Raymond James Financial Inc. Makes New Investment in PennantPark Investment Co. (NASDAQ:PNNT)

Raymond James Financial Inc. bought a new stake in shares of PennantPark Investment Co. (NASDAQ:PNNT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 89,230 shares of the asset manager's stock, valued at approximately $632,000. Raymond James Financial Inc. owned approximately 0.14% of PennantPark Investment as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently bought and sold shares of PNNT. Sanctuary Advisors LLC purchased a new position in shares of PennantPark Investment in the fourth quarter valued at about $71,000. Virtu Financial LLC bought a new position in shares of PennantPark Investment during the fourth quarter worth $95,000. Crew Capital Management Ltd. bought a new stake in PennantPark Investment in the 4th quarter valued at $110,000. Strategic Financial Concepts LLC purchased a new stake in PennantPark Investment in the 4th quarter worth $115,000. Finally, Sage Investment Counsel LLC purchased a new position in shares of PennantPark Investment during the fourth quarter valued at about $127,000. Institutional investors own 26.62% of the company's stock.

PennantPark Investment Trading Up 4.4%

Shares of NASDAQ PNNT traded up $0.29 during trading hours on Tuesday, hitting $6.93. 361,480 shares of the company traded hands, compared to its average volume of 487,088. The stock has a market capitalization of $452.50 million, a price-to-earnings ratio of 26.65 and a beta of 1.02. The company's 50 day moving average price is $6.66 and its 200 day moving average price is $6.88. PennantPark Investment Co. has a 12 month low of $5.72 and a 12 month high of $8.04. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.56.

PennantPark Investment Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Thursday, May 15th will be issued a $0.08 dividend. The ex-dividend date is Thursday, May 15th. This represents a $0.96 annualized dividend and a dividend yield of 13.85%. PennantPark Investment's dividend payout ratio (DPR) is presently 369.23%.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. cut their price target on PennantPark Investment from $7.00 to $6.00 and set a "neutral" rating for the company in a report on Thursday, April 24th.

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.