Citigroup Inc. trimmed its position in PennantPark Investment Corporation (NASDAQ:PNNT) by 25.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 92,353 shares of the asset manager’s stock after selling 31,804 shares during the period. Citigroup Inc.’s holdings in PennantPark Investment Corporation were worth $683,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Pinebridge Investments L.P. lifted its position in PennantPark Investment Corporation by 0.8% in the second quarter. Pinebridge Investments L.P. now owns 22,580 shares of the asset manager’s stock worth $167,000 after purchasing an additional 169 shares during the period. GSA Capital Partners LLP lifted its position in PennantPark Investment Corporation by 90.3% in the second quarter. GSA Capital Partners LLP now owns 332,665 shares of the asset manager’s stock worth $2,458,000 after purchasing an additional 157,852 shares during the period. Van ECK Associates Corp lifted its position in PennantPark Investment Corporation by 13.5% in the second quarter. Van ECK Associates Corp now owns 616,534 shares of the asset manager’s stock worth $4,556,000 after purchasing an additional 73,132 shares during the period. Abbot Financial Management Inc. acquired a new stake in PennantPark Investment Corporation in the second quarter worth approximately $702,000. Finally, Ameriprise Financial Inc. lifted its position in PennantPark Investment Corporation by 25.2% in the second quarter. Ameriprise Financial Inc. now owns 37,330 shares of the asset manager’s stock worth $276,000 after purchasing an additional 7,514 shares during the period. Hedge funds and other institutional investors own 42.72% of the company’s stock.
A number of equities research analysts have weighed in on PNNT shares. Zacks Investment Research downgraded PennantPark Investment Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. Compass Point started coverage on PennantPark Investment Corporation in a research report on Thursday, July 13th. They issued a “buy” rating and a $8.50 target price for the company. Keefe, Bruyette & Woods set a $9.00 target price on PennantPark Investment Corporation and gave the stock a “hold” rating in a research report on Saturday, June 24th. Jefferies Group LLC restated a “hold” rating and issued a $8.00 target price on shares of PennantPark Investment Corporation in a research report on Friday, July 14th. Finally, BidaskClub downgraded PennantPark Investment Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, August 19th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $8.14.
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In other PennantPark Investment Corporation news, Chairman Arthur H. Penn acquired 28,000 shares of PennantPark Investment Corporation stock in a transaction on Tuesday, August 15th. The shares were purchased at an average cost of $7.62 per share, with a total value of $213,360.00. Following the completion of the purchase, the chairman now owns 193,410 shares in the company, valued at $1,473,784.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Arthur H. Penn acquired 32,000 shares of PennantPark Investment Corporation stock in a transaction on Thursday, August 10th. The stock was acquired at an average cost of $7.72 per share, for a total transaction of $247,040.00. Following the completion of the purchase, the chairman now owns 183,400 shares of the company’s stock, valued at approximately $1,415,848. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by company insiders.
Shares of PennantPark Investment Corporation (NASDAQ:PNNT) opened at 7.65 on Wednesday. The stock’s 50 day moving average price is $7.56 and its 200-day moving average price is $7.63. PennantPark Investment Corporation has a 12 month low of $6.86 and a 12 month high of $8.68.
PennantPark Investment Corporation (NASDAQ:PNNT) last announced its quarterly earnings data on Monday, August 7th. The asset manager reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02). PennantPark Investment Corporation had a net margin of 53.92% and a return on equity of 9.11%. The business had revenue of $31.10 million during the quarter, compared to the consensus estimate of $31.09 million. During the same period in the previous year, the business posted $0.25 earnings per share. PennantPark Investment Corporation’s revenue was down 12.4% compared to the same quarter last year. On average, equities research analysts expect that PennantPark Investment Corporation will post $0.83 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Wednesday, September 20th were paid a $0.18 dividend. The ex-dividend date was Tuesday, September 19th. This represents a $0.72 dividend on an annualized basis and a yield of 9.41%. PennantPark Investment Corporation’s payout ratio is presently 74.23%.
PennantPark Investment Corporation Company Profile
PennantPark Investment Corporation is a closed-end, non-diversified investment company. The Company is a business development company. Its objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to the United States middle-market companies in the form of senior secured debt, mezzanine debt and equity investments.
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