Key Points
- Jeffrey Flug, a PennantPark director, sold a total of 61,100 shares across three trades (25,000 on Nov 26, 15,000 on Nov 28 and 21,100 on Dec 1) for about $369,094, reducing his stake to 228,318 shares (a ~6.16% decline).
- PennantPark declared a monthly $0.08 dividend payable Jan 2 (record date Dec 15), which implies a 16.6% yield but carries a very high payout ratio of 192%, potentially signaling sustainability concerns.
- Analysts have trimmed targets and ratings (consensus target $5.94 with a "Reduce" average), and the stock is trading near $5.78, close to its 52‑week low of $5.66.
PennantPark Investment Co. (NASDAQ:PNNT - Get Free Report) Director Jeffrey Flug sold 15,000 shares of the stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $6.06, for a total transaction of $90,900.00. Following the sale, the director owned 228,318 shares in the company, valued at $1,383,607.08. This represents a 6.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Jeffrey Flug also recently made the following trade(s):
- On Monday, December 1st, Jeffrey Flug sold 21,100 shares of PennantPark Investment stock. The shares were sold at an average price of $6.04, for a total transaction of $127,444.00.
- On Wednesday, November 26th, Jeffrey Flug sold 25,000 shares of PennantPark Investment stock. The stock was sold at an average price of $6.03, for a total value of $150,750.00.
PennantPark Investment Trading Down 1.7%
Shares of PNNT stock opened at $5.78 on Wednesday. PennantPark Investment Co. has a fifty-two week low of $5.66 and a fifty-two week high of $7.53. The stock's fifty day moving average price is $6.43 and its two-hundred day moving average price is $6.80. 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 company has a market cap of $377.28 million, a PE ratio of 22.22 and a beta of 0.97.
PennantPark Investment Announces Dividend
The firm also recently disclosed a monthly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a c) annualized dividend and a yield of 16.6%. PennantPark Investment's dividend payout ratio (DPR) is 192.00%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its position in shares of PennantPark Investment by 100.6% during the second quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager's stock worth $25,000 after buying an additional 1,853 shares during the period. BNP Paribas Financial Markets bought a new position in shares of PennantPark Investment in the 3rd quarter worth about $32,000. Quarry LP acquired a new position in shares of PennantPark Investment in the 1st quarter valued at about $34,000. First Horizon Advisors Inc. bought a new stake in shares of PennantPark Investment during the 2nd quarter valued at about $35,000. Finally, Advisory Services Network LLC bought a new stake in PennantPark Investment in the third quarter worth approximately $38,000. Institutional investors and hedge funds own 26.62% of the company's stock.
Analysts Set New Price Targets
PNNT has been the subject of several research analyst reports. JPMorgan Chase & Co. lowered their target price on PennantPark Investment from $6.50 to $5.50 and set a "neutral" rating for the company in a research note on Wednesday, November 26th. Keefe, Bruyette & Woods dropped their target price on PennantPark Investment from $6.25 to $5.50 and set an "underperform" rating for the company in a research report on Wednesday, November 26th. Finally, Truist Financial dropped their price objective on shares of PennantPark Investment from $8.00 to $7.00 and set a "buy" rating for the company in a report on Wednesday, November 26th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, PennantPark Investment currently has an average rating of "Reduce" and a consensus price target of $5.94.
Read Our Latest Stock Report on PennantPark Investment
PennantPark Investment Company Profile
(
Get Free Report)
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.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
