Keefe, Bruyette & Woods Cuts PennantPark Investment (NASDAQ:PNNT) Price Target to $5.00

PennantPark Investment (NASDAQ:PNNT) had its price target reduced by Keefe, Bruyette & Woods from $5.50 to $5.00 in a research report report published on Friday,Benzinga reports. They currently have an underperform rating on the asset manager’s stock.

A number of other equities research analysts have also issued reports on PNNT. JPMorgan Chase & Co. cut their price objective on shares of PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating for the company in a report on Wednesday, November 26th. Truist Financial dropped their target price on shares of PennantPark Investment from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, November 26th. Finally, Compass Point raised shares of PennantPark Investment from a “sell” rating to a “neutral” rating and cut their target price for the company from $5.75 to $5.50 in a research note on Wednesday, December 3rd. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, PennantPark Investment has an average rating of “Hold” and an average price target of $5.75.

PennantPark Investment Price Performance

NASDAQ:PNNT opened at $5.19 on Friday. The business’s 50-day simple moving average is $5.88 and its two-hundred day simple moving average is $6.42. PennantPark Investment has a 52 week low of $5.08 and a 52 week high of $7.53. The stock has a market cap of $338.56 million, a PE ratio of 19.94 and a beta of 0.64. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.56.

PennantPark Investment Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, March 2nd. Investors of record on Tuesday, February 17th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a c) dividend on an annualized basis and a yield of 18.5%. PennantPark Investment’s dividend payout ratio is presently 246.15%.

Insider Activity at PennantPark Investment

In other news, Director Jeffrey Flug sold 121,533 shares of the business’s stock in a transaction dated 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 $191,701.44. The trade was a 78.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders have sold 235,936 shares of company stock valued at $1,397,761. Company insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Closed End Fund Advisors Inc. purchased a new stake in PennantPark Investment during the fourth quarter valued at approximately $895,000. Jane Street Group LLC bought a new position in shares of PennantPark Investment during the 4th quarter valued at approximately $820,000. Sunbelt Securities Inc. raised its holdings in PennantPark Investment by 493.1% during the 3rd quarter. Sunbelt Securities Inc. now owns 104,245 shares of the asset manager’s stock valued at $699,000 after buying an additional 86,668 shares during the period. Gallagher Capital Advisors LLC bought a new stake in PennantPark Investment in the fourth quarter worth $422,000. Finally, NewEdge Wealth LLC lifted its position in PennantPark Investment by 25.0% in the fourth quarter. NewEdge Wealth LLC now owns 319,426 shares of the asset manager’s stock worth $1,904,000 after buying an additional 63,938 shares during the last quarter. Hedge funds and other institutional investors own 26.62% of the company’s stock.

About PennantPark Investment

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.