PennantPark Investment Co. Plans Special Dividend of $0.04 (NASDAQ:PNNT)

PennantPark Investment Co. (NASDAQ:PNNT) declared a special dividend on Thursday, July 2nd. Shareholders of record on Wednesday, July 15th will be given a dividend of 0.04 per share by the asset manager on Monday, August 3rd. This represents a yield of 1,393.0%. The ex-dividend date of this dividend is Wednesday, July 15th.

PennantPark Investment has raised its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 1 years. PennantPark Investment has a dividend payout ratio of 67.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect PennantPark Investment to earn $0.80 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 60.0%.

PennantPark Investment Price Performance

NASDAQ PNNT opened at $3.44 on Friday. The business’s fifty day moving average is $3.97 and its 200 day moving average is $4.83. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47. PennantPark Investment has a fifty-two week low of $3.30 and a fifty-two week high of $7.53. The company has a market capitalization of $224.94 million, a PE ratio of 13.25 and a beta of 0.59.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its position in PennantPark Investment by 100.6% during the second quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 1,853 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in shares of PennantPark Investment in the 3rd quarter worth approximately $32,000. Advisory Services Network LLC bought a new position in PennantPark Investment during the third quarter valued at $38,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of PennantPark Investment by 127,180.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 6,364 shares of the asset manager’s stock worth $38,000 after purchasing an additional 6,359 shares during the period. Finally, Kestra Advisory Services LLC purchased a new position in shares of PennantPark Investment during the 4th quarter worth about $52,000. 26.62% of the stock is currently owned by institutional investors.

PennantPark Investment Company Profile

PennantPark Investment Corporation is a publicly traded closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Since its formation in 2006, PennantPark has focused on providing customized financing solutions to middle-market companies across the United States. The firm’s investment advisory services are provided by PennantPark Investment Advisers, LLC, which sources and structures transactions tailored to the unique needs of its portfolio companies.

The company’s core strategy centers on debt and equity investments in U.S.-based businesses, typically those with annual revenues between $10 million and $200 million.