Keefe, Bruyette & Woods upgraded shares of PennantPark Investment (NASDAQ:PNNT - Free Report) to a hold rating in a report released on Friday morning, Zacks.com reports.
Separately, Raymond James downgraded PennantPark Investment from an outperform rating to a market perform rating in a research report on Friday. Five investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $6.94.
Check Out Our Latest Analysis on PNNT
PennantPark Investment Stock Up 0.6 %
PennantPark Investment stock traded up $0.05 during mid-day trading on Friday, reaching $7.36. 302,410 shares of the company were exchanged, compared to its average volume of 435,623. PennantPark Investment has a 12-month low of $5.26 and a 12-month high of $7.41. The business has a fifty day moving average of $6.93 and a 200 day moving average of $6.80. The firm has a market cap of $479.69 million, a P/E ratio of 7.99 and a beta of 1.49. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.63 and a current ratio of 0.63.
PennantPark Investment Increases Dividend
The firm also recently disclosed a monthly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a $0.08 dividend. This is a boost from PennantPark Investment's previous monthly dividend of $0.07. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 13.05%. PennantPark Investment's dividend payout ratio (DPR) is presently 91.30%.
Insider Activity at PennantPark Investment
In other PennantPark Investment news, CFO Richard T. Allorto, Jr. purchased 5,000 shares of the company's stock in a transaction dated Tuesday, March 12th. The shares were acquired at an average price of $6.80 per share, for a total transaction of $34,000.00. Following the completion of the purchase, the chief financial officer now owns 15,000 shares of the company's stock, valued at $102,000. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Richard T. Allorto, Jr. acquired 5,000 shares of the company's stock in a transaction dated Tuesday, March 12th. The shares were purchased at an average cost of $6.80 per share, with a total value of $34,000.00. Following the completion of the acquisition, the chief financial officer now directly owns 15,000 shares of the company's stock, valued at $102,000. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jose A. Briones bought 6,122 shares of PennantPark Investment stock in a transaction that occurred on Monday, February 26th. The stock was purchased 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 $1,794,967.02. The disclosure for this purchase can be found here. 3.00% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On PennantPark Investment
Large investors have recently bought and sold shares of the company. Pacific Capital Wealth Advisors Inc. acquired a new stake in PennantPark Investment during the 4th quarter valued at approximately $52,000. Cape Investment Advisory Inc. acquired a new position in PennantPark Investment during the fourth quarter valued at $67,000. Parallel Advisors LLC lifted its position in PennantPark Investment by 20.0% during the fourth quarter. Parallel Advisors LLC now owns 12,519 shares of the asset manager's stock valued at $87,000 after purchasing an additional 2,087 shares during the period. Tucker Asset Management LLC purchased a new stake in PennantPark Investment in the fourth quarter valued at $90,000. Finally, Fox Run Management L.L.C. acquired a new stake in PennantPark Investment during the 3rd quarter worth about $94,000. Hedge funds and other institutional investors own 26.62% of the company's stock.
PennantPark Investment Company Profile
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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.
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