536,493 Shares in PennantPark Investment Co. $PNNT Bought by Legal & General Group Plc

Legal & General Group Plc purchased a new position in shares of PennantPark Investment Co. (NASDAQ:PNNT) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 536,493 shares of the asset manager’s stock, valued at approximately $1,864,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its position in PennantPark Investment by 100.6% during the second quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager’s stock worth $25,000 after acquiring an additional 1,853 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of PennantPark Investment in the third quarter valued at approximately $32,000. Advisory Services Network LLC purchased a new position in PennantPark Investment during the third quarter worth approximately $38,000. Caitong International Asset Management Co. Ltd boosted its stake in PennantPark Investment by 127,180.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 6,364 shares of the asset manager’s stock worth $38,000 after buying an additional 6,359 shares during the last quarter. Finally, Apollon Wealth Management LLC acquired a new position in PennantPark Investment during the first quarter worth $46,000. Hedge funds and other institutional investors own 26.62% of the company’s stock.

PennantPark Investment Price Performance

NASDAQ:PNNT opened at $3.74 on Monday. PennantPark Investment Co. has a 52 week low of $3.19 and a 52 week high of $7.29. The stock’s fifty day moving average is $3.54 and its two-hundred day moving average is $4.08. The company has a market capitalization of $244.21 million, a P/E ratio of 14.39 and a beta of 0.61. 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 monthly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $0.04 per share. This represents a c) dividend on an annualized basis and a dividend yield of 12.8%. The ex-dividend date of this dividend is Tuesday, September 15th. PennantPark Investment’s dividend payout ratio (DPR) is presently 300.00%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Oppenheimer cut their target price 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. Truist Financial dropped their price objective on shares of PennantPark Investment from $6.00 to $5.00 and set a “buy” rating for the company in a report on Tuesday, May 19th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $5.10.

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.