Closed End Fund Advisors Inc. Invests $895,000 in PennantPark Investment Co. $PNNT

Closed End Fund Advisors Inc. purchased a new position in shares of PennantPark Investment Co. (NASDAQ:PNNT) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 150,093 shares of the asset manager’s stock, valued at approximately $895,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Advisory Alpha LLC acquired a new position in shares of PennantPark Investment during the 4th quarter worth $61,000. Disciplined Investments LLC raised its stake in shares of PennantPark Investment by 41.7% during the 4th quarter. Disciplined Investments LLC now owns 17,000 shares of the asset manager’s stock worth $101,000 after buying an additional 5,000 shares during the last quarter. NewEdge Wealth LLC raised its stake in shares of PennantPark Investment by 25.0% during the 4th quarter. NewEdge Wealth LLC now owns 319,426 shares of the asset manager’s stock worth $1,904,000 after buying an additional 63,938 shares during the last quarter. Freestone Capital Holdings LLC acquired a new position in shares of PennantPark Investment during the 4th quarter worth $294,000. Finally, Sterneck Capital Management LLC raised its stake in shares of PennantPark Investment by 14.6% during the 4th quarter. Sterneck Capital Management LLC now owns 77,738 shares of the asset manager’s stock worth $463,000 after buying an additional 9,911 shares during the last quarter. Institutional investors and hedge funds own 26.62% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on PNNT shares. Keefe, Bruyette & Woods cut their price target on PennantPark Investment from $5.00 to $4.50 and set an “underperform” rating for the company in a research note on Thursday, April 16th. Oppenheimer cut their price target on PennantPark Investment from $6.00 to $5.00 and set a “market perform” rating for the company in a research note on Tuesday, May 12th. Finally, Truist Financial cut their price target on PennantPark Investment from $6.00 to $5.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $5.10.

Insider Activity at PennantPark Investment

In related news, CFO Richard T. Allorto, Jr. acquired 15,000 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were acquired at an average cost of $4.88 per share, for a total transaction of $73,200.00. Following the acquisition, the chief financial officer directly owned 30,000 shares in the company, valued at approximately $146,400. The trade was a 100.00% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.00% of the stock is currently owned by corporate insiders.

PennantPark Investment Trading Down 3.9%

Shares of PNNT stock opened at $3.87 on Friday. The firm has a 50-day moving average price of $4.33 and a 200 day moving average price of $5.16. PennantPark Investment Co. has a twelve month low of $3.61 and a twelve month high of $7.53. The company has a market capitalization of $252.89 million, a price-to-earnings ratio of 14.90 and a beta of 0.57. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.56.

PennantPark Investment Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be issued a $0.08 dividend. This is a positive change from PennantPark Investment’s previous monthly dividend of $0.04. The ex-dividend date is Monday, June 15th. This represents a c) annualized dividend and a yield of 24.8%. PennantPark Investment’s dividend payout ratio (DPR) is presently 228.57%.

PennantPark Investment Company 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.