PennantPark Investment Corporation (PNNT) to Issue $0.18 Quarterly Dividend
PennantPark Investment Corporation (NASDAQ:PNNT) declared a quarterly dividend on Thursday, September 7th, Wall Street Journal reports. Shareholders of record on Wednesday, September 20th will be paid a dividend of 0.18 per share by the asset manager on Monday, October 2nd. This represents a $0.72 annualized dividend and a yield of 9.57%. The ex-dividend date is Tuesday, September 19th.
PennantPark Investment Corporation (PNNT) opened at 7.52 on Thursday. The firm’s 50-day moving average is $7.54 and its 200 day moving average is $7.74. PennantPark Investment Corporation has a one year low of $6.86 and a one year high of $8.68.
PennantPark Investment Corporation (NASDAQ:PNNT) last announced its quarterly earnings data on Monday, August 7th. The asset manager reported $0.18 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.02. PennantPark Investment Corporation had a return on equity of 9.11% and a net margin of 53.92%. The company had revenue of $31.10 million for the quarter, compared to analyst estimates of $31.09 million. During the same period in the prior year, the firm posted $0.25 earnings per share. The business’s quarterly revenue was down 12.4% compared to the same quarter last year. Analysts expect that PennantPark Investment Corporation will post $0.83 EPS for the current year.
Several equities research analysts recently weighed in on PNNT shares. Keefe, Bruyette & Woods set a $9.00 target price on PennantPark Investment Corporation and gave the stock a “hold” rating in a research note on Monday, May 22nd. BidaskClub cut PennantPark Investment Corporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 19th. Zacks Investment Research cut PennantPark Investment Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, July 18th. Compass Point started coverage on PennantPark Investment Corporation in a research note on Thursday, July 13th. They set a “buy” rating and a $8.50 target price for the company. Finally, JMP Securities cut PennantPark Investment Corporation from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 11th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $8.25.
In other news, Chairman Arthur H. Penn acquired 28,000 shares of PennantPark Investment Corporation stock in a transaction on Tuesday, August 15th. The stock was bought at an average price of $7.62 per share, for a total transaction of $213,360.00. Following the completion of the purchase, the chairman now owns 193,410 shares in the company, valued at $1,473,784.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Arthur H. Penn acquired 32,000 shares of PennantPark Investment Corporation stock in a transaction on Thursday, August 10th. The stock was purchased at an average price of $7.72 per share, with a total value of $247,040.00. Following the purchase, the chairman now owns 183,400 shares of the company’s stock, valued at approximately $1,415,848. The disclosure for this purchase can be found here. 1.90% of the stock is owned by insiders.
A hedge fund recently bought a new stake in PennantPark Investment Corporation stock. Northern Trust Corp acquired a new stake in PennantPark Investment Corporation (NASDAQ:PNNT) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 40,805 shares of the asset manager’s stock, valued at approximately $302,000. 42.72% of the stock is currently owned by institutional investors and hedge funds.
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About PennantPark Investment Corporation
PennantPark Investment Corporation is a closed-end, non-diversified investment company. The Company is a business development company. Its objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to the United States middle-market companies in the form of senior secured debt, mezzanine debt and equity investments.
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