PennantPark Investment Co. (NASDAQ:PNNT) Receives Consensus Rating of “Hold” from Brokerages

by · The Markets Daily

Shares of PennantPark Investment Co. (NASDAQ:PNNT – Get Free Report) have earned a consensus rating of “Hold” from the five ratings firms that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating 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 equities research analysts recently issued reports on PNNT shares. Keefe, Bruyette & Woods dropped their target price on shares of PennantPark Investment from $5.50 to $5.00 and set an “underperform” rating on the stock in a report on Friday, February 13th. JPMorgan Chase & Co. dropped their price target 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. Truist Financial reduced 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 lowered their target price for the company from $5.75 to $5.50 in a report on Wednesday, December 3rd.

View Our Latest Research Report on PNNT

Insider Buying and Selling

In other PennantPark Investment news, Director Jeffrey Flug sold 121,533 shares of the stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $5.92, for a total value of $719,475.36. Following the transaction, the director directly owned 32,382 shares in the company, valued at approximately $191,701.44. This trade represents a 78.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate 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 modified their holdings of PNNT. EverSource Wealth Advisors LLC lifted 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 valued at $25,000 after purchasing an additional 1,853 shares in the last quarter. BNP Paribas Financial Markets bought a new position in shares of PennantPark Investment in the third quarter worth about $32,000. First Horizon Advisors Inc. purchased a new position in shares of PennantPark Investment during the 2nd quarter valued at about $35,000. Caitong International Asset Management Co. Ltd grew 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 acquiring an additional 6,359 shares during the period. Finally, Advisory Services Network LLC bought a new position in shares of PennantPark Investment in the third quarter worth approximately $38,000. 26.62% of the stock is currently owned by hedge funds and other institutional investors.

PennantPark Investment Stock Performance

Shares of NASDAQ PNNT opened at $5.05 on Friday. The firm’s 50-day moving average price is $5.63 and its 200-day moving average price is $6.21. PennantPark Investment has a 52-week low of $4.84 and a 52-week high of $7.53. The company has a market cap of $329.74 million, a PE ratio of 19.42 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.

PennantPark Investment Dividend Announcement

The firm also recently disclosed a monthly dividend, which was paid on Monday, March 2nd. Investors of record on Tuesday, February 17th were issued a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, February 17th. This represents a c) dividend on an annualized basis and a dividend yield of 19.0%. PennantPark Investment’s dividend payout ratio (DPR) is presently 123.08%.

About PennantPark Investment

(Get Free Report)

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.

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