperform" rating for the company in a research note on Wednesday, April 22nd. Finally, Truist Financial decreased their price objective on shares of PennantPark Floating Rate Capital from $10.00 to $9.00 and set a "buy" rating on the stock in a research report on Tuesday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, PennantPark Floating Rate Capital presently has an average rating of "Moderate Buy" and an average price target of $9.80.

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. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source