PennantPark Investment Co. $PNNT Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. cut its stake in shares of PennantPark Investment Co. (NASDAQ:PNNT) by 13.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 526,754 shares of the asset manager’s stock after selling 83,390 shares during the period. Advisors Asset Management Inc. owned approximately 0.81% of PennantPark Investment worth $3,603,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PNNT. Truvestments Capital LLC increased its stake in PennantPark Investment by 55.8% in the 1st quarter. Truvestments Capital LLC now owns 596,573 shares of the asset manager’s stock worth $4,194,000 after purchasing an additional 213,773 shares in the last quarter. Caxton Associates LLP acquired a new position in shares of PennantPark Investment in the first quarter worth about $339,000. Allworth Financial LP increased its position in shares of PennantPark Investment by 7,742.4% in 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. Integrity Alliance LLC. purchased a new position in shares of PennantPark Investment in the first quarter worth approximately $83,000. Finally, Atria Wealth Solutions Inc. raised its holdings in shares of PennantPark Investment by 32.1% during the first quarter. Atria Wealth Solutions Inc. now owns 25,541 shares of the asset manager’s stock valued at $182,000 after acquiring an additional 6,206 shares during the period. 26.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on PNNT. Truist Financial decreased their price objective on shares of PennantPark Investment from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday. Keefe, Bruyette & Woods reduced their target price on PennantPark Investment from $6.25 to $5.50 and set an “underperform” rating for the company in a report on Wednesday. Finally, JPMorgan Chase & Co. decreased their target price on PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $5.94.

PennantPark Investment Stock Performance

Shares of PNNT opened at $6.07 on Friday. The firm has a market cap of $396.02 million, a price-to-earnings ratio of 23.33 and a beta of 0.97. The company’s fifty day moving average is $6.49 and its 200-day moving average is $6.82. 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 Co. has a 12 month low of $5.72 and a 12 month high of $7.53.

PennantPark Investment Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be issued a dividend of $0.08 per share. This represents a c) annualized dividend and a yield of 15.8%. The ex-dividend date is Monday, November 17th. PennantPark Investment’s dividend payout ratio (DPR) is 192.00%.

PennantPark Investment Company Profile

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.