Pennantpark Floating Rate Capital has raised its dividend by an average of 0.4% annually over the last three years. Pennantpark Floating Rate Capital has a dividend 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. Equities analysts expect Pennantpark Floating Rate Capital to earn $1.19 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 95.8%.
Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) announced a monthly dividend on Thursday, March 7th, Wall Street Journal reports. Stockholders of record on Wednesday, March 20th will be given a dividend of 0.095 per share by the asset manager on Monday, April 1st. This represents a $1.14 dividend on an annualized basis and a dividend yield of 8.84%. The ex-dividend date of this dividend is Tuesday, March 19th. This is a boost from Pennantpark Floating Rate Capital’s previous monthly dividend of $0.02.
NASDAQ PFLT opened at $12.89 on Thursday. Pennantpark Floating Rate Capital has a 52-week low of $11.05 and a 52-week high of $14.12. The firm has a market cap of $499.38 million, a PE ratio of 11.30 and a beta of 0.72.
Pennantpark Floating Rate Capital (NASDAQ:PFLT) last posted its quarterly earnings data on Wednesday, February 6th. The asset manager reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. Pennantpark Floating Rate Capital had a net margin of 45.40% and a return on equity of 8.24%. The company had revenue of $23.18 million during the quarter, compared to the consensus estimate of $22.06 million. On average, research analysts predict that Pennantpark Floating Rate Capital will post 1.2 earnings per share for the current fiscal year.
A number of analysts have recently issued reports on the stock. BidaskClub downgraded shares of Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a report on Thursday, February 28th. Zacks Investment Research downgraded shares of Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a report on Thursday, February 14th. Maxim Group reiterated a “buy” rating and issued a $14.50 target price on shares of Pennantpark Floating Rate Capital in a research report on Thursday, February 7th. Finally, LADENBURG THALM/SH SH upgraded shares of Pennantpark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $14.00 target price on the stock in a research report on Friday, November 16th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. Pennantpark Floating Rate Capital has a consensus rating of “Hold” and a consensus price target of $14.50.
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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