Jeffrey Flug Sells 23,303 Shares of PennantPark Investment (NASDAQ:PNNT) Stock

PennantPark Investment Co. (NASDAQ:PNNT) Director Jeffrey Flug sold 23,303 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $5.78, for a total value of $134,691.34. Following the transaction, the director owned 173,915 shares of the company’s stock, valued at approximately $1,005,228.70. This trade represents a 11.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Jeffrey Flug also recently made the following trade(s):

• On Wednesday, December 3rd, Jeffrey Flug sold 10,000 shares of PennantPark Investment stock. The stock was sold at an average price of $5.75, for a total transaction of $57,500.00.
• On Monday, December 1st, Jeffrey Flug sold 21,100 shares of PennantPark Investment stock. The stock was sold at an average price of $6.04, for a total transaction of $127,444.00.
• On Friday, November 28th, Jeffrey Flug sold 15,000 shares of PennantPark Investment stock. The shares were sold at an average price of $6.06, for a total transaction of $90,900.00.
• On Wednesday, November 26th, Jeffrey Flug sold 25,000 shares of PennantPark Investment stock. The stock was sold at an average price of $6.03, for a total transaction of $150,750.00.

PennantPark Investment Price Performance

Shares of NASDAQ PNNT traded up $0.07 during midday trading on Friday, reaching $5.84. The stock had a trading volume of 644,385 shares, compared to its average volume of 514,268. The company has a market capitalization of $381.13 million, a price-to-earnings ratio of 22.45 and a beta of 0.62. PennantPark Investment Co. has a 12-month low of $5.66 and a 12-month high of $7.53. The stock has a 50-day moving average of $6.39 and a 200-day moving average of $6.79. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47.

PennantPark Investment Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a $0.08 dividend. This represents a c) dividend on an annualized basis and a yield of 16.4%. The ex-dividend date is Monday, December 15th. PennantPark Investment’s dividend payout ratio is presently 192.00%.

Hedge Funds Weigh In On PennantPark Investment

Institutional investors have recently added to or reduced their stakes in the company. Atria Wealth Solutions Inc. boosted its position in shares of PennantPark Investment by 32.1% during the 1st quarter. Atria Wealth Solutions Inc. now owns 25,541 shares of the asset manager’s stock valued at $182,000 after acquiring an additional 6,206 shares during the last quarter. Founders Financial Alliance LLC raised its stake in PennantPark Investment by 8.3% during the first quarter. Founders Financial Alliance LLC now owns 63,494 shares of the asset manager’s stock valued at $446,000 after purchasing an additional 4,852 shares in the last quarter. Condor Capital Management lifted its position in PennantPark Investment by 4.4% during the first quarter. Condor Capital Management now owns 206,171 shares of the asset manager’s stock valued at $1,449,000 after purchasing an additional 8,738 shares during the last quarter. Ethos Financial Group LLC bought a new position in PennantPark Investment during the first quarter valued at $198,000. Finally, BI Asset Management Fondsmaeglerselskab A S grew its stake in shares of PennantPark Investment by 7.5% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 89,022 shares of the asset manager’s stock worth $626,000 after buying an additional 6,230 shares in the last quarter. Hedge funds and other institutional investors own 26.62% of the company’s stock.

Analyst Upgrades and Downgrades

PNNT has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price objective on PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating for the company in a research note on Wednesday, November 26th. Compass Point raised PennantPark Investment from a “sell” rating to a “neutral” rating and lowered their price target for the stock from $5.75 to $5.50 in a report on Wednesday. Truist Financial dropped their price target on PennantPark Investment from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, November 26th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of PennantPark Investment from $6.25 to $5.50 and set an “underperform” rating for the company in a report on Wednesday, November 26th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, PennantPark Investment presently has a consensus rating of “Hold” and a consensus price target of $5.88.

About PennantPark Investment

PennantPark Investment Corporation, a business development company is a private equity fund specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The fund typically invests in buildings and real estate, hotels, gaming and leisure, technology, telecommunications, transportation, information technology services, electronics, healthcare & pharmaceuticals, education and childcare, financial services, printing and publishing, consumer products, business services, energy & Related Services and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, building materials, capital equipment, chemicals, plastics, & rubber, food & beverage, wholesale, manufacturing and basic industries and retail.