PennantPark Floating Rate (PFLT) to Issue $0.10 Monthly Dividend

PennantPark Floating Rate (NASDAQ:PFLT) declared a monthly dividend on Friday, April 6th, Wall Street Journal reports. Stockholders of record on Tuesday, April 17th will be given a dividend of 0.095 per share by the asset manager on Tuesday, May 1st. This represents a $1.14 dividend on an annualized basis and a dividend yield of 8.62%. The ex-dividend date of this dividend is Monday, April 16th.

PennantPark Floating Rate stock traded down $0.09 during midday trading on Friday, hitting $13.22. 74,902 shares of the company’s stock were exchanged, compared to its average volume of 286,092. PennantPark Floating Rate has a 12 month low of $12.00 and a 12 month high of $14.65. The stock has a market cap of $514.89, a price-to-earnings ratio of 12.10 and a beta of 0.57.

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PennantPark Floating Rate (NASDAQ:PFLT) last issued its earnings results on Thursday, February 8th. The asset manager reported $0.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.26 by ($0.01). PennantPark Floating Rate had a return on equity of 7.49% and a net margin of 47.64%. The business had revenue of $14.84 million for the quarter, compared to the consensus estimate of $15.29 million. During the same quarter in the previous year, the company earned $0.28 earnings per share. The firm’s revenue was up 17.5% on a year-over-year basis. research analysts predict that PennantPark Floating Rate will post 0.74 earnings per share for the current year.

Several brokerages have issued reports on PFLT. BidaskClub upgraded shares of PennantPark Floating Rate from a “sell” rating to a “hold” rating in a report on Friday, December 22nd. Zacks Investment Research upgraded shares of PennantPark Floating Rate from a “sell” rating to a “hold” rating in a report on Tuesday, February 6th. TheStreet cut shares of PennantPark Floating Rate from a “b” rating to a “c+” rating in a report on Thursday, March 29th. Maxim Group dropped their target price on shares of PennantPark Floating Rate from $14.75 to $14.00 and set a “buy” rating on the stock in a report on Monday, February 12th. Finally, Keefe, Bruyette & Woods set a $15.00 target price on shares of PennantPark Floating Rate and gave the stock a “buy” rating in a report on Friday, February 9th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. PennantPark Floating Rate presently has a consensus rating of “Buy” and a consensus price target of $14.94.

In related news, Director Samuel L. Katz acquired 17,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average cost of $12.64 per share, with a total value of $214,880.00. Following the transaction, the director now directly owns 136,800 shares of the company’s stock, valued at approximately $1,729,152. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Arthur H. Penn acquired 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was bought at an average cost of $12.57 per share, with a total value of $125,700.00. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 36,000 shares of company stock valued at $457,400. Insiders own 1.00% of the company’s stock.

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About PennantPark Floating Rate

PennantPark Floating Rate Capital Ltd. is a business development company. The Company is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate loans and other investments made to the United States middle-market companies.

Dividend History for PennantPark Floating Rate (NASDAQ:PFLT)

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