Analysts Set PennantPark Investment Co. (NASDAQ:PNNT) Price Target at $5.88

Shares of PennantPark Investment Co. (NASDAQ:PNNT) have received an average recommendation of “Hold” from the five research firms that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $5.75.

PNNT has been the topic of several research analyst reports. Keefe, Bruyette & Woods dropped their target price on PennantPark Investment from $5.50 to $5.00 and set an “underperform” rating on the stock in a research note on Friday. Truist Financial dropped their price target on PennantPark Investment from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, November 26th. JPMorgan Chase & Co. decreased their price objective on shares of PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating for the company in a research report on Wednesday, November 26th. Finally, Compass Point raised shares of PennantPark Investment from a “sell” rating to a “neutral” rating and dropped their target price for the stock from $5.75 to $5.50 in a research report on Wednesday, December 3rd.

PennantPark Investment Price Performance

Shares of PNNT opened at $5.19 on Monday. The company has a 50 day moving average of $5.88 and a two-hundred day moving average of $6.42. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.56. PennantPark Investment has a twelve month low of $5.08 and a twelve month high of $7.53. The company has a market cap of $338.56 million, a price-to-earnings ratio of 19.94 and a beta of 0.64.

PennantPark Investment Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Tuesday, February 17th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a c) dividend on an annualized basis and a dividend yield of 18.5%. PennantPark Investment’s payout ratio is 246.15%.

Insider Transactions at PennantPark Investment

In other PennantPark Investment news, Director Jeffrey Flug sold 121,533 shares of the business’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $5.92, for a total transaction of $719,475.36. Following the sale, the director owned 32,382 shares in the company, valued at approximately $191,701.44. The trade was a 78.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders sold 235,936 shares of company stock valued at $1,397,761. Company insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On PennantPark Investment

A number of large investors have recently bought and sold shares of PNNT. Advisors Asset Management Inc. raised its position in PennantPark Investment by 4.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 550,480 shares of the asset manager’s stock worth $3,694,000 after buying an additional 23,726 shares during the last quarter. NewEdge Wealth LLC increased its stake in shares of PennantPark Investment by 25.0% in the fourth quarter. NewEdge Wealth LLC now owns 319,426 shares of the asset manager’s stock worth $1,904,000 after acquiring an additional 63,938 shares during the period. UBS Group AG raised its holdings in shares of PennantPark Investment by 35.8% during the third quarter. UBS Group AG now owns 209,725 shares of the asset manager’s stock worth $1,407,000 after purchasing an additional 55,331 shares during the last quarter. Closed End Fund Advisors Inc. acquired a new position in PennantPark Investment during the fourth quarter valued at $895,000. Finally, Jane Street Group LLC purchased a new stake in PennantPark Investment in the fourth quarter valued at $820,000. Hedge funds and other institutional investors own 26.62% of the company’s stock.

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.