PennantPark Investment Co. (PNNT) to Issue Monthly Dividend of $0.08 on September 3rd

PennantPark Investment Co. (NASDAQ:PNNT) announced a monthly dividend on Friday, August 2nd, Wall Street Journal reports. Shareholders of record on Friday, August 16th will be given a dividend of 0.08 per share by the asset manager on Tuesday, September 3rd. This represents a $0.96 annualized dividend and a yield of 13.68%. The ex-dividend date is Friday, August 16th.

PennantPark Investment has increased its dividend by an average of 14.2% annually over the last three years. PennantPark Investment has a payout ratio of 105.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect PennantPark Investment to earn $0.92 per share next year, which means the company may not be able to cover its $0.96 annual dividend with an expected future payout ratio of 104.3%.

PennantPark Investment Trading Down 0.1 %

PennantPark Investment stock traded down $0.01 during mid-day trading on Wednesday, hitting $7.02. The company’s stock had a trading volume of 342,214 shares, compared to its average volume of 454,644. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.63 and a quick ratio of 0.63. The stock has a market cap of $457.88 million, a price-to-earnings ratio of 7.61 and a beta of 1.52. The business has a 50 day moving average price of $7.40 and a 200-day moving average price of $7.12. PennantPark Investment has a 12 month low of $6.01 and a 12 month high of $8.04.

Analysts Set New Price Targets

PNNT has been the topic of several research analyst reports. StockNews.com cut shares of PennantPark Investment from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Raymond James downgraded shares of PennantPark Investment from an “outperform” rating to a “market perform” rating in a research report on Friday, May 10th. Compass Point reiterated a “sell” rating and issued a $6.50 price target on shares of PennantPark Investment in a research report on Monday, July 15th. Finally, Keefe, Bruyette & Woods upgraded shares of PennantPark Investment to a “hold” rating in a research report on Friday, May 10th.

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.