Brokerages Set PennantPark Investment Co. (NASDAQ:PNNT) Price Target at $5.75

Shares of PennantPark Investment Co. (NASDAQ:PNNT) have earned an average recommendation of “Hold” from the five analysts that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $5.75.

Separately, Keefe, Bruyette & Woods dropped their price target on shares of PennantPark Investment from $5.50 to $5.00 and set an “underperform” rating on the stock in a research report on Friday, February 13th.

Insider Buying and Selling

In other news, CFO Richard T. Allorto, Jr. acquired 15,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was purchased at an average price of $4.88 per share, for a total transaction of $73,200.00. Following the purchase, the chief financial officer owned 30,000 shares in the company, valued at approximately $146,400. This represents a 100.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On PennantPark Investment

Several large investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC increased its stake in shares of PennantPark Investment by 100.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager’s stock worth $25,000 after purchasing an additional 1,853 shares during the last quarter. Confluence Investment Management LLC increased its stake in shares of PennantPark Investment by 11.7% during the 3rd quarter. Confluence Investment Management LLC now owns 27,495 shares of the asset manager’s stock worth $184,000 after purchasing an additional 2,872 shares during the last quarter. Brookstone Capital Management increased its stake in shares of PennantPark Investment by 29.2% during the 3rd quarter. Brookstone Capital Management now owns 13,453 shares of the asset manager’s stock worth $90,000 after purchasing an additional 3,038 shares during the last quarter. Founders Financial Alliance LLC increased its stake in shares of PennantPark Investment by 5.6% during the 3rd quarter. Founders Financial Alliance LLC now owns 65,629 shares of the asset manager’s stock worth $440,000 after purchasing an additional 3,502 shares during the last quarter. Finally, Kovack Advisors Inc. increased its stake in shares of PennantPark Investment by 5.7% during the 3rd quarter. Kovack Advisors Inc. now owns 71,750 shares of the asset manager’s stock worth $481,000 after purchasing an additional 3,900 shares during the last quarter. Hedge funds and other institutional investors own 26.62% of the company’s stock.

PennantPark Investment Price Performance

Shares of NASDAQ PNNT opened at $4.54 on Tuesday. PennantPark Investment has a fifty-two week low of $4.29 and a fifty-two week high of $7.53. The stock has a market cap of $296.12 million, a price-to-earnings ratio of 17.44 and a beta of 0.68. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47. The firm’s 50-day simple moving average is $5.03 and its 200 day simple moving average is $5.82.

PennantPark Investment Cuts Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th will be paid a $0.04 dividend. The ex-dividend date is Wednesday, April 15th. This represents a c) annualized dividend and a yield of 10.6%. PennantPark Investment’s dividend payout ratio (DPR) is 123.08%.

About PennantPark Investment

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.