PennantPark Investment Co. (NASDAQ:PNNT) Given Average Rating of “Hold” by Brokerages

PennantPark Investment Co. (NASDAQ:PNNT) has been assigned a consensus recommendation of “Hold” from the five research firms that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $5.8750.

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. dropped their price objective on shares of PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating on the stock in a research note on Wednesday, November 26th. Keefe, Bruyette & Woods lowered their target price on shares of PennantPark Investment from $6.25 to $5.50 and set an “underperform” rating on the stock in a report on Wednesday, November 26th. Compass Point raised shares of PennantPark Investment from a “sell” rating to a “neutral” rating and cut their price target for the stock from $5.75 to $5.50 in a report on Wednesday, December 3rd. Finally, Truist Financial reduced their price objective on shares of PennantPark Investment from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, November 26th.

Insider Buying and Selling at PennantPark Investment

In related news, Director Jeffrey Flug sold 121,533 shares of the company’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $5.92, for a total transaction of $719,475.36. Following the transaction, the director owned 32,382 shares of the company’s stock, valued at $191,701.44. This represents a 78.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 235,936 shares of company stock valued at $1,397,761 in the last quarter. 3.00% of the stock is owned by insiders.

Institutional Investors Weigh In On PennantPark Investment

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC boosted its position in shares of PennantPark Investment by 100.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager’s stock worth $25,000 after purchasing an additional 1,853 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of PennantPark Investment in the third quarter valued at about $32,000. First Horizon Advisors Inc. acquired a new stake in shares of PennantPark Investment in the second quarter valued at about $35,000. Advisory Services Network LLC purchased a new stake in PennantPark Investment during the third quarter worth about $38,000. Finally, Allworth Financial LP grew its position in PennantPark Investment by 7,742.4% during the second quarter. Allworth Financial LP now owns 9,254 shares of the asset manager’s stock worth $63,000 after buying an additional 9,136 shares during the period. Institutional investors and hedge funds own 26.62% of the company’s stock.

PennantPark Investment Trading Up 2.2%

Shares of PNNT stock opened at $6.17 on Thursday. PennantPark Investment has a twelve month low of $5.66 and a twelve month high of $7.53. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.56. The business’s 50 day moving average is $6.07 and its two-hundred day moving average is $6.64. The company has a market capitalization of $402.55 million, a P/E ratio of 23.71 and a beta of 0.61.

PennantPark Investment Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Friday, January 16th will be issued a $0.08 dividend. This represents a c) annualized dividend and a dividend yield of 15.6%. The ex-dividend date of this dividend is Friday, January 16th. PennantPark Investment’s dividend payout ratio (DPR) is currently 192.00%.

PennantPark Investment Company Profile

PennantPark Investment Corporation is a publicly traded closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Since its formation in 2006, PennantPark has focused on providing customized financing solutions to middle-market companies across the United States. The firm’s investment advisory services are provided by PennantPark Investment Advisers, LLC, which sources and structures transactions tailored to the unique needs of its portfolio companies.

The company’s core strategy centers on debt and equity investments in U.S.-based businesses, typically those with annual revenues between $10 million and $200 million.