Shares of PennantPark Investment Corporation (NASDAQ:PNNT) have been given an average recommendation of “Hold” by the twelve analysts that are currently covering the stock, Marketbeat reports. Ten equities research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $7.81.
Several brokerages have recently issued reports on PNNT. Zacks Investment Research upgraded PennantPark Investment Corporation from a “hold” rating to a “buy” rating and set a $9.00 price objective for the company in a research note on Wednesday, May 3rd. Keefe, Bruyette & Woods set a $9.00 price objective on PennantPark Investment Corporation and gave the stock a “hold” rating in a research note on Monday, May 22nd. Jefferies Group LLC restated a “hold” rating and issued a $8.00 price objective on shares of PennantPark Investment Corporation in a research note on Friday. JMP Securities cut 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, TheStreet cut PennantPark Investment Corporation from a “b-” rating to a “c+” rating in a research note on Tuesday, March 21st.
In related news, Chairman Arthur H. Penn purchased 28,000 shares of PennantPark Investment Corporation stock in a transaction that occurred on Monday, May 15th. The stock was bought at an average cost of $7.78 per share, for a total transaction of $217,840.00. Following the completion of the transaction, the chairman now owns 183,400 shares in the company, valued at $1,426,852. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Arthur H. Penn purchased 17,000 shares of PennantPark Investment Corporation stock in a transaction that occurred on Tuesday, May 16th. The shares were bought at an average price of $7.77 per share, with a total value of $132,090.00. Following the completion of the transaction, the chief executive officer now owns 183,400 shares of the company’s stock, valued at approximately $1,425,018. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 77,000 shares of company stock valued at $596,970. 1.90% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in PNNT. Muzinich & Co. Inc. raised its stake in shares of PennantPark Investment Corporation by 67.2% in the first quarter. Muzinich & Co. Inc. now owns 2,186,589 shares of the asset manager’s stock valued at $17,799,000 after buying an additional 878,491 shares during the last quarter. LSV Asset Management raised its stake in shares of PennantPark Investment Corporation by 262.0% in the first quarter. LSV Asset Management now owns 2,002,986 shares of the asset manager’s stock valued at $16,304,000 after buying an additional 1,449,656 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of PennantPark Investment Corporation by 5.7% in the first quarter. JPMorgan Chase & Co. now owns 1,900,325 shares of the asset manager’s stock valued at $15,469,000 after buying an additional 101,690 shares during the last quarter. UBS Group AG raised its stake in shares of PennantPark Investment Corporation by 28.4% in the first quarter. UBS Group AG now owns 1,520,945 shares of the asset manager’s stock valued at $12,381,000 after buying an additional 336,001 shares during the last quarter. Finally, Confluence Investment Management LLC raised its stake in shares of PennantPark Investment Corporation by 0.5% in the second quarter. Confluence Investment Management LLC now owns 929,249 shares of the asset manager’s stock valued at $6,867,000 after buying an additional 4,599 shares during the last quarter. Institutional investors own 43.97% of the company’s stock.
PennantPark Investment Corporation (NASDAQ:PNNT) traded up 0.40% during midday trading on Friday, hitting $7.44. 272,804 shares of the stock traded hands. PennantPark Investment Corporation has a 12 month low of $6.86 and a 12 month high of $8.68. The company has a 50-day moving average of $7.54 and a 200-day moving average of $7.88.
PennantPark Investment Corporation (NASDAQ:PNNT) last announced its quarterly earnings data on Monday, May 8th. The asset manager reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.02. PennantPark Investment Corporation had a return on equity of 9.98% and a net margin of 58.91%. The firm had revenue of $33.70 million during the quarter, compared to analysts’ expectations of $33.29 million. During the same period last year, the business posted $0.29 earnings per share. The company’s revenue for the quarter was down 13.8% compared to the same quarter last year. Equities analysts anticipate that PennantPark Investment Corporation will post $0.85 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, July 3rd. Investors of record on Wednesday, June 21st were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 9.68%. The ex-dividend date was Monday, June 19th. PennantPark Investment Corporation’s dividend payout ratio is currently 65.46%.
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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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