PennantPark Investment (NASDAQ:PNNT) Price Target Cut to $6.50 by Analysts at JPMorgan Chase & Co.

PennantPark Investment (NASDAQ:PNNT) had its target price trimmed by JPMorgan Chase & Co. from $7.00 to $6.50 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the asset manager’s stock.

Separately, Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $6.25 price target (down previously from $6.50) on shares of PennantPark Investment in a report on Wednesday, August 13th. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $6.17.

PennantPark Investment Stock Down 1.7%

Shares of NASDAQ:PNNT opened at $6.60 on Wednesday. The company has a market capitalization of $430.63 million, a PE ratio of 25.37 and a beta of 1.04. PennantPark Investment has a 52 week low of $5.72 and a 52 week high of $7.53. 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 company has a 50 day moving average price of $7.10 and a two-hundred day moving average price of $6.87.

PennantPark Investment Dividend Announcement

The firm also recently announced a monthly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 15th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, August 15th. This represents a c) annualized dividend and a yield of 14.6%. PennantPark Investment’s dividend payout ratio is presently 457.14%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PNNT. EverSource Wealth Advisors LLC boosted 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 worth $25,000 after purchasing an additional 1,853 shares during the last quarter. Quarry LP bought a new stake in PennantPark Investment during the first quarter worth $34,000. First Horizon Advisors Inc. bought a new stake in PennantPark Investment during the second quarter worth $35,000. Allworth Financial LP raised its position in PennantPark Investment by 7,742.4% during the second quarter. Allworth Financial LP now owns 9,254 shares of the asset manager’s stock worth $63,000 after acquiring an additional 9,136 shares in the last quarter. Finally, Integrity Alliance LLC. bought a new stake in PennantPark Investment during the first quarter worth $83,000. Institutional investors and hedge funds 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.