Sunbelt Securities Inc. Grows Holdings in PennantPark Investment Co. (NASDAQ:PNNT)

Sunbelt Securities Inc. raised its stake in PennantPark Investment Co. (NASDAQ:PNNT - Free Report) by 309.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 72,025 shares of the asset manager's stock after acquiring an additional 54,448 shares during the quarter. Sunbelt Securities Inc. owned approximately 0.11% of PennantPark Investment worth $506,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. raised its holdings in PennantPark Investment by 7.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 35,882 shares of the asset manager's stock valued at $252,000 after acquiring an additional 2,445 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in PennantPark Investment by 7.6% during the fourth quarter. Thrivent Financial for Lutherans now owns 46,704 shares of the asset manager's stock worth $331,000 after buying an additional 3,283 shares during the period. NewEdge Wealth LLC boosted its stake in PennantPark Investment by 1.2% in the 4th quarter. NewEdge Wealth LLC now owns 286,789 shares of the asset manager's stock worth $2,030,000 after buying an additional 3,470 shares during the last quarter. Founders Financial Alliance LLC grew its holdings in PennantPark Investment by 8.0% in the 4th quarter. Founders Financial Alliance LLC now owns 58,642 shares of the asset manager's stock valued at $415,000 after buying an additional 4,352 shares during the period. Finally, Ameriflex Group Inc. purchased a new stake in PennantPark Investment in the 4th quarter valued at about $39,000. 26.62% of the stock is owned by institutional investors and hedge funds.

PennantPark Investment Trading Up 1.1%

PNNT traded up $0.08 on Wednesday, reaching $6.92. 306,210 shares of the company's stock were exchanged, compared to its average volume of 492,344. PennantPark Investment Co. has a twelve month low of $5.72 and a twelve month high of $8.04. The company's 50 day moving average is $6.67 and its 200-day moving average is $6.84. 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 cap of $451.52 million, a price-to-earnings ratio of 26.60 and a beta of 1.01.

PennantPark Investment Dividend Announcement

The firm also recently announced a monthly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th were paid a $0.08 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 13.88%. The ex-dividend date of this dividend was Monday, June 16th. PennantPark Investment's dividend payout ratio is presently 640.00%.

Insider Buying and Selling at PennantPark Investment

In related news, Director Jose A. Briones purchased 3,640 shares of the stock in a transaction that occurred on Wednesday, May 14th. The stock was purchased at an average cost of $6.88 per share, for a total transaction of $25,043.20. Following the acquisition, the director owned 268,972 shares in the company, valued at approximately $1,850,527.36. This trade represents a 1.37% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.00% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PNNT shares. LADENBURG THALM/SH SH upgraded shares of PennantPark Investment to a "hold" rating in a report on Wednesday, May 14th. Wall Street Zen raised shares of 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 set a $5.75 price objective (down from $6.00) on shares of PennantPark Investment in a research note on Wednesday, May 21st. Finally, JPMorgan Chase & Co. cut their target price on PennantPark Investment from $7.00 to $6.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th.

PennantPark Investment Company 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.