NewEdge Wealth LLC Takes Position in PennantPark Investment Co. $PNNT

NewEdge Wealth LLC acquired a new stake in shares of PennantPark Investment Co. (NASDAQ:PNNT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 307,794 shares of the asset manager’s stock, valued at approximately $1,068,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in PennantPark Investment in the 2nd quarter valued at $909,000. AlphaCentric Advisors LLC acquired a new stake in shares of PennantPark Investment during the first quarter worth $700,000. Closed End Fund Advisors Inc. acquired a new stake in shares of PennantPark Investment during the fourth quarter worth $895,000. Jane Street Group LLC purchased a new stake in shares of PennantPark Investment in the fourth quarter valued at $820,000. Finally, Sunbelt Securities Inc. grew its position in shares of PennantPark Investment by 69.6% in the first quarter. Sunbelt Securities Inc. now owns 298,217 shares of the asset manager’s stock valued at $1,339,000 after purchasing an additional 122,430 shares during the period. 26.62% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PNNT has been the topic of several recent analyst reports. Oppenheimer reduced their target price on PennantPark Investment from $6.00 to $5.00 and set a “market perform” rating on the stock in a research report on Tuesday, May 12th. Truist Financial decreased their price target on PennantPark Investment from $6.00 to $5.00 and set a “buy” rating on the stock in a research note on Tuesday, May 19th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, PennantPark Investment has a consensus rating of “Hold” and an average price target of $5.10.

PennantPark Investment Stock Performance

Shares of PNNT stock opened at $3.74 on Friday. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47. The firm has a market capitalization of $244.21 million, a price-to-earnings ratio of 14.39 and a beta of 0.59. PennantPark Investment Co. has a one year low of $3.19 and a one year high of $7.29. The company has a 50 day moving average price of $3.49 and a 200 day moving average price of $4.21.

PennantPark Investment Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a $0.04 dividend. This represents a c) annualized dividend and a dividend yield of 12.8%. The ex-dividend date of this dividend is Friday, August 14th. PennantPark Investment’s dividend payout ratio (DPR) is 300.00%.

About PennantPark Investment

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.