Shares of PennantPark Investment Corporation (NASDAQ:PNNT) have been assigned a consensus recommendation of “Hold” from the twelve research firms that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and two have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $8.14.

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods set a $9.00 target price on shares of PennantPark Investment Corporation and gave the stock a “hold” rating in a report on Friday, August 25th. BidaskClub lowered shares of PennantPark Investment Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 19th. JPMorgan Chase & Co. raised shares of PennantPark Investment Corporation from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $8.00 to $8.50 in a report on Wednesday, August 9th. Zacks Investment Research lowered shares of PennantPark Investment Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $8.00 target price on shares of PennantPark Investment Corporation in a report on Friday, July 14th.

Shares of PennantPark Investment Corporation (NASDAQ:PNNT) remained flat at $7.51 during mid-day trading on Wednesday. 383,053 shares of the company traded hands. The firm has a 50-day moving average of $7.56 and a 200-day moving average of $7.67. PennantPark Investment Corporation has a 52 week low of $6.86 and a 52 week 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 Thomson Reuters’ consensus estimate of $0.20 by ($0.02). PennantPark Investment Corporation had a net margin of 53.92% and a return on equity of 9.11%. The firm had revenue of $31.10 million for the quarter, compared to analysts’ expectations of $31.09 million. During the same period last year, the company posted $0.25 earnings per share. The business’s revenue for the quarter was down 12.4% compared to the same quarter last year. Equities research analysts anticipate that PennantPark Investment Corporation will post $0.83 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Wednesday, September 20th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 9.59%. The ex-dividend date of this dividend is Tuesday, September 19th. PennantPark Investment Corporation’s dividend payout ratio (DPR) is presently 74.23%.

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In related news, Chairman Arthur H. Penn purchased 28,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was bought at an average cost of $7.62 per share, for a total transaction of $213,360.00. Following the completion of the transaction, the chairman now directly owns 193,410 shares in the company, valued at $1,473,784.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Arthur H. Penn purchased 32,000 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was bought at an average price of $7.72 per share, with a total value of $247,040.00. Following the completion of the transaction, the chairman now owns 183,400 shares of the company’s stock, valued at $1,415,848. The disclosure for this purchase can be found here. Company insiders own 1.90% of the company’s stock.

Several large investors have recently added to or reduced their stakes in PNNT. Global X Management Co. LLC lifted its position in shares of PennantPark Investment Corporation by 50.1% during the first quarter. Global X Management Co. LLC now owns 16,664 shares of the asset manager’s stock worth $136,000 after purchasing an additional 5,563 shares during the last quarter. Stifel Financial Corp lifted its position in shares of PennantPark Investment Corporation by 43.8% during the first quarter. Stifel Financial Corp now owns 18,400 shares of the asset manager’s stock worth $147,000 after purchasing an additional 5,600 shares during the last quarter. Pinebridge Investments L.P. lifted its position in shares of PennantPark Investment Corporation by 0.8% during the second quarter. Pinebridge Investments L.P. now owns 22,580 shares of the asset manager’s stock worth $167,000 after purchasing an additional 169 shares during the last quarter. Stephens Inc. AR lifted its position in shares of PennantPark Investment Corporation by 44.8% during the second quarter. Stephens Inc. AR now owns 23,964 shares of the asset manager’s stock worth $177,000 after purchasing an additional 7,414 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of PennantPark Investment Corporation by 552.6% during the second quarter. The Manufacturers Life Insurance Company now owns 28,044 shares of the asset manager’s stock worth $207,000 after purchasing an additional 23,747 shares during the last quarter. Institutional investors and hedge funds own 42.72% of the company’s stock.

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.

Analyst Recommendations for PennantPark Investment Corporation (NASDAQ:PNNT)

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