Confluence Investment Management LLC Has $168,000 Stake 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 decreased its holdings in shares of PennantPark Investment Co. (NASDAQ:PNNT - Free Report) by 81.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. 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 as of its most recent SEC filing.

Several other large investors have also modified their holdings of PNNT. Quarry LP bought a new stake in shares of PennantPark Investment during the 1st quarter worth $34,000. Ameriflex Group Inc. bought a new stake in shares of PennantPark Investment during the 4th quarter worth $39,000. BNP Paribas Financial Markets bought a new stake in shares of PennantPark Investment during the 4th quarter worth $80,000. Integrity Alliance LLC. bought a new stake in shares of PennantPark Investment during the 1st quarter worth $83,000. Finally, PharVision Advisers LLC bought a new stake in shares of PennantPark Investment during the 1st quarter worth $95,000. 26.62% of the stock is owned by institutional investors.

PennantPark Investment Price Performance

PNNT traded down $0.06 during midday trading on Friday, hitting $6.88. The company had a trading volume of 182,948 shares, compared to its average volume of 483,766. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47. The company has a market capitalization of $449.24 million, a PE ratio of 26.46 and a beta of 1.04. PennantPark Investment Co. has a twelve month low of $5.72 and a twelve month high of $7.53. The firm's 50-day simple moving average is $7.20 and its 200-day simple moving average is $6.89.

PennantPark Investment Dividend Announcement

The firm also recently declared a monthly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th were given a dividend of $0.08 per share. The ex-dividend date was Friday, August 15th. This represents a c) annualized dividend and a dividend yield of 14.0%. PennantPark Investment's payout ratio is currently 457.14%.

Wall Street Analysts Forecast Growth

PNNT has been the subject of several recent analyst reports. Keefe, Bruyette & Woods reaffirmed an "underperform" rating and set a $6.25 price objective (down from $6.50) on shares of PennantPark Investment in a report on Wednesday, August 13th. JPMorgan Chase & Co. increased their price target on shares of PennantPark Investment from $6.50 to $7.00 and gave the company a "neutral" rating in a report on Thursday, August 14th. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average 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.