Key Points
- CFO Richard Allorto, Jr. bought 15,000 shares of PennantPark (NASDAQ:PNNT) on March 11 at $4.88 each for $73,200, doubling his stake to 30,000 shares (≈$146,400) — a 100% increase in ownership.
- Special dividend announced: PennantPark will pay a $0.04 per-share special dividend (ex-dividend March 16, payable April 1); the article reports a yield of 984.0% and a payout ratio of 123.08%.
- Analyst sentiment is muted: several firms have trimmed price targets and the consensus rating is "Hold" with a consensus price target of $5.75 (one Buy, three Hold, one Sell).
PennantPark Investment Co. (NASDAQ:PNNT - Get Free Report) CFO Richard Allorto, Jr. acquired 15,000 shares of PennantPark Investment stock in a transaction dated Wednesday, March 11th. The stock was purchased at an average price of $4.88 per share, with a total value of $73,200.00. Following the completion of the purchase, the chief financial officer owned 30,000 shares of the company's stock, valued at approximately $146,400. The trade was a 100.00% increase 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.
PennantPark Investment Stock Performance
Shares of PennantPark Investment stock traded up $0.03 on Friday, reaching $4.68. 395,099 shares of the stock were exchanged, compared to its average volume of 742,536. The business has a 50 day moving average price of $5.52 and a two-hundred day moving average price of $6.13. The firm has a market capitalization of $305.26 million, a price-to-earnings ratio of 17.98 and a beta of 0.65. PennantPark Investment Co. has a twelve month low of $4.64 and a twelve month high of $7.53. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.56.
PennantPark Investment Announces Dividend
The firm also recently disclosed a special dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th will be paid a dividend of $0.04 per share. This represents a yield of 984.0%. The ex-dividend date is Monday, March 16th. PennantPark Investment's payout ratio is presently 123.08%.
Analyst Ratings Changes
PNNT has been the topic of a number of research reports. Truist Financial cut their price objective on shares of PennantPark Investment from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Wednesday, November 26th. JPMorgan Chase & Co. lowered their price target on shares of PennantPark Investment from $6.50 to $5.50 and set a "neutral" rating on the stock in a report on Wednesday, November 26th. Keefe, Bruyette & Woods cut their price target on PennantPark Investment from $5.50 to $5.00 and set an "underperform" rating on the stock in a research report on Friday, February 13th. Finally, Compass Point raised PennantPark Investment from a "sell" rating to a "neutral" rating and decreased their price objective for the company from $5.75 to $5.50 in a report on Wednesday, December 3rd. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, PennantPark Investment presently has a consensus rating of "Hold" and a consensus price target of $5.75.
Get Our Latest Analysis on PNNT
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of PNNT. EverSource Wealth Advisors LLC increased its stake in shares of PennantPark Investment by 100.6% in the 2nd 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 in the last quarter. BNP Paribas Financial Markets purchased a new position in PennantPark Investment during the third quarter worth approximately $32,000. First Horizon Advisors Inc. purchased a new position in PennantPark Investment during the second quarter worth approximately $35,000. Advisory Services Network LLC acquired a new stake in PennantPark Investment in the third quarter valued at approximately $38,000. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of PennantPark Investment by 127,180.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 6,364 shares of the asset manager's stock valued at $38,000 after buying an additional 6,359 shares in the last quarter. Institutional investors and hedge funds own 26.62% of the company's stock.
About PennantPark Investment
(
Get Free Report)
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.
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