PennantPark Investment Co. Plans Monthly Dividend of $0.04 (NASDAQ:PNNT)

PennantPark Investment Co. (NASDAQ:PNNT) announced a monthly dividend on Wednesday, September 2nd. Stockholders of record on Tuesday, September 15th will be given a dividend of 0.04 per share by the asset manager on Thursday, October 1st. This represents a c) dividend on an annualized basis and a dividend yield of 13.0%. The ex-dividend date is Tuesday, September 15th.

PennantPark Investment has raised its dividend by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 1 years. PennantPark Investment has a dividend payout ratio of 67.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect PennantPark Investment to earn $0.80 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 60.0%.

PennantPark Investment Stock Down 0.9%

PNNT opened at $3.69 on Thursday. The business’s fifty day simple moving average is $3.52 and its 200 day simple moving average is $4.10. PennantPark Investment has a 52 week low of $3.19 and a 52 week high of $7.29. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.56. The stock has a market cap of $241.27 million, a PE ratio of 14.21 and a beta of 0.61.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Truist Financial decreased their price target on shares of PennantPark Investment from $6.00 to $5.00 and set a “buy” rating on the stock in a research note on Tuesday, May 19th. Oppenheimer reduced their price target on PennantPark Investment from $6.00 to $5.00 and set a “market perform” rating on the stock in a research report on Tuesday, May 12th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.10.

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.