Advisors Capital Management LLC Has $569,000 Position in PennantPark Investment Co. $PNNT

Advisors Capital Management LLC reduced its stake in PennantPark Investment Co. (NASDAQ:PNNT) by 15.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,176 shares of the asset manager’s stock after selling 15,518 shares during the quarter. Advisors Capital Management LLC owned 0.13% of PennantPark Investment worth $569,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Denali Advisors LLC boosted its holdings in PennantPark Investment by 5.4% in the 1st quarter. Denali Advisors LLC now owns 108,758 shares of the asset manager’s stock valued at $765,000 after purchasing an additional 5,538 shares during the period. Kovack Advisors Inc. grew its stake in PennantPark Investment by 15.8% during the first quarter. Kovack Advisors Inc. now owns 66,050 shares of the asset manager’s stock worth $464,000 after buying an additional 9,000 shares in the last quarter. Atria Wealth Solutions Inc. boosted its holdings in shares of PennantPark Investment by 32.1% in the 1st quarter. Atria Wealth Solutions Inc. now owns 25,541 shares of the asset manager’s stock valued at $182,000 after purchasing an additional 6,206 shares in the last quarter. Founders Financial Alliance LLC grew its position in PennantPark Investment by 8.3% in the first quarter. Founders Financial Alliance LLC now owns 63,494 shares of the asset manager’s stock valued at $446,000 after acquiring an additional 4,852 shares during the last quarter. Finally, Condor Capital Management increased its holdings in shares of PennantPark Investment by 4.4% during the first quarter. Condor Capital Management now owns 206,171 shares of the asset manager’s stock worth $1,449,000 after buying an additional 8,738 shares in the last quarter. Institutional investors own 26.62% of the company’s stock.

PennantPark Investment Trading Down 0.5%

NASDAQ:PNNT opened at $6.45 on Friday. PennantPark Investment Co. has a one year low of $5.72 and a one year high of $7.53. The business has a fifty day moving average price of $6.64 and a 200-day moving average price of $6.84. The firm has a market capitalization of $421.09 million, a price-to-earnings ratio of 24.80 and a beta of 0.97. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.47 and a quick ratio of 0.47.

PennantPark Investment Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, November 17th. This represents a c) dividend on an annualized basis and a yield of 14.9%. PennantPark Investment’s payout ratio is currently 457.14%.

Analyst Ratings Changes

PNNT has been the subject of a number of research reports. Keefe, Bruyette & Woods restated an “underperform” rating and issued a $6.25 price target (down from $6.50) on shares of PennantPark Investment in a report on Wednesday, August 13th. JPMorgan Chase & Co. decreased their price target on PennantPark Investment from $7.00 to $6.50 and set a “neutral” rating for the company in a research report on Wednesday, October 1st. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, PennantPark Investment currently has an average rating of “Reduce” and an average target price of $6.17.

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.