307,794 Shares in PennantPark Investment Co. $PNNT Purchased by NewEdge Wealth LLC

Key Points

• NewEdge Wealth LLC acquired 307,794 PennantPark Investment shares in the second quarter, valued at approximately $1.07 million and representing a 0.47% stake. Institutional investors collectively own 26.62% of PNNT.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $5.10. Oppenheimer and Truist Financial both lowered their targets to $5.00.
• PNNT shares opened at $3.74, near the lower end of their 52-week range, while the company declared a monthly dividend of $0.04 per share, implying a 12.8% annualized yield.

NewEdge Wealth LLC bought a new position in shares of PennantPark Investment Co. (NASDAQ:PNNT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 307,794 shares of the asset manager's stock, valued at approximately $1,068,000. NewEdge Wealth LLC owned 0.47% of PennantPark Investment at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. boosted its stake in shares of PennantPark Investment by 69.6% during the 1st quarter. Sunbelt Securities Inc. now owns 298,217 shares of the asset manager's stock worth $1,339,000 after acquiring an additional 122,430 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of PennantPark Investment in the 2nd quarter worth approximately $909,000. UBS Group AG increased its stake in PennantPark Investment by 35.8% in the 3rd quarter. UBS Group AG now owns 209,725 shares of the asset manager's stock valued at $1,407,000 after purchasing an additional 55,331 shares in the last quarter. AlphaCentric Advisors LLC purchased a new position in PennantPark Investment in the 1st quarter valued at approximately $700,000. Finally, Closed End Fund Advisors Inc. acquired a new position in PennantPark Investment during the fourth quarter worth $895,000. 26.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PNNT has been the topic of a number of research analyst reports. Oppenheimer decreased their target price 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. Truist Financial dropped 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 equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $5.10.

PennantPark Investment Price Performance

Shares of NASDAQ:PNNT opened at $3.74 on Friday. The business's fifty day moving average price is $3.49 and its two-hundred day moving average price is $4.21. The stock has a market cap of $244.21 million, a PE ratio of 14.39 and a beta of 0.59. 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 Co. has a one year low of $3.19 and a one year high of $7.29.

PennantPark Investment Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a c) dividend on an annualized basis and a dividend yield of 12.8%. PennantPark Investment's dividend payout ratio (DPR) is presently 300.00%.

PennantPark Investment 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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