Key Points
- Director Jeffrey Flug sold 121,533 shares of PennantPark Investment on Dec. 8 at an average price of $5.92 for $719,475.36, leaving him with 32,382 shares and a 78.96% drop in his ownership stake.
- Flug also executed multiple earlier insider sales in late November and early December, selling additional shares that total roughly $1.4 million in transactions over that period.
- PennantPark announced a $0.08 monthly dividend payable Jan. 2 (ex-dividend date Dec. 15), which MarketBeat cites as an annualized yield of 16.0% and a payout ratio of 192%.
PennantPark Investment Co. (NASDAQ:PNNT - Get Free Report) Director Jeffrey Flug sold 20,000 shares of the firm's stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $5.85, for a total value of $117,000.00. Following the completion of the sale, the director owned 153,915 shares in the company, valued at approximately $900,402.75. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Jeffrey Flug also recently made the following trade(s):
- On Monday, December 8th, Jeffrey Flug sold 121,533 shares of PennantPark Investment stock. The stock was sold at an average price of $5.92, for a total value of $719,475.36.
- On Thursday, December 4th, Jeffrey Flug sold 23,303 shares of PennantPark Investment stock. The stock was sold at an average price of $5.78, for a total value of $134,691.34.
- On Wednesday, December 3rd, Jeffrey Flug sold 10,000 shares of PennantPark Investment stock. The shares were sold at an average price of $5.75, for a total transaction of $57,500.00.
- On Monday, December 1st, Jeffrey Flug sold 21,100 shares of PennantPark Investment stock. The stock was sold at an average price of $6.04, for a total transaction of $127,444.00.
- On Friday, November 28th, Jeffrey Flug sold 15,000 shares of PennantPark Investment stock. The shares were sold at an average price of $6.06, for a total transaction of $90,900.00.
- 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 transaction of $150,750.00.
PennantPark Investment Trading Up 1.3%
Shares of NASDAQ:PNNT opened at $5.99 on Wednesday. The company has a 50 day moving average of $6.35 and a 200-day moving average of $6.77. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.56. The firm has a market cap of $390.80 million, a P/E ratio of 23.02 and a beta of 0.62. PennantPark Investment Co. has a twelve month low of $5.66 and a twelve month high of $7.53.
PennantPark Investment Announces Dividend
The company also recently declared a monthly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Monday, December 15th will be paid a dividend of $0.08 per share. This represents a c) dividend on an annualized basis and a yield of 16.0%. The ex-dividend date of this dividend is Monday, December 15th. PennantPark Investment's dividend payout ratio (DPR) is presently 192.00%.
Wall Street Analysts Forecast Growth
PNNT has been the topic of a number of research reports. Keefe, Bruyette & Woods dropped their price objective on PennantPark Investment from $6.25 to $5.50 and set an "underperform" rating on the stock in a research note on Wednesday, November 26th. JPMorgan Chase & Co. cut their price target on shares of PennantPark Investment from $6.50 to $5.50 and set a "neutral" rating for the company in a report on Wednesday, November 26th. Compass Point upgraded shares of PennantPark Investment from a "sell" rating to a "neutral" rating and reduced their price objective for the company from $5.75 to $5.50 in a research report on Wednesday, December 3rd. Finally, Truist Financial cut their target price on shares of PennantPark Investment from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Wednesday, November 26th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, PennantPark Investment presently has an average rating of "Hold" and an average price target of $5.88.
Read Our Latest Report on PennantPark Investment
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its position in shares of PennantPark Investment by 100.6% in the second quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager's stock worth $25,000 after acquiring an additional 1,853 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in PennantPark Investment during the 3rd quarter valued at $32,000. Quarry LP purchased a new stake in shares of PennantPark Investment in the first quarter valued at $34,000. First Horizon Advisors Inc. purchased a new position in shares of PennantPark Investment during the second quarter valued at $35,000. Finally, Advisory Services Network LLC purchased a new position in shares of PennantPark Investment during the third quarter valued at $38,000. 26.62% of the stock is currently owned by institutional investors and hedge funds.
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.
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