Insider Buying: PennantPark Investment (NASDAQ:PNNT) CFO Acquires $73,200.00 in Stock

PennantPark Investment Co. (NASDAQ:PNNT) CFO Richard Allorto, Jr. purchased 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was bought at an average cost of $4.88 per share, for a total transaction of $73,200.00. Following the purchase, the chief financial officer directly owned 30,000 shares in the company, valued at $146,400. This trade represents a 100.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

PennantPark Investment Price Performance

Shares of NASDAQ PNNT opened at $4.66 on Friday. 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 firm has a fifty day moving average of $5.49 and a 200 day moving average of $6.11. The firm has a market cap of $303.95 million, a PE ratio of 17.90 and a beta of 0.65. PennantPark Investment Co. has a one year low of $4.63 and a one year high of $7.53.

PennantPark Investment Announces Dividend

The business also recently declared a special dividend, which will be paid on Wednesday, April 1st. Investors of record on Monday, March 16th will be given a dividend of $0.04 per share. This represents a dividend yield of 984.0%. The ex-dividend date is Monday, March 16th. PennantPark Investment’s dividend payout ratio is 123.08%.

Hedge Funds Weigh In On PennantPark Investment

Institutional investors and hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC grew its stake 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 valued at $25,000 after acquiring an additional 1,853 shares in the last quarter. Confluence Investment Management LLC boosted its holdings in shares of PennantPark Investment by 11.7% during the 3rd quarter. Confluence Investment Management LLC now owns 27,495 shares of the asset manager’s stock worth $184,000 after purchasing an additional 2,872 shares during the last quarter. Brookstone Capital Management grew its position in shares of PennantPark Investment by 29.2% in the third quarter. Brookstone Capital Management now owns 13,453 shares of the asset manager’s stock valued at $90,000 after purchasing an additional 3,038 shares in the last quarter. Founders Financial Alliance LLC grew its position in shares of PennantPark Investment by 5.6% in the third quarter. Founders Financial Alliance LLC now owns 65,629 shares of the asset manager’s stock valued at $440,000 after purchasing an additional 3,502 shares in the last quarter. Finally, Kovack Advisors Inc. increased its holdings in shares of PennantPark Investment by 5.7% in the third quarter. Kovack Advisors Inc. now owns 71,750 shares of the asset manager’s stock valued at $481,000 after purchasing an additional 3,900 shares during the last quarter. 26.62% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods lowered their price objective on PennantPark Investment from $5.50 to $5.00 and set an “underperform” rating on the stock in a report on Friday, February 13th. Compass Point upgraded PennantPark Investment from a “sell” rating to a “neutral” rating and decreased their target price for the company from $5.75 to $5.50 in a research report on Wednesday, December 3rd. Truist Financial lowered their price target on PennantPark Investment from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, November 26th. Finally, JPMorgan Chase & Co. dropped their price target on PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating for the company in a research report on Wednesday, November 26th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, PennantPark Investment has an average rating of “Hold” and an average price target of $5.75.

About PennantPark Investment

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.