Keefe, Bruyette & Woods Cuts PennantPark Investment (NASDAQ:PNNT) Price Target to $5.50

PennantPark Investment (NASDAQ:PNNT) had its price target reduced by Keefe, Bruyette & Woods from $6.25 to $5.50 in a research report report published on Wednesday,Benzinga reports. They currently have an underperform rating on the asset manager’s stock.

Separately, JPMorgan Chase & Co. decreased their target price on PennantPark Investment from $7.00 to $6.50 and set a “neutral” rating on the stock in a report on Wednesday, October 1st. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $5.94.

PennantPark Investment Stock Up 0.4%

NASDAQ PNNT opened at $6.09 on Wednesday. The stock’s 50 day simple moving average is $6.47 and its 200 day simple moving average is $6.82. PennantPark Investment has a one year low of $5.72 and a one year high of $7.53. The firm has a market cap of $397.33 million, a PE ratio of 23.40 and a beta of 0.97. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.47 and a quick ratio of 0.47.

PennantPark Investment Dividend Announcement

The company 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) dividend on an annualized basis and a dividend yield of 15.8%. PennantPark Investment’s dividend payout ratio is currently 192.00%.

Institutional Trading of PennantPark Investment

Several hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC raised its holdings in shares of 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 acquiring an additional 1,853 shares during the period. BNP Paribas Financial Markets acquired a new position in PennantPark Investment in the 3rd quarter worth $32,000. Quarry LP bought a new position in PennantPark Investment during the 1st quarter worth about $34,000. First Horizon Advisors Inc. acquired a new stake in shares of PennantPark Investment in the 2nd quarter valued at about $35,000. Finally, Advisory Services Network LLC acquired a new stake in shares of PennantPark Investment in the 3rd quarter valued at about $38,000. 26.62% of the stock is currently owned by institutional investors and hedge funds.

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.