Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) declared a monthly dividend on Thursday, December 6th, Wall Street Journal reports. Stockholders of record on Wednesday, December 19th will be given 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 raised its dividend payment by an average of 1.8% per year over the last three years. Pennantpark Floating Rate Capital has a payout ratio of 96.9% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. 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 traded down $0.06 during midday trading on Thursday, reaching $12.63. The stock had a trading volume of 166,020 shares, compared to its average volume of 171,127. Pennantpark Floating Rate Capital has a 12-month low of $12.00 and a 12-month high of $14.13. The stock has a market capitalization of $492.02 million, a P/E ratio of 11.92 and a beta of 0.50.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last posted its quarterly earnings data on Wednesday, November 14th. The asset manager reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.02. Pennantpark Floating Rate Capital had a return on equity of 7.76% and a net margin of 46.39%. The firm had revenue of $21.30 million during the quarter, compared to analysts’ expectations of $19.92 million. Research analysts expect that Pennantpark Floating Rate Capital will post 1.2 EPS for the current fiscal year.

Several equities research analysts recently weighed in on the company. BidaskClub cut Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a report on Wednesday, November 28th. Zacks Investment Research upgraded Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Tuesday, November 20th. LADENBURG THALM/SH SH upgraded Pennantpark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a report on Friday, November 16th. Finally, ValuEngine cut Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus 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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