PennantPark Investment Co. (PNNT) To Go Ex-Dividend on March 16th

PennantPark Investment Co. (NASDAQ:PNNT) announced a special dividend on Tuesday, March 3rd. Stockholders of record on Monday, March 16th will be given a dividend of 0.04 per share by the asset manager on Wednesday, April 1st. This represents a dividend yield of 984.0%. The ex-dividend date is Monday, March 16th.

PennantPark Investment has raised its dividend by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 1 consecutive years. PennantPark Investment has a dividend payout ratio of 67.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect PennantPark Investment to earn $0.80 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 60.0%.

PennantPark Investment Trading Up 0.1%

Shares of PNNT traded up $0.01 during trading hours on Friday, reaching $4.66. 585,006 shares of the company traded hands, compared to its average volume of 747,242. PennantPark Investment has a 12 month low of $4.63 and a 12 month high of $7.53. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.56. The company’s fifty day moving average price is $5.49 and its two-hundred day moving average price is $6.12. The company has a market capitalization of $303.95 million, a price-to-earnings ratio of 17.90 and a beta of 0.65.

Insiders Place Their Bets

In related news, CFO Richard T. Allorto, Jr. acquired 15,000 shares of the stock in a transaction on Wednesday, March 11th. The stock was acquired at an average price of $4.88 per share, for a total transaction of $73,200.00. Following the completion of the purchase, the chief financial officer owned 30,000 shares of the company’s stock, valued at $146,400. This represents a 100.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PennantPark Investment

Several large investors have recently modified their holdings of PNNT. Allworth Financial LP grew its position in 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 purchasing an additional 9,136 shares during the last quarter. Creative Planning grew its holdings in shares of PennantPark Investment by 26.4% during the second quarter. Creative Planning now owns 33,369 shares of the asset manager’s stock valued at $228,000 after buying an additional 6,964 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of PennantPark Investment during the second quarter valued at approximately $132,000. EverSource Wealth Advisors LLC raised its holdings in PennantPark Investment by 100.6% in the 2nd 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. Finally, Brevan Howard Capital Management LP bought a new position in PennantPark Investment in the 2nd quarter valued at approximately $269,000. Hedge funds and other institutional investors own 26.62% of the company’s stock.

About PennantPark Investment

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.