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

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

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

Insider Activity at PennantPark Investment

In related news, Director Jeffrey Flug sold 121,533 shares of the business’s stock in a transaction on Monday, December 8th. The shares were 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 in the company, valued at $191,701.44. The trade was a 78.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders have sold 235,936 shares of company stock worth $1,397,761. Company insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On PennantPark Investment

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Janney Montgomery Scott LLC boosted its position in shares of PennantPark Investment by 1.1% during the 2nd quarter. Janney Montgomery Scott LLC now owns 132,518 shares of the asset manager’s stock worth $906,000 after purchasing an additional 1,486 shares in the last quarter. Kovack Advisors Inc. raised its stake in PennantPark Investment by 2.7% during the 2nd quarter. Kovack Advisors Inc. now owns 67,850 shares of the asset manager’s stock worth $464,000 after buying an additional 1,800 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in PennantPark Investment by 100.6% in the second quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager’s stock worth $25,000 after acquiring an additional 1,853 shares in the last quarter. Confluence Investment Management LLC boosted its holdings in PennantPark Investment by 11.7% in the third quarter. Confluence Investment Management LLC now owns 27,495 shares of the asset manager’s stock worth $184,000 after acquiring an additional 2,872 shares in the last quarter. Finally, Brookstone Capital Management grew its stake in PennantPark Investment by 29.2% in the third quarter. Brookstone Capital Management now owns 13,453 shares of the asset manager’s stock valued at $90,000 after acquiring an additional 3,038 shares during the period. 26.62% of the stock is owned by institutional investors.

PennantPark Investment Trading Up 1.5%

NASDAQ PNNT opened at $5.87 on Friday. The firm has a market capitalization of $382.96 million, a PE ratio of 22.56 and a beta of 0.62. The business’s 50-day moving average price is $6.20 and its two-hundred day moving average price is $6.71. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.56. PennantPark Investment has a 12 month low of $5.66 and a 12 month high of $7.53.

PennantPark Investment Dividend Announcement

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 issued a dividend of $0.08 per share. This represents a c) dividend on an annualized basis and a dividend yield of 16.4%. The ex-dividend date is Monday, December 15th. PennantPark Investment’s dividend payout ratio is presently 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.