Brokerages Set PennantPark Investment Co. (NASDAQ:PNNT) Price Target at $5.88

PennantPark Investment Co. (NASDAQ:PNNT) has been assigned an average rating of “Hold” from the five research firms that are currently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $5.8750.

PNNT has been the subject of a number of research analyst reports. Compass Point upgraded 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. Truist Financial reduced their target price on shares of PennantPark Investment from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. JPMorgan Chase & Co. dropped their price target on shares of PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating for the company in a research note on Wednesday, November 26th. Finally, Keefe, Bruyette & Woods reduced their price objective on PennantPark Investment from $6.25 to $5.50 and set an “underperform” rating on the stock in a research note on Wednesday, November 26th.

PennantPark Investment Stock Performance

Shares of PNNT stock opened at $6.04 on Thursday. 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 firm’s 50 day moving average price is $6.04 and its 200-day moving average price is $6.62. PennantPark Investment has a one year low of $5.66 and a one year high of $7.53. The firm has a market cap of $394.06 million, a P/E ratio of 23.21 and a beta of 0.61.

PennantPark Investment Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, February 2nd. Investors of record on Friday, January 16th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, January 16th. This represents a c) annualized dividend and a yield of 15.9%. PennantPark Investment’s dividend payout ratio (DPR) is 192.00%.

Insider Activity at PennantPark Investment

In other news, Director Jeffrey Flug sold 121,533 shares of the firm’s stock in a transaction 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 sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have sold 235,936 shares of company stock valued at $1,397,761. Corporate insiders own 3.00% of the company’s stock.

Institutional Trading of PennantPark Investment

Institutional investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC increased its holdings in shares of PennantPark Investment by 100.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager’s stock valued at $25,000 after acquiring an additional 1,853 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in PennantPark Investment in the third quarter valued at approximately $32,000. First Horizon Advisors Inc. purchased a new position in PennantPark Investment in the second quarter valued at approximately $35,000. Advisory Services Network LLC acquired a new stake in PennantPark Investment during the third quarter worth approximately $38,000. Finally, Allworth Financial LP lifted its position in shares of PennantPark Investment by 7,742.4% during the 2nd quarter. Allworth Financial LP now owns 9,254 shares of the asset manager’s stock worth $63,000 after buying an additional 9,136 shares during the last quarter. 26.62% of the stock is owned by hedge funds and other institutional investors.

PennantPark Investment Company Profile

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.