JPMorgan Chase & Co. Cuts PennantPark Investment (NASDAQ:PNNT) Price Target to $5.50

PennantPark Investment (NASDAQ:PNNT) had its target price decreased by JPMorgan Chase & Co. from $6.50 to $5.50 in a research note published on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the asset manager’s stock.

Separately, Keefe, Bruyette & Woods cut their price objective on PennantPark Investment from $6.25 to $5.50 and set an “underperform” rating for the company in a research report on Wednesday. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $5.94.

PennantPark Investment Stock Performance

Shares of PNNT stock opened at $6.09 on Wednesday. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.56. The stock has a 50 day simple moving average of $6.47 and a 200-day simple moving average of $6.82. The company has a market cap of $397.33 million, a price-to-earnings ratio of 23.40 and a beta of 0.97. PennantPark Investment has a 12-month low of $5.72 and a 12-month high of $7.53.

PennantPark Investment Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be given a $0.08 dividend. The ex-dividend date is Monday, November 17th. This represents a c) annualized dividend and a dividend yield of 15.8%. PennantPark Investment’s payout ratio is currently 192.00%.

Hedge Funds Weigh In On PennantPark Investment

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PNNT. EverSource Wealth Advisors LLC grew its position in shares of PennantPark Investment by 100.6% in 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 during the last quarter. BNP Paribas Financial Markets acquired a new stake in PennantPark Investment during the 3rd quarter valued at $32,000. Quarry LP purchased a new position in PennantPark Investment during the first quarter worth $34,000. First Horizon Advisors Inc. acquired a new position in shares of PennantPark Investment in the second quarter worth $35,000. Finally, Advisory Services Network LLC purchased a new stake in shares of PennantPark Investment in the third quarter valued at $38,000. Institutional investors and hedge funds own 26.62% of the company’s stock.

About PennantPark Investment

PennantPark Investment Corporation, a business development company is a private equity fund specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The fund typically invests in buildings and real estate, hotels, gaming and leisure, technology, telecommunications, transportation, information technology services, electronics, healthcare & pharmaceuticals, education and childcare, financial services, printing and publishing, consumer products, business services, energy & Related Services and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, building materials, capital equipment, chemicals, plastics, & rubber, food & beverage, wholesale, manufacturing and basic industries and retail.