PennantPark Investment (NASDAQ:PNNT) Price Target Lowered to $4.50 at Keefe, Bruyette & Woods

PennantPark Investment (NASDAQ:PNNT) had its price target cut by Keefe, Bruyette & Woods from $5.00 to $4.50 in a research report report published on Thursday,Benzinga reports. They currently have an underperform rating on the asset manager’s stock.

PennantPark Investment Stock Performance

NASDAQ:PNNT opened at $4.62 on Thursday. The company’s 50-day moving average is $4.83 and its two-hundred day moving average is $5.71. 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 has a 1-year low of $4.29 and a 1-year high of $7.53. The firm has a market capitalization of $301.34 million, a price-to-earnings ratio of 17.75 and a beta of 0.68.

PennantPark Investment Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th will be issued a $0.04 dividend. This represents a c) annualized dividend and a dividend yield of 10.4%. The ex-dividend date is Wednesday, April 15th. PennantPark Investment’s dividend payout ratio is currently 123.08%.

Insider Activity at PennantPark Investment

In related news, CFO Richard T. Allorto, Jr. acquired 15,000 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were purchased at an average cost of $4.88 per share, for a total transaction of $73,200.00. Following the acquisition, the chief financial officer owned 30,000 shares in the company, valued at $146,400. The trade was a 100.00% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On PennantPark Investment

Several large investors have recently added to or reduced their stakes in PNNT. Creative Planning increased its stake in PennantPark Investment by 26.4% during the 2nd quarter. Creative Planning now owns 33,369 shares of the asset manager’s stock worth $228,000 after buying an additional 6,964 shares during the period. Quantbot Technologies LP purchased a new stake in PennantPark Investment during the 2nd quarter worth approximately $132,000. EverSource Wealth Advisors LLC increased its stake in PennantPark Investment by 100.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager’s stock worth $25,000 after buying an additional 1,853 shares during the period. Brevan Howard Capital Management LP purchased a new stake in PennantPark Investment during the 2nd quarter worth approximately $269,000. Finally, CANADA LIFE ASSURANCE Co increased its stake in PennantPark Investment by 6.5% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 67,685 shares of the asset manager’s stock worth $463,000 after buying an additional 4,158 shares during the period. 26.62% of the stock is owned by hedge funds and other institutional investors.

PennantPark Investment Company Profile

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.