HighTower Advisors LLC Lowers Stake in PennantPark Investment Corporation (PNNT)

HighTower Advisors LLC cut its position in shares of PennantPark Investment Corporation (NASDAQ:PNNT) by 2.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 141,973 shares of the asset manager’s stock after selling 3,487 shares during the period. HighTower Advisors LLC’s holdings in PennantPark Investment Corporation were worth $1,049,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PNNT. Global X Management Co. LLC grew its position in 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 acquiring an additional 5,563 shares during the period. Stifel Financial Corp grew 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 valued at $147,000 after acquiring an additional 5,600 shares during the period. Pinebridge Investments L.P. grew its position in PennantPark Investment Corporation by 0.8% in the second quarter. Pinebridge Investments L.P. now owns 22,580 shares of the asset manager’s stock valued at $167,000 after acquiring an additional 169 shares during the period. Stephens Inc. AR grew its position in PennantPark Investment Corporation by 44.8% in the second quarter. Stephens Inc. AR now owns 23,964 shares of the asset manager’s stock valued at $177,000 after acquiring an additional 7,414 shares during the period. Finally, Private Advisor Group LLC grew its position in PennantPark Investment Corporation by 0.6% in the second quarter. Private Advisor Group LLC now owns 28,606 shares of the asset manager’s stock valued at $212,000 after acquiring an additional 166 shares during the period. Institutional investors and hedge funds own 42.72% of the company’s stock.

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A number of analysts have weighed in on PNNT shares. Keefe, Bruyette & Woods set a $9.00 price target on PennantPark Investment Corporation and gave the company a “hold” rating in a research report on Saturday, June 24th. Compass Point started coverage on PennantPark Investment Corporation in a research report on Thursday, July 13th. They issued a “buy” rating and a $8.50 price target on the stock. Jefferies Group LLC reiterated a “hold” rating and issued a $8.00 price target on shares of PennantPark Investment Corporation in a research report on Friday, July 14th. Zacks Investment Research cut PennantPark Investment Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. Finally, J P Morgan Chase & Co upgraded PennantPark Investment Corporation from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $8.00 to $8.50 in a report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $8.14.

In other news, Chairman Arthur H. Penn acquired 32,000 shares of PennantPark Investment Corporation stock in a transaction that occurred on Thursday, August 10th. The shares were acquired at an average price of $7.72 per share, for a total transaction of $247,040.00. Following the transaction, the chairman now directly owns 183,400 shares of the company’s stock, valued at approximately $1,415,848. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Arthur H. Penn acquired 28,000 shares of PennantPark Investment Corporation stock in a transaction that occurred on Tuesday, August 15th. The shares were purchased at an average price of $7.62 per share, for a total transaction of $213,360.00. Following the transaction, the chairman now directly owns 193,410 shares in the company, valued at $1,473,784.20. The disclosure for this purchase can be found here. Company insiders own 1.90% of the company’s stock.

Shares of PennantPark Investment Corporation (NASDAQ PNNT) opened at 7.65 on Friday. PennantPark Investment Corporation has a one year low of $6.86 and a one year high of $8.68. The stock’s 50 day moving average price is $7.56 and its 200 day moving average price is $7.63.

PennantPark Investment Corporation (NASDAQ:PNNT) last issued its quarterly earnings results on Monday, August 7th. The asset manager reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.02). PennantPark Investment Corporation had a net margin of 53.92% and a return on equity of 9.11%. The business had revenue of $31.10 million during the quarter, compared to the consensus estimate of $31.09 million. During the same quarter in the previous year, the business posted $0.25 EPS. The company’s revenue for the quarter was down 12.4% on a year-over-year basis. Analysts forecast that PennantPark Investment Corporation will post $0.83 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Wednesday, September 20th were paid a $0.18 dividend. The ex-dividend date was Tuesday, September 19th. This represents a $0.72 annualized dividend and a dividend yield of 9.41%. PennantPark Investment Corporation’s payout ratio is 74.23%.

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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Institutional Ownership by Quarter for PennantPark Investment Corporation (NASDAQ:PNNT)

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