PennantPark Investment Co. (NASDAQ:PNNT) Declares Dividend Increase – $0.15 Per Share

PennantPark Investment Co. (NASDAQ:PNNTGet Rating) announced a quarterly dividend on Friday, May 6th, Wall Street Journal reports. Stockholders of record on Friday, June 17th will be paid a dividend of 0.145 per share by the asset manager on Friday, July 1st. This represents a $0.58 annualized dividend and a dividend yield of 7.88%. The ex-dividend date of this dividend is Thursday, June 16th. This is a boost from PennantPark Investment’s previous quarterly dividend of $0.14.

PennantPark Investment has decreased its dividend by an average of 12.6% annually over the last three years and has raised its dividend annually for the last 1 consecutive years.

Shares of PNNT stock opened at $7.36 on Friday. The company has a market capitalization of $486.72 million, a price-to-earnings ratio of 11.53 and a beta of 1.67. PennantPark Investment has a 12-month low of $6.17 and a 12-month high of $8.02. The firm has a fifty day moving average of $7.70 and a 200-day moving average of $7.27. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 1.20.

PennantPark Investment (NASDAQ:PNNTGet Rating) last released its earnings results on Wednesday, May 4th. The asset manager reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. PennantPark Investment had a net margin of 88.94% and a return on equity of 6.60%. During the same period in the prior year, the company earned $0.13 earnings per share. On average, equities analysts expect that PennantPark Investment will post 0.71 EPS for the current year.

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. raised its position in shares of PennantPark Investment by 9.3% in the 4th quarter. BlackRock Inc. now owns 557,545 shares of the asset manager’s stock valued at $3,863,000 after buying an additional 47,235 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in shares of PennantPark Investment by 51.3% during the 4th quarter. Advisors Asset Management Inc. now owns 230,012 shares of the asset manager’s stock valued at $1,594,000 after purchasing an additional 78,014 shares during the last quarter. Stifel Financial Corp grew its holdings in shares of PennantPark Investment by 3.7% during the 4th quarter. Stifel Financial Corp now owns 330,933 shares of the asset manager’s stock valued at $2,294,000 after purchasing an additional 11,734 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of PennantPark Investment by 13.3% during the 4th quarter. Marshall Wace LLP now owns 520,879 shares of the asset manager’s stock valued at $3,611,000 after purchasing an additional 61,293 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in shares of PennantPark Investment by 50.6% during the 4th quarter. Millennium Management LLC now owns 153,675 shares of the asset manager’s stock valued at $1,065,000 after purchasing an additional 51,653 shares during the last quarter. Institutional investors and hedge funds own 32.03% of the company’s stock.

PNNT has been the subject of a number of analyst reports. Zacks Investment Research downgraded shares of PennantPark Investment from a “buy” rating to a “hold” rating in a research report on Wednesday, April 20th. StockNews.com initiated coverage on shares of PennantPark Investment in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Finally, Raymond James lifted their price objective on shares of PennantPark Investment from $8.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, February 11th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $8.13.

PennantPark Investment Company Profile (Get Rating)

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.

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Dividend History for PennantPark Investment (NASDAQ:PNNT)

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