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

Shares of PennantPark Investment Co. (NASDAQ:PNNT) have earned an average recommendation of “Hold” from the five brokerages that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has given a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $5.75.

Several research analysts have weighed in on the company. Truist Financial cut their price objective on PennantPark Investment from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, November 26th. Keefe, Bruyette & Woods decreased their target price on PennantPark Investment from $5.50 to $5.00 and set an “underperform” rating for the company in a research report on Friday, February 13th. JPMorgan Chase & Co. lowered their target price on PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating on the stock in a research note on Wednesday, November 26th. Finally, 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.

Insider Buying and Selling at PennantPark Investment

In related news, CFO Richard T. Allorto, Jr. bought 15,000 shares of PennantPark Investment stock in a transaction dated Wednesday, March 11th. The stock was purchased at an average cost of $4.88 per share, with a total value of $73,200.00. Following the transaction, the chief financial officer directly owned 30,000 shares of the company’s stock, valued at approximately $146,400. The trade was a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PennantPark Investment

Several institutional investors and hedge funds have recently bought and sold shares of PNNT. EverSource Wealth Advisors LLC boosted its position in PennantPark Investment by 100.6% during the second 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 during the period. BNP Paribas Financial Markets bought a new stake in shares of PennantPark Investment in the third quarter valued at approximately $32,000. First Horizon Advisors Inc. purchased a new stake in shares of PennantPark Investment during the 2nd quarter valued at approximately $35,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of PennantPark Investment by 127,180.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 6,364 shares of the asset manager’s stock valued at $38,000 after buying an additional 6,359 shares in the last quarter. Finally, Advisory Services Network LLC bought a new position in PennantPark Investment in the 3rd quarter worth approximately $38,000. 26.62% of the stock is owned by institutional investors.

PennantPark Investment Price Performance

Shares of NASDAQ PNNT opened at $4.66 on Friday. The company has a market capitalization of $303.95 million, a PE ratio of 17.90 and a beta of 0.65. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.56. The stock’s 50 day moving average price is $5.52 and its 200-day moving average price is $6.13. PennantPark Investment has a twelve month low of $4.64 and a twelve month high of $7.53.

PennantPark Investment Announces Dividend

The business also recently announced a special dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th will be paid a $0.04 dividend. This represents a yield of 984.0%. The ex-dividend date is Monday, March 16th. PennantPark Investment’s payout ratio is presently 123.08%.

About PennantPark Investment

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.