Truist Financial Cuts PennantPark Investment (NASDAQ:PNNT) Price Target to $7.00

PennantPark Investment (NASDAQ:PNNT) had its price target trimmed by Truist Financial from $8.00 to $7.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a buy rating on the asset manager’s stock.

Other analysts have also recently issued research reports about the company. JPMorgan Chase & Co. reduced their price objective on PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating for the company in a research report on Wednesday. Keefe, Bruyette & Woods cut their price target on PennantPark Investment from $6.25 to $5.50 and set an “underperform” rating for the company in a research note on Wednesday. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $5.94.

PennantPark Investment Stock Performance

PNNT stock opened at $6.09 on Wednesday. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47. The stock has a market cap of $397.33 million, a P/E ratio of 23.40 and a beta of 0.97. The firm has a 50 day simple moving average of $6.47 and a 200 day simple moving average of $6.82. PennantPark Investment has a 52 week low of $5.72 and a 52 week high of $7.53.

PennantPark Investment Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend 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 Investors Weigh In On PennantPark Investment

Large investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its holdings 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 during the last quarter. BNP Paribas Financial Markets bought a new position in PennantPark Investment in the 3rd quarter worth $32,000. Quarry LP bought a new position in PennantPark Investment in the 1st quarter worth $34,000. First Horizon Advisors Inc. acquired a new position in PennantPark Investment during the 2nd quarter worth $35,000. Finally, Advisory Services Network LLC bought a new stake in PennantPark Investment during the third quarter valued at about $38,000. Institutional investors 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.