PennantPark Investment Co. Plans Oct 25 Dividend of $0.08 (NASDAQ:PNNT)

Key Points

• PennantPark Investment Co. has declared a dividend of $0.08 per share, scheduled for October 25, 2023, with an ex-dividend date of October 15, 2023.
• The company has a payout ratio of 135.2%, indicating it currently cannot cover its dividend payments with earnings alone and is relying on its balance sheet.
• Equities analysts hold a generally negative outlook on PennantPark Investment, with a consensus rating of "Reduce" and an average price target of $6.17.

PennantPark Investment Co. (NASDAQ:PNNT - Get Free Report) declared a oct 25 dividend on Thursday, October 2nd, RTT News reports. Shareholders of record on Wednesday, October 15th will be given a dividend of 0.08 per share by the asset manager on Monday, November 3rd. This represents a dividend yield of 1,453.0%. The ex-dividend date is Wednesday, October 15th.

PennantPark Investment has a payout ratio of 135.2% meaning 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 Trading Up 0.4%

Shares of PennantPark Investment stock opened at $6.61 on Friday. PennantPark Investment has a twelve month low of $5.72 and a twelve month high of $7.53. 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 business has a 50-day moving average price of $7.08 and a 200-day moving average price of $6.86. The firm has a market cap of $431.28 million, a price-to-earnings ratio of 25.40 and a beta of 1.04.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PNNT shares. Keefe, Bruyette & Woods reaffirmed an "underperform" rating and set a $6.25 price objective (down from $6.50) on shares of PennantPark Investment in a report on Wednesday, August 13th. JPMorgan Chase & Co. reduced their price target on PennantPark Investment from $7.00 to $6.50 and set a "neutral" rating on the stock in a report on Wednesday. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Reduce" and an average target price of $6.17.

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.

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