Pennantpark Floating Rate Capital Ltd (PFLT) Announces Dividend Increase – $0.08 Per Share

Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) announced a monthly dividend on Thursday, December 6th, Wall Street Journal reports. Stockholders of record on Wednesday, December 19th will be paid a dividend of 0.081 per share by the asset manager on Wednesday, January 2nd. This represents a $0.97 dividend on an annualized basis and a dividend yield of 7.70%. The ex-dividend date of this dividend is Tuesday, December 18th. This is a positive change from Pennantpark Floating Rate Capital’s previous monthly dividend of $0.08.

Pennantpark Floating Rate Capital has increased its dividend payment by an average of 1.8% annually over the last three years. Pennantpark Floating Rate Capital has a payout ratio of 96.9% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect Pennantpark Floating Rate Capital to earn $1.23 per share next year, which means the company should continue to be able to cover its $0.94 annual dividend with an expected future payout ratio of 76.4%.

Shares of PFLT opened at $12.63 on Friday. The firm has a market cap of $492.02 million, a PE ratio of 11.92 and a beta of 0.50. Pennantpark Floating Rate Capital has a 12-month low of $12.00 and a 12-month high of $14.13.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last issued its earnings results on Wednesday, November 14th. The asset manager reported $0.30 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.02. The firm had revenue of $21.30 million during the quarter, compared to analyst estimates of $19.92 million. Pennantpark Floating Rate Capital had a net margin of 46.39% and a return on equity of 7.76%. As a group, sell-side analysts predict that Pennantpark Floating Rate Capital will post 1.2 EPS for the current fiscal year.

A number of analysts have recently issued reports on the stock. BidaskClub lowered shares of Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a research note on Wednesday, November 28th. Zacks Investment Research raised shares of Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research note on Tuesday, November 20th. LADENBURG THALM/SH SH raised shares of Pennantpark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a research note on Friday, November 16th. Finally, ValuEngine lowered shares of Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $14.63.

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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.

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Dividend History for Pennantpark Floating Rate Capital (NASDAQ:PFLT)

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