PennantPark Investment Corporation Plans Quarterly Dividend of $0.18 (PNNT)
PennantPark Investment Corporation (NASDAQ:PNNT) declared a quarterly dividend on Wednesday, December 6th, Wall Street Journal reports. Stockholders of record on Tuesday, December 26th will be given a dividend of 0.18 per share by the asset manager on Tuesday, January 2nd. This represents a $0.72 annualized dividend and a dividend yield of 10.10%. The ex-dividend date of this dividend is Friday, December 22nd.
PennantPark Investment (NASDAQ:PNNT) traded down $0.04 during mid-day trading on Wednesday, hitting $7.13. 557,400 shares of the stock traded hands, compared to its average volume of 332,382. The company has a market capitalization of $509.51, a P/E ratio of 9.08, a P/E/G ratio of 4.92 and a beta of 1.27. PennantPark Investment has a 12-month low of $6.67 and a 12-month high of $8.68. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.66 and a quick ratio of 1.66.
PennantPark Investment (NASDAQ:PNNT) last released its quarterly earnings results on Wednesday, November 29th. The asset manager reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.01). The business had revenue of $27.87 million for the quarter, compared to the consensus estimate of $29.19 million. PennantPark Investment had a net margin of 49.55% and a return on equity of 8.72%. PennantPark Investment’s revenue was down 13.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.21 EPS. sell-side analysts expect that PennantPark Investment will post 0.73 earnings per share for the current year.
An institutional investor recently bought a new position in PennantPark Investment stock. Northern Trust Corp purchased a new position in PennantPark Investment Corporation (NASDAQ:PNNT) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 40,805 shares of the asset manager’s stock, valued at approximately $302,000. 42.62% of the stock is owned by hedge funds and other institutional investors.
PNNT has been the subject of several recent analyst reports. Zacks Investment Research cut shares of PennantPark Investment from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. Jefferies Group reiterated a “hold” rating and set a $8.00 price objective on shares of PennantPark Investment in a research report on Sunday, November 5th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $8.50 price objective on shares of PennantPark Investment in a research report on Thursday, October 26th. BidaskClub cut shares of PennantPark Investment from a “hold” rating to a “sell” rating in a research report on Saturday, August 19th. Finally, ValuEngine upgraded shares of PennantPark Investment from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 1st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $8.50.
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PennantPark Investment Company Profile
PennantPark Investment Corporation is a closed-end, non-diversified investment company. The Company is a business development company. Its objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to the United States middle-market companies in the form of senior secured debt, mezzanine debt and equity investments.
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