PennantPark Investment (NASDAQ:PNNT) PT Raised to $7.50 at Raymond James

PennantPark Investment (NASDAQ:PNNT) had its target price hoisted by Raymond James from $7.25 to $7.50 in a research report released on Friday, Benzinga reports. They currently have an outperform rating on the asset manager’s stock.

A number of other analysts have also weighed in on the stock. Compass Point lowered shares of PennantPark Investment from a buy rating to a neutral rating and set a $6.75 price objective on the stock. in a research note on Monday, August 14th. They noted that the move was a valuation call. LADENBURG THALM/SH SH raised their price target on shares of PennantPark Investment from $6.50 to $7.00 in a research report on Monday, August 14th. JPMorgan Chase & Co. raised their price target on shares of PennantPark Investment from $6.00 to $6.50 and gave the company a neutral rating in a research report on Friday, August 11th. Finally, StockNews.com started coverage on shares of PennantPark Investment in a report on Thursday, October 5th. They set a hold rating on the stock. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, PennantPark Investment currently has a consensus rating of Hold and a consensus target price of $6.71.

PennantPark Investment Price Performance

Shares of PNNT opened at $6.55 on Friday. PennantPark Investment has a fifty-two week low of $4.70 and a fifty-two week high of $7.07. The company has a 50 day moving average price of $6.41 and a 200-day moving average price of $6.18. The company has a debt-to-equity ratio of 1.23, a quick ratio of 2.11 and a current ratio of 2.11. The stock has a market capitalization of $427.22 million, a PE ratio of -12.63 and a beta of 1.56.

PennantPark Investment Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, December 1st. Stockholders of record on Thursday, November 16th will be paid a $0.07 dividend. This represents a $0.84 annualized dividend and a dividend yield of 12.82%. The ex-dividend date of this dividend is Wednesday, November 15th. PennantPark Investment’s dividend payout ratio is currently -161.54%.

Hedge Funds Weigh In On PennantPark Investment

Hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its stake in shares of PennantPark Investment by 143.4% in the second quarter. JPMorgan Chase & Co. now owns 9,302 shares of the asset manager’s stock worth $55,000 after buying an additional 5,480 shares in the last quarter. BNP Paribas Arbitrage SA acquired a new stake in PennantPark Investment during the first quarter worth about $77,000. NinePointTwo Capital LLC acquired a new stake in PennantPark Investment during the second quarter worth about $59,000. Leo Brokerage LLC acquired a new stake in PennantPark Investment during the first quarter worth about $57,000. Finally, Quarry LP increased its position in PennantPark Investment by 167.5% during the first quarter. Quarry LP now owns 11,437 shares of the asset manager’s stock worth $60,000 after purchasing an additional 7,162 shares during the last quarter. 32.00% 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.