Wells Fargo & Company MN trimmed its position in shares of PennantPark Investment Corp. (NASDAQ:PNNT) by 6.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 413,346 shares of the asset manager’s stock after selling 29,417 shares during the quarter. Wells Fargo & Company MN owned approximately 0.58% of PennantPark Investment worth $3,105,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently modified their holdings of the company. Pinebridge Investments L.P. grew its stake in PennantPark Investment by 0.8% during the second quarter. Pinebridge Investments L.P. now owns 22,580 shares of the asset manager’s stock worth $167,000 after buying an additional 169 shares during the last quarter. Stephens Inc. AR grew its stake in PennantPark Investment by 44.8% during the second quarter. Stephens Inc. AR now owns 23,964 shares of the asset manager’s stock worth $177,000 after buying an additional 7,414 shares during the last quarter. Global X MANAGEMENT CO LLC grew its stake in PennantPark Investment by 49.0% during the third quarter. Global X MANAGEMENT CO LLC now owns 24,829 shares of the asset manager’s stock worth $186,000 after buying an additional 8,165 shares during the last quarter. Stevens Capital Management LP bought a new stake in PennantPark Investment during the third quarter worth about $199,000. Finally, Stifel Financial Corp grew its stake in PennantPark Investment by 50.5% during the second quarter. Stifel Financial Corp now owns 27,700 shares of the asset manager’s stock worth $205,000 after buying an additional 9,300 shares during the last quarter. 42.60% of the stock is currently owned by hedge funds and other institutional investors.
Shares of PennantPark Investment Corp. (NASDAQ PNNT) opened at $6.91 on Thursday. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.81. PennantPark Investment Corp. has a 12-month low of $6.67 and a 12-month high of $8.68. The stock has a market cap of $491.03, a price-to-earnings ratio of 7.94, a PEG ratio of 4.75 and a beta of 1.27.
PennantPark Investment (NASDAQ:PNNT) last released its earnings results on Wednesday, November 29th. The asset manager reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The business had revenue of $27.87 million during the quarter, compared to the consensus estimate of $29.19 million. PennantPark Investment had a net margin of 49.55% and a return on equity of 8.72%. The firm’s revenue for the quarter was down 13.3% on a year-over-year basis. During the same period last year, the business posted $0.21 EPS. research analysts expect that PennantPark Investment Corp. will post 0.73 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Tuesday, December 26th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 10.42%. The ex-dividend date of this dividend was Friday, December 22nd. PennantPark Investment’s dividend payout ratio (DPR) is currently 82.76%.
A number of brokerages have recently issued reports on PNNT. Zacks Investment Research upgraded shares of PennantPark Investment from a “sell” rating to a “hold” rating in a research report on Wednesday, October 11th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $8.50 price objective on shares of PennantPark Investment in a report on Thursday, October 26th. Jefferies Group restated a “hold” rating and issued a $8.00 price objective on shares of PennantPark Investment in a report on Sunday, November 5th. TheStreet lowered shares of PennantPark Investment from a “b-” rating to a “c” rating in a report on Wednesday, December 13th. Finally, ValuEngine raised shares of PennantPark Investment from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 1st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $8.38.
In other news, Chairman Arthur H. Penn purchased 14,000 shares of the business’s stock in a transaction on Monday, December 4th. The stock was purchased at an average price of $7.14 per share, for a total transaction of $99,960.00. Following the completion of the purchase, the chairman now directly owns 193,410 shares in the company, valued at approximately $1,380,947.40. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Arthur H. Penn purchased 12,000 shares of the business’s stock in a transaction on Wednesday, December 6th. The stock was purchased at an average price of $7.31 per share, with a total value of $87,720.00. Following the purchase, the chairman now owns 193,410 shares of the company’s stock, valued at $1,413,827.10. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 48,000 shares of company stock valued at $344,280. 2.00% of the stock is owned by insiders.
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PennantPark Investment Profile
PennantPark Investment Corporation is a closed-end, non-diversified investment company. The Company is a business development company. Its objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to the United States middle-market companies in the form of senior secured debt, mezzanine debt and equity investments.
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