JPMorgan Chase & Co. Issues Positive Forecast for PennantPark Investment (NASDAQ:PNNT) Stock Price

Key Points

• JPMorgan Chase & Co. has increased its target price for PennantPark Investment (PNNT) from $6.50 to $7.00, maintaining a "neutral" rating on the stock.
• While the stock has a consensus rating of "Hold," with a target price averaging $6.33, analysts express varied sentiments regarding its potential, with some downgrading their ratings recently.
• PennantPark Investment's current stock price is $7.37 with a market cap of approximately $480.91 million and notable institutional ownership at 26.62%.

PennantPark Investment (NASDAQ:PNNT - Free Report) had its price target boosted by JPMorgan Chase & Co. from $6.50 to $7.00 in a research note released on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the asset manager's stock.

Other analysts have also issued research reports about the stock. Wall Street Zen upgraded shares of PennantPark Investment from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. LADENBURG THALM/SH SH upgraded shares of PennantPark Investment to a "hold" rating in a research report on Wednesday, May 14th. Keefe, Bruyette & Woods reiterated an "underperform" rating and issued a $6.25 target price (down previously from $6.50) on shares of PennantPark Investment in a research report on Wednesday, August 13th. Finally, Compass Point reiterated a "sell" rating and issued a $5.75 target price (down previously from $6.00) on shares of PennantPark Investment in a research report on Wednesday, May 21st. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $6.33.

PennantPark Investment Stock Performance

PNNT stock traded down $0.02 during midday trading on Thursday, hitting $7.11. 453,007 shares of the stock traded hands, compared to its average volume of 487,381. The firm has a market cap of $464.45 million, a P/E ratio of 27.36 and a beta of 1.07. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.47 and a quick ratio of 0.47. The stock's fifty day simple moving average is $7.06 and its 200-day simple moving average is $6.89. PennantPark Investment has a 1-year low of $5.72 and a 1-year high of $7.53.

PennantPark Investment Dividend Announcement

The firm also recently declared a dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be paid a $0.08 dividend. This represents a dividend yield of 1,319.0%. The ex-dividend date of this dividend is Friday, August 15th. PennantPark Investment's dividend payout ratio (DPR) is currently 457.14%.

Hedge Funds Weigh In On PennantPark Investment

Hedge funds and other institutional investors have recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. lifted its stake in shares of PennantPark Investment by 7.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 35,882 shares of the asset manager's stock worth $252,000 after buying an additional 2,445 shares in the last quarter. Millennium Management LLC purchased a new position in shares of PennantPark Investment in the fourth quarter worth about $3,097,000. Sunbelt Securities Inc. lifted its stake in shares of PennantPark Investment by 309.8% in the first quarter. Sunbelt Securities Inc. now owns 72,025 shares of the asset manager's stock worth $506,000 after buying an additional 54,448 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of PennantPark Investment in the fourth quarter worth about $2,470,000. Finally, Bank of America Corp DE lifted its stake in shares of PennantPark Investment by 33.6% in the fourth quarter. Bank of America Corp DE now owns 107,104 shares of the asset manager's stock worth $758,000 after buying an additional 26,953 shares in the last quarter. 26.62% of the stock is owned by hedge funds and other institutional investors.

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.