PennantPark Investment Corporation (PNNT) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of PennantPark Investment Corporation (NASDAQ:PNNT) from a buy rating to a hold rating in a research report released on Thursday, May 11th.

According to Zacks, “PennantPark Investment Corporation is a business development company which principally invests in U.S. middle-market private companies in the form of mezzanine debt, senior secured loans and equity investments. The companies in which it invests are typically highly leveraged, often as a result of leveraged buy-outs or other recapitalization transactions. PennantPark’s investment objectives are to generate both current income and capital appreciation through debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC. “

PNNT has been the topic of several other reports. Ladenburg Thalmann Financial Services lowered shares of PennantPark Investment Corporation from a buy rating to a neutral rating in a research note on Thursday, February 9th. TheStreet lowered shares of PennantPark Investment Corporation from a b- rating to a c+ rating in a research note on Tuesday, March 21st. Jefferies Group LLC restated a hold rating and set a $8.00 price objective on shares of PennantPark Investment Corporation in a research note on Thursday, March 16th. JMP Securities lowered shares of PennantPark Investment Corporation from an outperform rating to a market perform rating in a research note on Thursday, May 11th. They noted that the move was a valuation call. Finally, Keefe, Bruyette & Woods restated a hold rating and set a $8.50 price objective on shares of PennantPark Investment Corporation in a research note on Friday, April 21st. Ten investment analysts have rated the stock with a hold rating, PennantPark Investment Corporation currently has a consensus rating of Hold and a consensus target price of $7.94.

Shares of PennantPark Investment Corporation (PNNT) opened at 7.48 on Thursday. PennantPark Investment Corporation has a one year low of $6.51 and a one year high of $8.68. The company has a 50-day moving average of $7.70 and a 200-day moving average of $7.89. The company has a market capitalization of $531.53 million, a PE ratio of 5.84 and a beta of 1.29.

PennantPark Investment Corporation (NASDAQ:PNNT) last issued its quarterly earnings results on Monday, May 8th. The asset manager reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.02. PennantPark Investment Corporation had a net margin of 58.91% and a return on equity of 9.98%. The firm had revenue of $33.70 million for the quarter, compared to analyst estimates of $33.29 million. During the same period in the previous year, the business earned $0.29 EPS. The company’s revenue was down 13.8% compared to the same quarter last year. On average, analysts anticipate that PennantPark Investment Corporation will post $0.85 earnings per share for the current year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Wednesday, June 21st will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 9.63%. The ex-dividend date is Monday, June 19th. PennantPark Investment Corporation’s dividend payout ratio is currently 65.46%.

In other news, CEO Arthur H. Penn bought 17,000 shares of the company’s stock in a transaction dated Tuesday, May 16th. The stock was bought at an average cost of $7.77 per share, for a total transaction of $132,090.00. Following the transaction, the chief executive officer now owns 183,400 shares of the company’s stock, valued at $1,425,018. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Arthur H. Penn bought 32,000 shares of the company’s stock in a transaction dated Wednesday, May 17th. The stock was purchased at an average price of $7.72 per share, with a total value of $247,040.00. Following the completion of the transaction, the chairman now directly owns 183,400 shares in the company, valued at approximately $1,415,848. The disclosure for this purchase can be found here. Insiders acquired a total of 77,000 shares of company stock valued at $596,970 in the last three months. Insiders own 1.90% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Global X Management Co. LLC boosted its position in shares of PennantPark Investment Corporation by 50.1% in the first quarter. Global X Management Co. LLC now owns 16,664 shares of the asset manager’s stock valued at $136,000 after buying an additional 5,563 shares during the last quarter. Stephens Inc. AR boosted its position in shares of PennantPark Investment Corporation by 4.6% in the third quarter. Stephens Inc. AR now owns 17,448 shares of the asset manager’s stock valued at $131,000 after buying an additional 773 shares during the last quarter. Stifel Financial Corp boosted its position in PennantPark Investment Corporation by 43.8% in the first quarter. Stifel Financial Corp now owns 18,400 shares of the asset manager’s stock worth $147,000 after buying an additional 5,600 shares in the last quarter. BlueCrest Capital Management Ltd bought a new position in PennantPark Investment Corporation during the first quarter worth about $217,000. Finally, Private Advisor Group LLC boosted its position in PennantPark Investment Corporation by 2.8% in the fourth quarter. Private Advisor Group LLC now owns 28,440 shares of the asset manager’s stock worth $221,000 after buying an additional 764 shares in the last quarter. Institutional investors own 44.19% of the company’s stock.

About PennantPark Investment Corporation

PennantPark Investment Corporation is a closed-end, non-diversified investment company. The Company is a business development company. Its objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to the United States middle-market companies in the form of senior secured debt, mezzanine debt and equity investments.

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