PennantPark Investment Corp. (PNNT) Trading Down 2.7%
Shares of PennantPark Investment Corp. (NASDAQ:PNNT) fell 2.7% during mid-day trading on Monday . The stock traded as low as $7.40 and last traded at $7.50, with a volume of 298,330 shares changing hands. The stock had previously closed at $7.71.
Several brokerages have issued reports on PNNT. Jefferies Group reissued a “hold” rating on shares of PennantPark Investment Corp. in a research note on Friday, August 12th. Zacks Investment Research downgraded shares of PennantPark Investment Corp. from a “buy” rating to a “hold” rating in a research note on Friday, August 12th. JMP Securities boosted their target price on shares of PennantPark Investment Corp. from $7.50 to $8.50 and gave the company a “market outperform” rating in a research note on Wednesday, August 10th. FBR & Co boosted their target price on shares of PennantPark Investment Corp. from $7.50 to $8.00 and gave the company an “outperform” rating in a research note on Tuesday, August 9th. Finally, DA Davidson downgraded shares of PennantPark Investment Corp. from a “buy” rating to a “neutral” rating and cut their target price for the company from $10.00 to $7.00 in a research note on Wednesday, July 27th. Eight equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. PennantPark Investment Corp. has a consensus rating of “Hold” and an average price target of $7.36.
The stock has a 50 day moving average price of $7.68 and a 200 day moving average price of $6.79.
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PennantPark Investment Corp. (NASDAQ:PNNT) last announced its quarterly earnings data on Monday, August 8th. The company reported $0.25 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.25. PennantPark Investment Corp. had a negative net margin of 5.09% and a positive return on equity of 11.20%. The firm had revenue of $35.54 million for the quarter, compared to analysts’ expectations of $35.47 million. During the same period last year, the firm earned $0.28 earnings per share. The business’s revenue for the quarter was down 12.5% on a year-over-year basis. Equities research analysts predict that PennantPark Investment Corp. will post $1.03 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Wednesday, September 21st will be paid a $0.28 dividend. The ex-dividend date is Monday, September 19th. This represents a $1.12 dividend on an annualized basis and a yield of 14.91%. PennantPark Investment Corp.’s payout ratio is presently -1,244.31%.
Institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. purchased a new stake in PennantPark Investment Corp. during the first quarter valued at $112,000. BlackRock Group LTD raised its stake in PennantPark Investment Corp. by 2.2% in the first quarter. BlackRock Group LTD now owns 335,910 shares of the company’s stock valued at $2,036,000 after buying an additional 7,363 shares during the period. JPMorgan Chase & Co. raised its stake in PennantPark Investment Corp. by 2.1% in the first quarter. JPMorgan Chase & Co. now owns 2,116,857 shares of the company’s stock valued at $12,829,000 after buying an additional 42,711 shares during the period. LPL Financial LLC raised its stake in PennantPark Investment Corp. by 12.3% in the first quarter. LPL Financial LLC now owns 24,442 shares of the company’s stock valued at $152,000 after buying an additional 2,668 shares during the period. Finally, Janney Montgomery Scott LLC raised its stake in PennantPark Investment Corp. by 152.7% in the second quarter. Janney Montgomery Scott LLC now owns 322,286 shares of the company’s stock valued at $2,077,000 after buying an additional 194,751 shares during the period. 33.42% of the stock is currently owned by hedge funds and other institutional investors.
PennantPark Investment Corp. Company Profile
PennantPark Investment Corporation (PennantPark Investment) is a business development company focused on generating income and capital appreciation through debt and equity investments in the United States middle-market companies in the form of senior secured loans, mezzanine debt and equity investments.
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