PennantPark Investment Co. (PNNT) To Go Ex-Dividend on July 15th

PennantPark Investment Co. (NASDAQ:PNNT) announced a special dividend on Thursday, July 2nd. Investors of record on Wednesday, July 15th will be paid a dividend of 0.04 per share by the asset manager on Monday, August 3rd. This represents a yield of 1,393.0%. The ex-dividend date of this dividend is Wednesday, July 15th.

PennantPark Investment has increased its dividend payment 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 payout ratio of 67.6% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

NASDAQ PNNT opened at $3.44 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. The company has a market cap of $224.94 million, a PE ratio of 13.25 and a beta of 0.59. PennantPark Investment has a 52 week low of $3.30 and a 52 week high of $7.53. The firm’s 50-day simple moving average is $3.94 and its two-hundred day simple moving average is $4.82.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Truist Financial cut their price target 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. Oppenheimer decreased their price target on shares of PennantPark Investment from $6.00 to $5.00 and set a “market perform” rating on the stock in a report on Tuesday, May 12th. Finally, Keefe, Bruyette & Woods lowered their price objective on PennantPark Investment from $5.00 to $4.50 and set an “underperform” rating on the stock in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $5.10.

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.