Analysts Set PennantPark Investment Co. (NASDAQ:PNNT) Target Price at $5.63

Shares of PennantPark Investment Co. (NASDAQ:PNNT) have been given a consensus recommendation of “Hold” by the five brokerages that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has given a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $5.6250.

Separately, Keefe, Bruyette & Woods dropped their price objective on shares of PennantPark Investment from $5.00 to $4.50 and set an “underperform” rating on the stock in a research note on Thursday, April 16th.

Insider Buying and Selling

In other news, CFO Richard T. Allorto, Jr. bought 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was bought at an average price of $4.88 per share, with a total value of $73,200.00. Following the completion of the transaction, the chief financial officer directly owned 30,000 shares of the company’s stock, valued at approximately $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 can be accessed through this link. 3.00% of the stock is owned by insiders.

Institutional Investors Weigh In On PennantPark Investment

A number of hedge funds and other institutional investors have recently bought and sold shares of PNNT. EverSource Wealth Advisors LLC lifted its position 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 valued at $25,000 after acquiring an additional 1,853 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in PennantPark Investment during the third quarter valued at approximately $32,000. Caitong International Asset Management Co. Ltd lifted its position in PennantPark Investment by 127,180.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 6,364 shares of the asset manager’s stock valued at $38,000 after acquiring an additional 6,359 shares during the last quarter. Advisory Services Network LLC purchased a new stake in PennantPark Investment during the third quarter valued at approximately $38,000. Finally, Apollon Wealth Management LLC purchased a new stake in PennantPark Investment during the first quarter valued at approximately $46,000. Hedge funds and other institutional investors own 26.62% of the company’s stock.

PennantPark Investment Price Performance

NASDAQ PNNT opened at $4.55 on Friday. 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 firm’s 50 day moving average price is $4.73 and its 200-day moving average price is $5.60. PennantPark Investment has a 52-week low of $4.29 and a 52-week high of $7.53. The company has a market cap of $296.77 million, a PE ratio of 17.48 and a beta of 0.68.

PennantPark Investment Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, May 1st. Investors of record on Wednesday, April 15th will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, April 15th. This represents a c) dividend on an annualized basis and a yield of 10.6%. PennantPark Investment’s dividend payout ratio is presently 123.08%.

About PennantPark Investment

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.