PennantPark Investment Corp. (NASDAQ:PNNT) declared a quarterly dividend on Tuesday, June 4th, NASDAQ reports. Shareholders of record on Monday, June 17th will be given a dividend of 0.18 per share by the asset manager on Monday, July 1st. This represents a $0.72 dividend on an annualized basis and a yield of 11.39%. The ex-dividend date is Friday, June 14th.
PennantPark Investment has decreased its dividend by an average of 13.7% per year over the last three years. PennantPark Investment has a payout ratio of 97.3% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities analysts expect PennantPark Investment to earn $0.81 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 88.9%.
PNNT stock remained flat at $$6.32 during trading on Monday. The company’s stock had a trading volume of 182,700 shares, compared to its average volume of 274,571. The business has a 50 day simple moving average of $6.47. The company has a market capitalization of $429.73 million, a P/E ratio of 8.43 and a beta of 1.14. PennantPark Investment has a 52 week low of $6.21 and a 52 week high of $7.84. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 1.13.
In other news, Chairman Arthur H. Penn bought 15,000 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was acquired at an average cost of $6.58 per share, with a total value of $98,700.00. Following the transaction, the chairman now directly owns 193,410 shares in the company, valued at approximately $1,272,637.80. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Arthur H. Penn bought 16,000 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were purchased at an average cost of $6.52 per share, with a total value of $104,320.00. Following the completion of the transaction, the chairman now owns 193,410 shares in the company, valued at $1,261,033.20. The disclosure for this purchase can be found here. 2.00% of the stock is owned by insiders.
Several research firms have weighed in on PNNT. Zacks Investment Research upgraded PennantPark Investment from a “hold” rating to a “buy” rating and set a $8.00 price target for the company in a report on Thursday, May 2nd. BidaskClub cut PennantPark Investment from a “sell” rating to a “strong sell” rating in a report on Monday, June 24th. ValuEngine cut PennantPark Investment from a “hold” rating to a “sell” rating in a report on Tuesday, June 18th. LADENBURG THALM/SH SH cut PennantPark Investment from a “buy” rating to a “neutral” rating in a report on Monday, May 13th. Finally, Compass Point cut PennantPark Investment from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $8.50 to $7.00 in a report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $7.60.
PennantPark Investment Company Profile
PennantPark Investment Corporation 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 building and real estate, hotels and gaming, electronics, healthcare, education and childcare, financial services, printing and publishing, consumer products, business services, energy and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, manufacturing industries and retail.
Featured Article: Dead Cat Bounce
Receive News & Ratings for PennantPark Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennantPark Investment and related companies with MarketBeat.com's FREE daily email newsletter.