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

PennantPark Investment Co. (NASDAQ:PNNT - Get Free Report) announced a monthly dividend on Monday, May 5th, Wall Street Journal reports. Stockholders of record on Thursday, May 15th will be given a dividend of 0.08 per share by the asset manager on Monday, June 2nd. This represents a $0.96 annualized dividend and a dividend yield of 14.72%. The ex-dividend date of this dividend is Thursday, May 15th.

PennantPark Investment has increased its dividend payment by an average of 24.2% annually over the last three years and has raised its dividend annually for the last 1 consecutive years. PennantPark Investment has a payout ratio of 120.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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

NASDAQ:PNNT traded up $0.04 during trading hours on Friday, reaching $6.52. 419,540 shares of the company's stock were exchanged, compared to its average volume of 486,455. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.56. The firm has a market capitalization of $425.73 million, a price-to-earnings ratio of 25.08 and a beta of 1.02. PennantPark Investment has a 1-year low of $5.72 and a 1-year high of $8.04. The company has a 50-day moving average of $6.66 and a 200 day moving average of $6.89.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. lowered their price target on PennantPark Investment from $7.00 to $6.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat.com, PennantPark Investment has a consensus rating of "Hold" and a consensus target price of $6.00.

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.