Wells Fargo & Company MN Trims Stake in PennantPark Investment Corp. (PNNT)

Wells Fargo & Company MN lessened its holdings in PennantPark Investment Corp. (NASDAQ:PNNT) by 6.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 413,346 shares of the asset manager’s stock after selling 29,417 shares during the quarter. Wells Fargo & Company MN owned 0.58% of PennantPark Investment worth $3,105,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the business. Private Advisor Group LLC boosted its holdings in shares of PennantPark Investment by 0.6% in the 2nd quarter. Private Advisor Group LLC now owns 28,606 shares of the asset manager’s stock valued at $212,000 after purchasing an additional 166 shares in the last quarter. Pinebridge Investments L.P. lifted its stake in shares of PennantPark Investment by 0.8% in the 2nd quarter. Pinebridge Investments L.P. now owns 22,580 shares of the asset manager’s stock valued at $167,000 after acquiring an additional 169 shares during the last quarter. Arete Wealth Advisors LLC lifted its stake in shares of PennantPark Investment by 4.1% in the 2nd quarter. Arete Wealth Advisors LLC now owns 52,401 shares of the asset manager’s stock valued at $387,000 after acquiring an additional 2,068 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of PennantPark Investment by 2.1% in the 2nd quarter. Legal & General Group Plc now owns 178,616 shares of the asset manager’s stock valued at $1,323,000 after acquiring an additional 3,668 shares during the last quarter. Finally, B. Riley Financial Inc. lifted its stake in shares of PennantPark Investment by 1.1% in the 2nd quarter. B. Riley Financial Inc. now owns 346,270 shares of the asset manager’s stock valued at $2,559,000 after acquiring an additional 3,715 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. (PNNT) traded down $0.11 during trading hours on Friday, reaching $6.70. The company had a trading volume of 364,910 shares, compared to its average volume of 365,332. The company has a market cap of $476.11, a price-to-earnings ratio of 7.70, a P/E/G ratio of 4.64 and a beta of 1.22. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.66 and a current ratio of 1.66. PennantPark Investment Corp. has a twelve month low of $6.67 and a twelve month high of $8.68.

PennantPark Investment (NASDAQ:PNNT) last announced its earnings results on Wednesday, November 29th. The asset manager reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.01). PennantPark Investment had a return on equity of 8.72% and a net margin of 49.55%. The company had revenue of $27.87 million for the quarter, compared to the consensus estimate of $29.19 million. During the same period in the prior year, the business earned $0.21 earnings per share. The firm’s revenue for the quarter was down 13.3% on a year-over-year basis. equities analysts anticipate that PennantPark Investment Corp. will post 0.73 earnings per share for the current fiscal year.

PNNT has been the subject of a number of research reports. ValuEngine upgraded PennantPark Investment from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 1st. TheStreet cut PennantPark Investment from a “b-” rating to a “c” rating in a research note on Wednesday, December 13th. Jefferies Group reiterated a “hold” rating and issued a $8.00 price target on shares of PennantPark Investment in a research note on Sunday, November 5th. Zacks Investment Research cut PennantPark Investment from a “hold” rating to a “sell” rating in a research note on Saturday, November 4th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $8.50 target price on shares of PennantPark Investment in a research report on Thursday, October 26th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $8.38.

In other PennantPark Investment news, Chairman Arthur H. Penn purchased 12,000 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was purchased at an average cost of $7.10 per share, for a total transaction of $85,200.00. Following the acquisition, the chairman now owns 193,410 shares in the company, valued at approximately $1,373,211. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Arthur H. Penn purchased 14,000 shares of the firm’s stock in a transaction on Monday, December 4th. The shares were acquired at an average price of $7.14 per share, with a total value of $99,960.00. Following the completion of the acquisition, the chairman now owns 193,410 shares in the company, valued at approximately $1,380,947.40. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 48,000 shares of company stock valued at $344,280. Company insiders own 2.00% of the company’s stock.

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About PennantPark Investment

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.

Institutional Ownership by Quarter for PennantPark Investment (NASDAQ:PNNT)

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