Zacks: Brokerages Expect PennantPark Investment Corp. (PNNT) to Post $0.18 EPS

Wall Street analysts expect PennantPark Investment Corp. (NASDAQ:PNNT) to post earnings of $0.18 per share for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for PennantPark Investment’s earnings, with the highest EPS estimate coming in at $0.18 and the lowest estimate coming in at $0.17. PennantPark Investment reported earnings of $0.21 per share during the same quarter last year, which would indicate a negative year-over-year growth rate of 14.3%. The business is expected to issue its next quarterly earnings results on Wednesday, February 14th.

On average, analysts expect that PennantPark Investment will report full-year earnings of $0.73 per share for the current year, with EPS estimates ranging from $0.70 to $0.74. For the next fiscal year, analysts anticipate that the business will report earnings of $0.75 per share, with EPS estimates ranging from $0.72 to $0.79. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research firms that that provide coverage for PennantPark Investment.

PennantPark Investment (NASDAQ:PNNT) last announced its earnings results on Wednesday, November 29th. The asset manager reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.01). PennantPark Investment had a return on equity of 8.72% and a net margin of 49.55%. The business had revenue of $27.87 million for the quarter, compared to analyst estimates of $29.19 million. During the same period last year, the firm earned $0.21 EPS. The company’s revenue for the quarter was down 13.3% compared to the same quarter last year.

Several research analysts have recently commented on the company. Zacks Investment Research lowered PennantPark Investment from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $8.50 price target on shares of PennantPark Investment in a report on Thursday, October 26th. Jefferies Group reiterated a “hold” rating and set a $8.00 price target on shares of PennantPark Investment in a report on Sunday, November 5th. ValuEngine upgraded PennantPark Investment from a “buy” rating to a “strong-buy” rating in a report on Friday, December 1st. Finally, TheStreet lowered PennantPark Investment from a “b-” rating to a “c” rating in a report on Wednesday, December 13th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. PennantPark Investment presently has an average rating of “Hold” and a consensus price target of $8.38.

In other news, Chairman Arthur H. Penn bought 12,000 shares of the company’s stock in a transaction on Friday, December 1st. The stock was bought at an average cost of $7.10 per share, with a total value of $85,200.00. Following the transaction, the chairman now directly owns 193,410 shares in the company, valued at approximately $1,373,211. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Aviv Efrat bought 10,000 shares of the company’s stock in a transaction on Monday, December 4th. The stock was purchased at an average cost of $7.14 per share, with a total value of $71,400.00. Following the completion of the transaction, the chief financial officer now owns 106,102 shares in the company, valued at $757,568.28. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 48,000 shares of company stock worth $344,280. 2.00% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pinebridge Investments L.P. grew its position in PennantPark Investment by 0.8% in the 2nd 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 in the last quarter. Stephens Inc. AR grew its position in shares of PennantPark Investment by 44.8% during the second quarter. Stephens Inc. AR now owns 23,964 shares of the asset manager’s stock worth $177,000 after buying an additional 7,414 shares in the last quarter. Global X MANAGEMENT CO LLC grew its position in shares of PennantPark Investment by 49.0% during the third quarter. Global X MANAGEMENT CO LLC now owns 24,829 shares of the asset manager’s stock worth $186,000 after buying an additional 8,165 shares in the last quarter. Stevens Capital Management LP acquired a new position in shares of PennantPark Investment during the third quarter worth about $199,000. Finally, Stifel Financial Corp grew its position in shares of PennantPark Investment by 50.5% during the second quarter. Stifel Financial Corp now owns 27,700 shares of the asset manager’s stock worth $205,000 after buying an additional 9,300 shares in the last quarter. 42.60% of the stock is owned by institutional investors.

Shares of PennantPark Investment (NASDAQ PNNT) traded up $0.11 on Friday, reaching $6.96. 337,100 shares of the company’s stock traded hands, compared to its average volume of 415,987. PennantPark Investment has a 52 week low of $6.67 and a 52 week high of $8.68. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.66 and a current ratio of 1.66. The firm has a market cap of $494.22, a PE ratio of 8.00, a PEG ratio of 4.82 and a beta of 1.27.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Tuesday, December 26th were issued a $0.18 dividend. The ex-dividend date of this dividend was Friday, December 22nd. This represents a $0.72 annualized dividend and a yield of 10.34%. PennantPark Investment’s dividend payout ratio (DPR) is currently 82.76%.

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PennantPark Investment Company Profile

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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