PennantPark Investment Co. (NASDAQ:PNNT) Plans Monthly Dividend of $0.08

PennantPark Investment Co. (NASDAQ:PNNT - Get Free Report) declared a monthly dividend on Tuesday, July 15th, Wall Street Journal reports. Shareholders of record on Monday, September 15th will be given a dividend of 0.08 per share by the asset manager on Tuesday, September 30th. This represents a $0.96 annualized dividend and a yield of 13.18%. The ex-dividend date of this dividend is Monday, September 15th.

PennantPark Investment has a dividend payout ratio of 135.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect PennantPark Investment to earn $0.80 per share next year, which means the company may not be able to cover its $0.96 annual dividend with an expected future payout ratio of 120.0%.

PennantPark Investment Stock Performance

Shares of PNNT traded down $0.03 during trading hours on Friday, reaching $7.29. 221,642 shares of the company traded hands, compared to its average volume of 485,529. The stock has a market capitalization of $475.68 million, a P/E ratio of 28.02 and a beta of 1.00. 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 has a 12-month low of $5.72 and a 12-month high of $7.37. The business has a fifty day moving average price of $6.82 and a 200-day moving average price of $6.86.

Analyst Upgrades and Downgrades

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

Insider Activity at PennantPark Investment

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

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.