PennantPark Investment Co. Declares Monthly Dividend of $0.04 (NASDAQ:PNNT)

PennantPark Investment Co. (NASDAQ:PNNT) announced a monthly dividend on Thursday, April 2nd. Stockholders of record on Wednesday, April 15th will be paid a dividend of 0.04 per share by the asset manager on Friday, May 1st. This represents a c) annualized dividend and a dividend yield of 10.7%. The ex-dividend date is Wednesday, April 15th.

PennantPark Investment has increased its dividend by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 1 consecutive years. PennantPark Investment has a payout ratio of 67.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect PennantPark Investment to earn $0.80 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 60.0%.

PennantPark Investment Stock Performance

Shares of PennantPark Investment stock traded up $0.03 during midday trading on Monday, hitting $4.49. The company had a trading volume of 204,590 shares, compared to its average volume of 770,050. The business’s 50 day simple moving average is $4.92 and its two-hundred day simple moving average is $5.75. The stock has a market cap of $292.85 million, a PE ratio of 17.25 and a beta of 0.68. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.47 and a quick ratio of 0.47. PennantPark Investment has a 1-year low of $4.29 and a 1-year high of $7.53.

Insider Activity at PennantPark Investment

In other news, CFO Richard T. Allorto, Jr. bought 15,000 shares of PennantPark Investment stock in a transaction dated Wednesday, March 11th. The shares were bought at an average price of $4.88 per share, for a total transaction of $73,200.00. Following the purchase, the chief financial officer owned 30,000 shares of the company’s stock, valued at approximately $146,400. This trade represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On PennantPark Investment

Several institutional investors and hedge funds have recently made changes to their positions in PNNT. Creative Planning boosted its stake in shares of PennantPark Investment by 26.4% in the 2nd quarter. Creative Planning now owns 33,369 shares of the asset manager’s stock valued at $228,000 after purchasing an additional 6,964 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of PennantPark Investment in the second quarter valued at about $132,000. EverSource Wealth Advisors LLC raised its holdings 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 valued at $25,000 after buying an additional 1,853 shares during the last quarter. Brevan Howard Capital Management LP bought a new position in shares of PennantPark Investment in the second quarter valued at about $269,000. Finally, CANADA LIFE ASSURANCE Co raised its holdings 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 valued at $463,000 after buying an additional 4,158 shares during the last quarter. Institutional investors and hedge funds own 26.62% of the company’s stock.

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.