Confluence Investment Management LLC Sells 172,196 Shares of PennantPark Investment Co. (NASDAQ:PNNT)

Confluence Investment Management LLC lessened its holdings in shares of PennantPark Investment Co. (NASDAQ:PNNT - Free Report) by 56.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 130,364 shares of the asset manager's stock after selling 172,196 shares during the period. Confluence Investment Management LLC owned approximately 0.20% of PennantPark Investment worth $916,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. Thrivent Financial for Lutherans grew its stake in shares of PennantPark Investment by 7.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 46,704 shares of the asset manager's stock valued at $331,000 after buying an additional 3,283 shares in the last quarter. NewEdge Wealth LLC increased its position in shares of PennantPark Investment by 1.2% during 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 during the period. Founders Financial Alliance LLC grew its holdings in shares of PennantPark Investment by 8.0% in the 4th quarter. Founders Financial Alliance LLC now owns 58,642 shares of the asset manager's stock worth $415,000 after acquiring an additional 4,352 shares during the last quarter. Ameriflex Group Inc. acquired a new stake in shares of PennantPark Investment in the fourth quarter worth $39,000. Finally, Wells Fargo & Company MN boosted its position in PennantPark Investment by 17.6% during the fourth quarter. Wells Fargo & Company MN now owns 41,004 shares of the asset manager's stock valued at $290,000 after purchasing an additional 6,145 shares during the last quarter. Institutional investors and hedge funds own 26.62% of the company's stock.

PennantPark Investment Price Performance

Shares of NASDAQ PNNT traded down $0.03 during midday trading on Tuesday, reaching $6.68. 144,294 shares of the company were exchanged, compared to its average volume of 497,359. The stock has a market cap of $436.18 million, a P/E ratio of 25.69 and a beta of 1.02. The stock's 50-day moving average price is $6.55 and its 200-day moving average price is $6.86. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.56. PennantPark Investment Co. has a one year low of $5.72 and a one year high of $8.04.

PennantPark Investment Dividend Announcement

The firm also recently announced a monthly dividend, which was paid on Monday, June 2nd. Stockholders of record on Thursday, May 15th were given a dividend of $0.08 per share. This represents a $0.96 annualized dividend and a dividend yield of 14.37%. The ex-dividend date of this dividend was Thursday, May 15th. PennantPark Investment's payout ratio is presently 640.00%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Wall Street Zen upgraded PennantPark Investment from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Compass Point reissued a "sell" rating and issued a $5.75 target price (down from $6.00) on shares of PennantPark Investment in a report on Wednesday, May 21st. LADENBURG THALM/SH SH raised PennantPark Investment to a "hold" rating in a report on Wednesday, May 14th. Finally, JPMorgan Chase & Co. dropped their target price on shares of PennantPark Investment from $7.00 to $6.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th.

Insiders Place Their Bets

In other PennantPark Investment news, Director Jose A. Briones purchased 3,640 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The shares were bought at an average cost of $6.88 per share, for a total transaction of $25,043.20. Following the purchase, the director now owns 268,972 shares of the company's stock, valued at $1,850,527.36. This represents a 1.37% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.00% of the stock is currently owned by insiders.

About PennantPark Investment

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.