PennantPark Investment (NASDAQ:PNNT) Director Jeffrey Flug Sells 25,000 Shares

PennantPark Investment Co. (NASDAQ:PNNT) Director Jeffrey Flug sold 25,000 shares of the stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $6.03, for a total transaction of $150,750.00. Following the completion of the sale, the director directly owned 243,318 shares in the company, valued at approximately $1,467,207.54. This represents a 9.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

PennantPark Investment Price Performance

PennantPark Investment stock opened at $5.91 on Tuesday. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.56. The company has a fifty day simple moving average of $6.45 and a 200-day simple moving average of $6.81. The stock has a market cap of $385.57 million, a P/E ratio of 22.71 and a beta of 0.97. PennantPark Investment Co. has a 12-month low of $5.72 and a 12-month high of $7.53.

PennantPark Investment Dividend Announcement

The firm also recently disclosed a monthly dividend, which was paid on Monday, December 1st. Stockholders of record on Monday, November 17th were given a dividend of $0.08 per share. This represents a c) annualized dividend and a dividend yield of 16.3%. The ex-dividend date of this dividend was Monday, November 17th. PennantPark Investment’s dividend payout ratio is currently 192.00%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Sunbelt Securities Inc. lifted its stake in PennantPark Investment by 493.1% in the third quarter. Sunbelt Securities Inc. now owns 104,245 shares of the asset manager’s stock valued at $699,000 after buying an additional 86,668 shares during the last quarter. Advisory Services Network LLC purchased a new stake in PennantPark Investment in the 3rd quarter valued at $38,000. CANADA LIFE ASSURANCE Co boosted its stake in PennantPark Investment by 22.3% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 82,785 shares of the asset manager’s stock worth $554,000 after purchasing an additional 15,100 shares during the period. Brevan Howard Capital Management LP grew its position in PennantPark Investment by 64.6% during the 3rd quarter. Brevan Howard Capital Management LP now owns 64,778 shares of the asset manager’s stock worth $435,000 after purchasing an additional 25,431 shares during the last quarter. Finally, Crawford Investment Counsel Inc. acquired a new position in PennantPark Investment in the third quarter valued at $135,000. Institutional investors and hedge funds own 26.62% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on PNNT. Truist Financial cut their target price on PennantPark Investment from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, November 26th. Keefe, Bruyette & Woods dropped their price target on shares of PennantPark Investment from $6.25 to $5.50 and set an “underperform” rating on the stock in a research note on Wednesday, November 26th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating for the company in a research report on Wednesday, November 26th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, PennantPark Investment has a consensus rating of “Reduce” and an average target price of $5.94.

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.