PennantPark Investment Co. (PNNT) to Issue Quarterly Dividend of $0.07 on March 1st

PennantPark Investment Co. (NASDAQ:PNNTGet Free Report) announced a quarterly dividend on Friday, February 2nd, Wall Street Journal reports. Shareholders of record on Thursday, February 15th will be paid a dividend of 0.07 per share by the asset manager on Friday, March 1st. This represents a $0.28 annualized dividend and a yield of 4.16%. The ex-dividend date of this dividend is Wednesday, February 14th.

PennantPark Investment has a payout ratio of 29.8% meaning its dividend is sufficiently covered by earnings. Analysts expect PennantPark Investment to earn $0.92 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 30.4%.

PennantPark Investment Stock Down 0.4 %

PNNT stock opened at $6.73 on Monday. The firm’s 50-day moving average is $6.86 and its two-hundred day moving average is $6.62. The company has a market capitalization of $438.93 million, a price-to-earnings ratio of 6.17 and a beta of 1.54. PennantPark Investment has a 52 week low of $4.70 and a 52 week high of $7.27. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.39.

PennantPark Investment (NASDAQ:PNNTGet Free Report) last posted its quarterly earnings data on Wednesday, November 15th. The asset manager reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The business had revenue of $34.04 million for the quarter, compared to analyst estimates of $33.45 million. PennantPark Investment had a net margin of 32.55% and a return on equity of 14.17%. On average, analysts forecast that PennantPark Investment will post 0.94 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. grew its holdings in shares of PennantPark Investment by 18.5% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 105,342 shares of the asset manager’s stock valued at $728,000 after acquiring an additional 16,478 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of PennantPark Investment by 67.2% during the 4th quarter. International Assets Investment Management LLC now owns 31,350 shares of the asset manager’s stock worth $217,000 after purchasing an additional 12,600 shares in the last quarter. Creative Planning raised its stake in shares of PennantPark Investment by 169.3% during the 3rd quarter. Creative Planning now owns 57,953 shares of the asset manager’s stock worth $381,000 after purchasing an additional 36,437 shares in the last quarter. Tudor Investment Corp Et Al grew its stake in shares of PennantPark Investment by 36.0% in the 3rd quarter. Tudor Investment Corp Et Al now owns 46,614 shares of the asset manager’s stock valued at $307,000 after buying an additional 12,328 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new position in PennantPark Investment in the third quarter worth approximately $128,000. 32.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Raymond James increased their target price on shares of PennantPark Investment from $7.25 to $7.50 and gave the company an “outperform” rating in a research note on Friday, November 17th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, PennantPark Investment presently has a consensus rating of “Hold” and an average target price of $6.95.

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PennantPark Investment Company Profile

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PennantPark Investment Corporation, a business development company is a private equity fund specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The fund typically invests in buildings and real estate, hotels, gaming and leisure, technology, telecommunications, transportation, information technology services, electronics, healthcare & pharmaceuticals, education and childcare, financial services, printing and publishing, consumer products, business services, energy & Related Services and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, building materials, capital equipment, chemicals, plastics, & rubber, food & beverage, wholesale, manufacturing and basic industries and retail.

See Also

Dividend History for PennantPark Investment (NASDAQ:PNNT)

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