PennantPark Investment Co. (NASDAQ:PNNT) to Issue $0.04 Special Dividend

PennantPark Investment Co. (NASDAQ:PNNT) announced a special dividend on Tuesday, March 3rd. Stockholders of record on Monday, March 16th will be given a dividend of 0.04 per share by the asset manager on Wednesday, April 1st. This represents a dividend yield of 984.0%. The ex-dividend date of this dividend is Monday, March 16th.

PennantPark Investment has raised its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 1 years. PennantPark Investment has a payout ratio of 67.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect PennantPark Investment to earn $0.80 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 60.0%.

PennantPark Investment Price Performance

Shares of NASDAQ:PNNT opened at $4.66 on Friday. The company has a market cap of $303.95 million, a P/E ratio of 17.90 and a beta of 0.65. The business has a fifty day simple moving average of $5.49 and a 200-day simple moving average of $6.12. PennantPark Investment has a 52 week low of $4.63 and a 52 week high of $7.53. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.56.

Insider Buying and Selling

In other news, CFO Richard T. Allorto, Jr. purchased 15,000 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was bought at an average cost of $4.88 per share, for a total transaction of $73,200.00. Following the completion of the purchase, the chief financial officer directly owned 30,000 shares of the company’s stock, valued at $146,400. The trade was a 100.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.00% of the stock is owned by corporate insiders.

Institutional Trading of PennantPark Investment

Institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its holdings 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 during the period. BNP Paribas Financial Markets purchased a new position in PennantPark Investment in the third quarter valued at approximately $32,000. Caitong International Asset Management Co. Ltd lifted its position in PennantPark Investment by 127,180.0% during the fourth 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. Advisory Services Network LLC acquired a new position in PennantPark Investment during the third quarter valued at approximately $38,000. Finally, Kestra Advisory Services LLC purchased a new stake in PennantPark Investment during the fourth quarter worth approximately $52,000. Hedge funds and other institutional investors own 26.62% of the company’s stock.

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.