PennantPark Investment Co. (NASDAQ:PNNT) to Issue Monthly Dividend of $0.08

PennantPark Investment Co. (NASDAQ:PNNT) declared a monthly dividend on Tuesday, December 2nd. Investors of record on Monday, December 15th will be paid a dividend of 0.08 per share by the asset manager on Friday, January 2nd. This represents a c) dividend on an annualized basis and a dividend yield of 16.7%. The ex-dividend date of this dividend is Monday, December 15th.

PennantPark Investment has raised its dividend by an average of 0.0%per year over the last three years and has raised its dividend annually for the last 1 consecutive years. PennantPark Investment has a dividend payout ratio of 135.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect PennantPark Investment to earn $0.80 per share next year, which means the company may not be able to cover its $0.96 annual dividend with an expected future payout ratio of 120.0%.

PennantPark Investment Trading Down 0.6%

Shares of NASDAQ:PNNT traded down $0.04 during midday trading on Wednesday, reaching $5.74. The company had a trading volume of 448,144 shares, compared to its average volume of 509,928. The company has a fifty day simple moving average of $6.43 and a two-hundred day simple moving average of $6.80. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47. The firm has a market cap of $374.47 million, a price-to-earnings ratio of 22.10 and a beta of 0.97. PennantPark Investment has a 1-year low of $5.66 and a 1-year high of $7.53.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Compass Point raised shares of PennantPark Investment from a “sell” rating to a “neutral” rating and decreased their price objective for the stock from $5.75 to $5.50 in a research note on Wednesday. Keefe, Bruyette & Woods reduced their price objective on PennantPark Investment from $6.25 to $5.50 and set an “underperform” rating for the company in a research note on Wednesday, November 26th. Truist Financial dropped their target price on PennantPark Investment from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. Finally, JPMorgan Chase & Co. decreased their price target on shares of PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating for the company in a report on Wednesday, November 26th. One investment 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. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.88.

PennantPark Investment Company Profile

PennantPark Investment Corporation, a business development company is a private equity fund specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The fund typically invests in buildings and real estate, hotels, gaming and leisure, technology, telecommunications, transportation, information technology services, electronics, healthcare & pharmaceuticals, education and childcare, financial services, printing and publishing, consumer products, business services, energy & Related Services and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, building materials, capital equipment, chemicals, plastics, & rubber, food & beverage, wholesale, manufacturing and basic industries and retail.