PennantPark Floating Rate Capital Ltd. (PFLT) To Go Ex-Dividend on May 14th

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) declared a monthly dividend on Monday, May 6th, Wall Street Journal reports. Shareholders of record on Wednesday, May 15th will be given a dividend of 0.1025 per share by the asset manager on Monday, June 3rd. This represents a $1.23 dividend on an annualized basis and a yield of 10.61%. The ex-dividend date of this dividend is Tuesday, May 14th.

PennantPark Floating Rate Capital has raised its dividend by an average of 1.9% annually over the last three years and has increased its dividend every year for the last 1 years. PennantPark Floating Rate Capital has a payout ratio of 97.6% indicating that 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 $1.27 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 96.9%.

PennantPark Floating Rate Capital Price Performance

NASDAQ:PFLT opened at $11.59 on Wednesday. The firm has a market cap of $714.27 million, a PE ratio of 10.35 and a beta of 1.66. PennantPark Floating Rate Capital has a 12 month low of $9.69 and a 12 month high of $12.63. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.34. The company’s 50-day moving average price is $11.32 and its two-hundred day moving average price is $11.33.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last announced its earnings results on Wednesday, February 7th. The asset manager reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.02. PennantPark Floating Rate Capital had a net margin of 43.40% and a return on equity of 11.83%. The company had revenue of $37.97 million during the quarter, compared to the consensus estimate of $35.03 million. On average, equities analysts anticipate that PennantPark Floating Rate Capital will post 1.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, JMP Securities reaffirmed a “market outperform” rating and issued a $12.50 target price on shares of PennantPark Floating Rate Capital in a research note on Tuesday, March 26th.

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.