PennantPark Investment (NASDAQ:PNNT) CFO Richard Allorto, Jr. Acquires 15,000 Shares

PennantPark Investment Co. (NASDAQ:PNNT) CFO Richard Allorto, Jr. bought 15,000 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were bought at an average cost of $4.88 per share, with a total value of $73,200.00. Following the purchase, the chief financial officer directly owned 30,000 shares of the company’s stock, valued at approximately $146,400. This represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.

PennantPark Investment Price Performance

Shares of PNNT traded down $0.12 during mid-day trading on Thursday, hitting $4.66. 678,036 shares of the company were exchanged, compared to its average volume of 745,805. The stock has a market cap of $303.95 million, a price-to-earnings ratio of 17.90 and a beta of 0.65. PennantPark Investment Co. has a 1-year low of $4.64 and a 1-year high of $7.53. The company has a 50 day moving average of $5.54 and a 200-day moving average of $6.14. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47.

PennantPark Investment Dividend Announcement

The company also recently announced a special dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th will be given a $0.04 dividend. This represents a dividend yield of 984.0%. The ex-dividend date is Monday, March 16th. PennantPark Investment’s dividend payout ratio (DPR) is 123.08%.

Hedge Funds Weigh In On PennantPark Investment

A number of institutional investors have recently added to or reduced their stakes in the stock. Closed End Fund Advisors Inc. acquired a new position in PennantPark Investment during the fourth quarter worth $895,000. Jane Street Group LLC acquired a new stake in shares of PennantPark Investment in the 4th quarter worth $820,000. XTX Topco Ltd purchased a new position in shares of PennantPark Investment during the 4th quarter worth $682,000. Sunbelt Securities Inc. raised its holdings in shares of PennantPark Investment by 493.1% during the 3rd quarter. Sunbelt Securities Inc. now owns 104,245 shares of the asset manager’s stock worth $699,000 after acquiring an additional 86,668 shares during the period. Finally, Gallagher Capital Advisors LLC acquired a new position in shares of PennantPark Investment during the 4th quarter valued at about $422,000. Hedge funds and other institutional investors own 26.62% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PNNT. Keefe, Bruyette & Woods dropped their price target on PennantPark Investment from $5.50 to $5.00 and set an “underperform” rating for the company in a research report on Friday, February 13th. Truist Financial lowered their target price on shares of PennantPark Investment from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, November 26th. Compass Point raised shares of PennantPark Investment from a “sell” rating to a “neutral” rating and dropped their target price for the stock from $5.75 to $5.50 in a report on Wednesday, December 3rd. Finally, JPMorgan Chase & Co. reduced their target price on shares of PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating for the company in a research report on Wednesday, November 26th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $5.75.

PennantPark Investment Company Profile

PennantPark Investment Corporation is a publicly traded closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Since its formation in 2006, PennantPark has focused on providing customized financing solutions to middle-market companies across the United States. The firm’s investment advisory services are provided by PennantPark Investment Advisers, LLC, which sources and structures transactions tailored to the unique needs of its portfolio companies.

The company’s core strategy centers on debt and equity investments in U.S.-based businesses, typically those with annual revenues between $10 million and $200 million.