PennantPark Investment Corp. (NASDAQ:PNNT) declared a quarterly dividend on Thursday, December 6th, Wall Street Journal reports. Investors of record on Friday, December 21st will be given a dividend of 0.18 per share by the asset manager on Wednesday, January 2nd. This represents a $0.72 annualized dividend and a yield of 9.96%. The ex-dividend date is Thursday, December 20th.
PennantPark Investment has decreased its dividend payment by an average of 9.9% annually over the last three years. PennantPark Investment has a payout ratio of 97.3% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities research analysts expect PennantPark Investment to earn $0.85 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 84.7%.
PNNT stock traded up $0.01 during midday trading on Thursday, hitting $7.23. The stock had a trading volume of 357,840 shares, compared to its average volume of 263,305. The firm has a market cap of $498.57 million, a price-to-earnings ratio of 9.49 and a beta of 1.14. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.80. PennantPark Investment has a 1-year low of $6.29 and a 1-year high of $7.84.
PNNT has been the topic of several recent analyst reports. BidaskClub upgraded shares of PennantPark Investment from a “sell” rating to a “hold” rating in a report on Thursday, October 4th. Zacks Investment Research lowered shares of PennantPark Investment from a “hold” rating to a “sell” rating in a report on Thursday, October 11th. Finally, Keefe, Bruyette & Woods set a $8.00 target price on shares of PennantPark Investment and gave the company a “hold” rating in a report on Thursday, August 9th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $8.08.
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PennantPark Investment Company Profile
PennantPark Investment Corporation 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 building and real estate, hotels and gaming, electronics, healthcare, education and childcare, financial services, printing and publishing, consumer products, business services, energy and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, manufacturing industries and retail.
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