Confluence Investment Management LLC lowered its stake in shares of PennantPark Investment Co. (NASDAQ:PNNT - Free Report) by 56.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 130,364 shares of the asset manager's stock after selling 172,196 shares during the period. Confluence Investment Management LLC owned about 0.20% of PennantPark Investment worth $916,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently added to or reduced their stakes in PNNT. Janney Montgomery Scott LLC lifted its holdings in shares of PennantPark Investment by 12.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 130,907 shares of the asset manager's stock valued at $927,000 after purchasing an additional 14,124 shares in the last quarter. EMC Capital Management lifted its stake in PennantPark Investment by 58.4% in the 4th quarter. EMC Capital Management now owns 31,789 shares of the asset manager's stock valued at $225,000 after buying an additional 11,721 shares in the last quarter. Strategic Financial Concepts LLC purchased a new stake in shares of PennantPark Investment in the fourth quarter valued at $115,000. Sanctuary Advisors LLC purchased a new stake in shares of PennantPark Investment in the fourth quarter valued at $71,000. Finally, NewEdge Wealth LLC lifted its holdings in PennantPark Investment by 1.2% in the 4th quarter. NewEdge Wealth LLC now owns 286,789 shares of the asset manager's stock valued at $2,030,000 after purchasing an additional 3,470 shares in the last quarter. Hedge funds and other institutional investors own 26.62% of the company's stock.
PennantPark Investment Trading Up 0.8%
NASDAQ:PNNT traded up $0.06 during trading hours on Friday, reaching $6.69. 327,392 shares of the company were exchanged, compared to its average volume of 498,823. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.47 and a quick ratio of 0.47. The firm has a market cap of $436.50 million, a price-to-earnings ratio of 25.71 and a beta of 1.02. PennantPark Investment Co. has a 52-week low of $5.72 and a 52-week high of $8.04. The stock has a 50 day simple moving average of $6.56 and a 200 day simple moving average of $6.86.
PennantPark Investment Dividend Announcement
The firm also recently announced a monthly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Thursday, May 15th will be paid a $0.08 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 14.36%. The ex-dividend date is Thursday, May 15th. PennantPark Investment's dividend payout ratio is presently 640.00%.
Insider Activity
In other PennantPark Investment news, Director Jose A. Briones bought 3,640 shares of the business's stock in a transaction dated Wednesday, May 14th. The shares were acquired at an average price of $6.88 per share, with a total value of $25,043.20. Following the purchase, the director now owns 268,972 shares in the company, valued at approximately $1,850,527.36. The trade was a 1.37% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 3.00% of the company's stock.
Analyst Upgrades and Downgrades
A number of research firms have issued reports on PNNT. Wall Street Zen upgraded shares of PennantPark Investment from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. LADENBURG THALM/SH SH raised shares of PennantPark Investment to a "hold" rating in a research note on Wednesday, May 14th. JPMorgan Chase & Co. reduced their price target on PennantPark Investment from $7.00 to $6.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Finally, Compass Point reissued a "sell" rating and set a $5.75 price target (down previously from $6.00) on shares of PennantPark Investment in a research note on Wednesday, May 21st.
Check Out Our Latest Analysis on PennantPark Investment
PennantPark Investment Profile
(
Free Report)
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.
Featured Stories
Before you consider PennantPark Investment, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and PennantPark Investment wasn't on the list.
While PennantPark Investment currently has a Reduce rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to profit from the electric vehicle mega-trend? Enter your email address and we'll send you our list of which EV stocks show the most long-term potential.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
