PennantPark Investment Co. (NASDAQ:PNNT) Announces Monthly Dividend of $0.07

PennantPark Investment Co. (NASDAQ:PNNT - Get Free Report) announced a monthly dividend on Wednesday, April 3rd, Wall Street Journal reports. Stockholders of record on Monday, April 15th will be given a dividend of 0.07 per share by the asset manager on Wednesday, May 1st. This represents a $0.84 dividend on an annualized basis and a dividend yield of 12.24%. The ex-dividend date is Friday, April 12th.

PennantPark Investment has a payout ratio of 30.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect PennantPark Investment to earn $0.91 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 30.8%.

PennantPark Investment Stock Up 1.0 %

Shares of PennantPark Investment stock traded up $0.07 during trading on Wednesday, reaching $6.87. The company's stock had a trading volume of 335,556 shares, compared to its average volume of 446,873. The company has a 50-day simple moving average of $6.80 and a two-hundred day simple moving average of $6.65. PennantPark Investment has a 1-year low of $4.70 and a 1-year high of $7.27. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.39. The company has a market cap of $447.74 million, a price-to-earnings ratio of 9.28 and a beta of 1.52.

PennantPark Investment (NASDAQ:PNNT - Get Free Report) last issued its quarterly earnings results on Wednesday, February 7th. The asset manager reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. PennantPark Investment had a return on equity of 14.17% and a net margin of 32.55%. The company had revenue of $34.34 million during the quarter, compared to analysts' expectations of $32.49 million. As a group, equities analysts forecast that PennantPark Investment will post 0.95 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jose A. Briones purchased 3,800 shares of the stock in a transaction on Tuesday, February 13th. The stock was bought at an average price of $6.67 per share, with a total value of $25,346.00. Following the transaction, the director now owns 255,535 shares in the company, valued at approximately $1,704,418.45. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Jose A. Briones acquired 3,800 shares of PennantPark Investment stock in a transaction on Tuesday, February 13th. The stock was acquired at an average price of $6.67 per share, for a total transaction of $25,346.00. Following the purchase, the director now owns 255,535 shares of the company's stock, valued at approximately $1,704,418.45. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jose A. Briones acquired 6,122 shares of PennantPark Investment stock in a transaction on Monday, February 26th. The shares were bought at an average price of $6.86 per share, with a total value of $41,996.92. Following the purchase, the director now directly owns 261,657 shares in the company, valued at approximately $1,794,967.02. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 22,372 shares of company stock valued at $151,258. 3.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On PennantPark Investment

Institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its stake in shares of PennantPark Investment by 143.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 9,302 shares of the asset manager's stock valued at $55,000 after purchasing an additional 5,480 shares in the last quarter. Quarry LP increased its stake in shares of PennantPark Investment by 167.5% in the 1st quarter. Quarry LP now owns 11,437 shares of the asset manager's stock valued at $60,000 after purchasing an additional 7,162 shares in the last quarter. Commonwealth Equity Services LLC purchased a new position in shares of PennantPark Investment in the 3rd quarter valued at about $70,000. BNP Paribas Arbitrage SA purchased a new position in shares of PennantPark Investment in the 1st quarter valued at about $77,000. Finally, Jane Street Group LLC purchased a new position in shares of PennantPark Investment in the 2nd quarter valued at about $88,000. Hedge funds and other institutional investors own 26.62% of the company's stock.

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.