PennantPark Investment Co. (NASDAQ:PNNT) Receives $5.88 Average Target Price from Brokerages

Shares of PennantPark Investment Co. (NASDAQ:PNNT) have received a consensus recommendation of “Hold” from the five analysts that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $5.8750.

A number of equities research analysts have issued reports on the company. Compass Point raised PennantPark Investment from a “sell” rating to a “neutral” rating and decreased their target price for the stock from $5.75 to $5.50 in a research report on Wednesday, December 3rd. 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 report on Wednesday, November 26th. Keefe, Bruyette & Woods lowered their target price on shares of PennantPark Investment from $6.25 to $5.50 and set an “underperform” rating on the stock in a research note on Wednesday, November 26th. Finally, JPMorgan Chase & Co. cut their target price on shares of PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating for the company in a research report on Wednesday, November 26th.

PennantPark Investment Price Performance

NASDAQ PNNT opened at $5.33 on Monday. PennantPark Investment has a fifty-two week low of $5.20 and a fifty-two week high of $7.53. The stock’s 50-day moving average is $5.90 and its two-hundred day moving average is $6.45. The firm has a market cap of $347.70 million, a P/E ratio of 20.48 and a beta of 0.64. 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 disclosed a monthly dividend, which will be paid on Monday, March 2nd. Investors of record on Tuesday, February 17th will be given a dividend of $0.08 per share. This represents a c) annualized dividend and a dividend yield of 18.0%. The ex-dividend date of this dividend is Tuesday, February 17th. PennantPark Investment’s payout ratio is currently 246.15%.

Insider Transactions at PennantPark Investment

In other news, Director Jeffrey Flug sold 121,533 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $5.92, for a total transaction of $719,475.36. Following the completion of the transaction, the director directly owned 32,382 shares in the company, valued at $191,701.44. The trade was a 78.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders sold 235,936 shares of company stock valued at $1,397,761. Company insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On PennantPark Investment

Several large investors have recently bought and sold shares of PNNT. EverSource Wealth Advisors LLC grew its position in PennantPark Investment by 100.6% in the 2nd 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. BNP Paribas Financial Markets bought a new position in PennantPark Investment during the third quarter valued at about $32,000. First Horizon Advisors Inc. acquired a new position in PennantPark Investment in the 2nd quarter valued at approximately $35,000. Advisory Services Network LLC bought a new stake in shares of PennantPark Investment in the 3rd quarter worth approximately $38,000. Finally, Advisory Alpha LLC bought a new stake in shares of PennantPark Investment in the 4th quarter worth approximately $61,000. 26.62% of the stock is currently owned by institutional investors and hedge funds.

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.