Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) declared a monthly dividend on Tuesday, July 2nd, NASDAQ reports. Investors of record on Thursday, July 18th will be paid a dividend of 0.095 per share by the asset manager on Thursday, August 1st. This represents a $1.14 dividend on an annualized basis and a yield of 9.73%. The ex-dividend date is Wednesday, July 17th.
Pennantpark Floating Rate Capital has increased its dividend by an average of 0.4% annually over the last three years. Pennantpark Floating Rate Capital has a payout ratio of 117.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Pennantpark Floating Rate Capital to earn $1.20 per share next year, which means the company should continue to be able to cover its $1.14 annual dividend with an expected future payout ratio of 95.0%.
Shares of PFLT opened at $11.72 on Tuesday. Pennantpark Floating Rate Capital has a 52 week low of $11.05 and a 52 week high of $13.95. The firm has a market cap of $454.02 million, a price-to-earnings ratio of 9.76 and a beta of 0.73. The firm has a 50-day moving average of $11.65.
In related news, CFO Aviv Efrat acquired 8,200 shares of the stock in a transaction on Tuesday, May 14th. The shares were acquired at an average price of $12.05 per share, with a total value of $98,810.00. Following the completion of the transaction, the chief financial officer now owns 36,950 shares in the company, valued at approximately $445,247.50. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Arthur H. Penn acquired 7,000 shares of the stock in a transaction on Monday, May 13th. The stock was bought at an average cost of $12.10 per share, for a total transaction of $84,700.00. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 62,000 shares of company stock worth $749,945. Insiders own 1.00% of the company’s stock.
A number of research analysts recently weighed in on PFLT shares. Zacks Investment Research lowered shares of ExlService from a “hold” rating to a “sell” rating in a research report on Wednesday, July 10th. BidaskClub lowered shares of Waterstone Financial from a “hold” rating to a “sell” rating in a research report on Friday, June 21st. ValuEngine raised shares of VESTAS WIND SYS/ADR from a “hold” rating to a “buy” rating in a research report on Thursday, May 9th. Keefe, Bruyette & Woods lowered shares of Pennantpark Floating Rate Capital from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $14.00 to $13.00 in a research report on Wednesday, May 8th. Finally, LADENBURG THALM/SH SH lowered shares of PennantPark Investment from a “buy” rating to a “neutral” rating in a research report on Monday, May 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. Pennantpark Floating Rate Capital presently has a consensus rating of “Hold” and a consensus target price of $13.63.
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.
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