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

Key Points

• PennantPark Investment declared a $0.04 monthly dividend, payable October 1 to shareholders of record on September 15. The payment implies a $0.48 annualized dividend and a roughly 13.0% yield.
• The dividend appears supported by earnings, with a current payout ratio of 67.6%; analysts expect a 60.0% payout ratio next year based on projected earnings of $0.80 per share.
• PNNT shares opened at $3.69, near the lower end of their 12-month range, while analysts have a consensus “Hold” rating and a $5.10 price target.

PennantPark Investment Co. (NASDAQ:PNNT - Get Free Report) declared a monthly dividend on Wednesday, September 2nd. Investors of record on Tuesday, September 15th will be paid 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 of this dividend is Tuesday, September 15th.

PennantPark Investment has increased its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend every year for the last 1 years. PennantPark Investment has a payout ratio of 67.6% meaning its dividend is sufficiently covered by earnings. Equities 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 Performance

NASDAQ PNNT opened at $3.69 on Thursday. The company has a market cap of $241.27 million, a P/E ratio of 14.21 and a beta of 0.61. The company has a fifty day simple moving average of $3.52 and a 200 day simple moving average of $4.10. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.56. PennantPark Investment has a 12-month low of $3.19 and a 12-month high of $7.29.

Analyst Ratings Changes

A number of equities analysts have issued reports on PNNT shares. Oppenheimer cut their price target on PennantPark Investment from $6.00 to $5.00 and set a "market perform" rating for the company in a research note on Tuesday, May 12th. Truist Financial lowered their price target on PennantPark Investment from $6.00 to $5.00 and set a "buy" rating for the company in a research report on Tuesday, May 19th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $5.10.

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.

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