Confluence Investment Management LLC Has $168,000 Holdings in PennantPark Investment Co. $PNNT

Key Points

• Confluence Investment Management LLC significantly reduced its stake in PennantPark Investment Co. by 81.1% during the second quarter, holding only 24,623 shares worth $168,000 at quarter's end.
• PennantPark Investment recently announced a monthly dividend of $0.08 with a dividend yield of 13.5%, despite a high payout ratio of 457.14%.
• Analysts have mixed ratings on PennantPark Investment, with a consensus rating of "Reduce" and an average price target of $6.33.

Confluence Investment Management LLC reduced its stake in shares of PennantPark Investment Co. (NASDAQ:PNNT - Free Report) by 81.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,623 shares of the asset manager's stock after selling 105,741 shares during the quarter. Confluence Investment Management LLC's holdings in PennantPark Investment were worth $168,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of PNNT. Northern Trust Corp raised its stake in PennantPark Investment by 24.8% during the 4th quarter. Northern Trust Corp now owns 50,559 shares of the asset manager's stock valued at $358,000 after purchasing an additional 10,041 shares during the last quarter. Jane Street Group LLC raised its stake in PennantPark Investment by 93.1% during the 4th quarter. Jane Street Group LLC now owns 27,598 shares of the asset manager's stock valued at $195,000 after purchasing an additional 13,307 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in PennantPark Investment during the 4th quarter valued at $80,000. Bank of America Corp DE raised its stake in PennantPark Investment by 33.6% during the 4th quarter. Bank of America Corp DE now owns 107,104 shares of the asset manager's stock valued at $758,000 after purchasing an additional 26,953 shares during the last quarter. Finally, Millennium Management LLC acquired a new position in shares of PennantPark Investment in the 4th quarter valued at $3,097,000. 26.62% of the stock is currently owned by institutional investors and hedge funds.

PennantPark Investment Stock Down 0.1%

PNNT opened at $7.11 on Monday. The firm's 50-day simple moving average is $7.20 and its 200-day simple moving average is $6.89. 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 twelve month low of $5.72 and a twelve month high of $7.53. The firm has a market cap of $463.93 million, a price-to-earnings ratio of 27.33 and a beta of 1.04.

PennantPark Investment Dividend Announcement

The company also recently announced a monthly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th were issued a $0.08 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a c) annualized dividend and a dividend yield of 13.5%. PennantPark Investment's dividend payout ratio is presently 457.14%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PNNT. JPMorgan Chase & Co. increased their price objective on shares of PennantPark Investment from $6.50 to $7.00 and gave the company a "neutral" rating in a research note on Thursday, August 14th. Compass Point restated a "sell" rating and issued a $5.75 price objective (down previously from $6.00) on shares of PennantPark Investment in a research note on Wednesday, May 21st. Finally, Keefe, Bruyette & Woods restated an "underperform" rating and issued a $6.25 price objective (down previously from $6.50) on shares of PennantPark Investment in a research note on Wednesday, August 13th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and an average price target of $6.33.

PennantPark Investment Profile

PennantPark Investment Corporation, a business development company is a private equity fund 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 buildings and real estate, hotels, gaming and leisure, technology, telecommunications, transportation, information technology services, electronics, healthcare & pharmaceuticals, education and childcare, financial services, printing and publishing, consumer products, business services, energy & Related Services and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, building materials, capital equipment, chemicals, plastics, & rubber, food & beverage, wholesale, manufacturing and basic industries and retail.

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