LSV Asset Management Reduces Stock Position in PennantPark Investment Co. $PNNT

LSV Asset Management cut its position in PennantPark Investment Co. (NASDAQ:PNNT) by 9.8% during the third quarter, Holdings Channel reports. The firm owned 1,608,160 shares of the asset manager’s stock after selling 174,200 shares during the period. LSV Asset Management’s holdings in PennantPark Investment were worth $10,791,000 as of its most recent filing with the SEC.

Other institutional investors have also recently modified their holdings of the company. Kovack Advisors Inc. boosted its position in PennantPark Investment by 2.7% in the second quarter. Kovack Advisors Inc. now owns 67,850 shares of the asset manager’s stock valued at $464,000 after buying an additional 1,800 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in PennantPark Investment by 100.6% during the 2nd 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 last quarter. Confluence Investment Management LLC lifted its stake in PennantPark Investment by 11.7% during the 3rd quarter. Confluence Investment Management LLC now owns 27,495 shares of the asset manager’s stock valued at $184,000 after acquiring an additional 2,872 shares during the period. Brookstone Capital Management boosted its holdings in shares of PennantPark Investment by 29.2% in the 3rd quarter. Brookstone Capital Management now owns 13,453 shares of the asset manager’s stock valued at $90,000 after acquiring an additional 3,038 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its stake in shares of PennantPark Investment by 6.5% in the second quarter. CANADA LIFE ASSURANCE Co now owns 67,685 shares of the asset manager’s stock worth $463,000 after acquiring an additional 4,158 shares during the period. 26.62% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at PennantPark Investment

In other PennantPark Investment news, Director Jeffrey Flug sold 121,533 shares of the firm’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $5.92, for a total value of $719,475.36. Following the sale, the director directly owned 32,382 shares of the company’s stock, valued at approximately $191,701.44. This trade represents a 78.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 235,936 shares of company stock worth $1,397,761 in the last quarter. Corporate insiders own 3.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PNNT. JPMorgan Chase & Co. reduced their target price 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 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 note on Wednesday, December 3rd. Keefe, Bruyette & Woods decreased their price objective on PennantPark Investment from $5.50 to $5.00 and set an “underperform” rating for the company in a report on Friday. Finally, Truist Financial dropped their target price on PennantPark Investment from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, PennantPark Investment has an average rating of “Hold” and a consensus target price of $5.75.

PennantPark Investment Trading Up 0.1%

Shares of PennantPark Investment stock opened at $5.19 on Friday. The firm has a 50-day simple moving average of $5.88 and a two-hundred day simple moving average of $6.42. The company has a market cap of $338.56 million, a P/E ratio of 19.94 and a beta of 0.64. PennantPark Investment Co. has a fifty-two week low of $5.08 and a fifty-two week high of $7.53. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47.

PennantPark Investment Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, March 2nd. Investors of record on Tuesday, February 17th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a c) dividend on an annualized basis and a yield of 18.5%. PennantPark Investment’s dividend payout ratio is presently 246.15%.

PennantPark Investment Profile

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.