Hennion & Walsh Asset Management Inc. Decreases Stake in PennantPark Investment Co. $PNNT

Hennion & Walsh Asset Management Inc. cut its holdings in shares of PennantPark Investment Co. (NASDAQ:PNNT) by 32.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 310,405 shares of the asset manager’s stock after selling 152,304 shares during the period. Hennion & Walsh Asset Management Inc. owned about 0.48% of PennantPark Investment worth $2,083,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. EverSource Wealth Advisors LLC boosted its holdings in 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 purchasing an additional 1,853 shares during the last quarter. First Horizon Advisors Inc. acquired a new position in shares of PennantPark Investment in the 2nd quarter valued at approximately $35,000. Allworth Financial LP boosted its stake in shares of PennantPark Investment by 7,742.4% during the 2nd quarter. Allworth Financial LP now owns 9,254 shares of the asset manager’s stock valued at $63,000 after buying an additional 9,136 shares during the last quarter. Integrity Alliance LLC. acquired a new stake in shares of PennantPark Investment during the first quarter worth approximately $83,000. Finally, Brookstone Capital Management grew its position in shares of PennantPark Investment by 29.2% during the third quarter. Brookstone Capital Management now owns 13,453 shares of the asset manager’s stock worth $90,000 after buying an additional 3,038 shares in the last quarter. Institutional investors and hedge funds own 26.62% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on PNNT shares. Compass Point upgraded shares of PennantPark Investment from a “sell” rating to a “neutral” rating and reduced their price objective for the company from $5.75 to $5.50 in a research note on Wednesday, December 3rd. JPMorgan Chase & Co. cut their target price on shares of PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating on the stock in a research note on Wednesday, November 26th. Truist Financial decreased their price target on PennantPark Investment from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, November 26th. Finally, Keefe, Bruyette & Woods cut their price objective on PennantPark Investment from $6.25 to $5.50 and set an “underperform” rating on the stock in a research note on Wednesday, November 26th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $5.88.

PennantPark Investment Price Performance

Shares of NASDAQ:PNNT opened at $6.04 on Friday. 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 Co. has a fifty-two week low of $5.66 and a fifty-two week high of $7.53. The firm has a 50-day simple moving average of $6.10 and a 200 day simple moving average of $6.65. The company has a market cap of $394.06 million, a PE ratio of 23.21 and a beta of 0.61.

PennantPark Investment Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, February 2nd. Investors of record on Friday, January 16th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, January 16th. This represents a c) annualized dividend and a dividend yield of 15.9%. PennantPark Investment’s dividend payout ratio (DPR) is 192.00%.

Insider Transactions at PennantPark Investment

In related news, Director Jeffrey Flug sold 121,533 shares of the company’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $5.92, for a total transaction of $719,475.36. Following the completion of the transaction, the director directly owned 32,382 shares in the company, valued at $191,701.44. This represents a 78.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders sold 235,936 shares of company stock worth $1,397,761. Insiders own 3.00% of the company’s stock.

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.