PennantPark Investment Co. (NASDAQ:PNNT) Receives $5.75 Consensus Price Target from Brokerages

PennantPark Investment Co. (NASDAQ:PNNT) has earned a consensus recommendation of “Hold” from the five ratings firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $5.75.

Separately, Keefe, Bruyette & Woods dropped their price objective on PennantPark Investment from $5.50 to $5.00 and set an “underperform” rating on the stock in a research report on Friday, February 13th.

PennantPark Investment Stock Up 0.3%

Shares of NASDAQ PNNT opened at $4.47 on Tuesday. 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 has a market capitalization of $291.55 million, a price-to-earnings ratio of 17.17 and a beta of 0.65. The stock has a 50 day moving average price of $5.06 and a 200 day moving average price of $5.84. PennantPark Investment has a 52-week low of $4.29 and a 52-week high of $7.53.

PennantPark Investment Announces Dividend

The company also recently declared a special dividend, which was paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th were given a dividend of $0.04 per share. This represents a dividend yield of 1,033.0%. The ex-dividend date of this dividend was Monday, March 16th. PennantPark Investment’s dividend payout ratio is presently 123.08%.

Insider Buying and Selling at PennantPark Investment

In other news, CFO Richard T. Allorto, Jr. acquired 15,000 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were purchased at an average price of $4.88 per share, with a total value of $73,200.00. Following the transaction, the chief financial officer directly owned 30,000 shares in the company, valued at approximately $146,400. This represents a 100.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On PennantPark Investment

Institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its position 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 worth $25,000 after purchasing an additional 1,853 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in PennantPark Investment in the third quarter worth about $32,000. Advisory Services Network LLC purchased a new stake in shares of PennantPark Investment during the third quarter worth about $38,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of PennantPark Investment by 127,180.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 6,364 shares of the asset manager’s stock valued at $38,000 after acquiring an additional 6,359 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new position in shares of PennantPark Investment during the fourth quarter valued at about $52,000. 26.62% of the stock is currently owned by institutional investors and hedge funds.

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.