Citadel Advisors LLC decreased its position in PennantPark Investment Corporation (NASDAQ:PNNT) by 60.8% during the first quarter, Holdings Channel reports. The institutional investor owned 12,794 shares of the asset manager’s stock after selling 19,809 shares during the period. Citadel Advisors LLC’s holdings in PennantPark Investment Corporation were worth $104,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the company. Muzinich & Co. Inc. boosted its stake in shares of PennantPark Investment Corporation by 67.2% in the first quarter. Muzinich & Co. Inc. now owns 2,186,589 shares of the asset manager’s stock worth $17,799,000 after buying an additional 878,491 shares in the last quarter. LSV Asset Management boosted its position in shares of PennantPark Investment Corporation by 262.0% in the first quarter. LSV Asset Management now owns 2,002,986 shares of the asset manager’s stock valued at $16,304,000 after buying an additional 1,449,656 shares during the period. JPMorgan Chase & Co. boosted its position in shares of PennantPark Investment Corporation by 5.7% in the first quarter. JPMorgan Chase & Co. now owns 1,900,325 shares of the asset manager’s stock valued at $15,469,000 after buying an additional 101,690 shares during the period. UBS Group AG boosted its position in shares of PennantPark Investment Corporation by 28.4% in the first quarter. UBS Group AG now owns 1,520,945 shares of the asset manager’s stock valued at $12,381,000 after buying an additional 336,001 shares during the period. Finally, Confluence Investment Management LLC boosted its position in shares of PennantPark Investment Corporation by 4.3% in the first quarter. Confluence Investment Management LLC now owns 924,650 shares of the asset manager’s stock valued at $7,526,000 after buying an additional 37,900 shares during the period. 44.18% of the stock is owned by institutional investors.
Shares of PennantPark Investment Corporation (NASDAQ PNNT) opened at 7.41 on Monday. PennantPark Investment Corporation has a 1-year low of $6.86 and a 1-year high of $8.68. The firm’s 50-day moving average price is $7.54 and its 200 day moving average price is $7.88.
PennantPark Investment Corporation (NASDAQ:PNNT) last issued its quarterly earnings data on Monday, May 8th. The asset manager reported $0.23 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.02. PennantPark Investment Corporation had a net margin of 58.91% and a return on equity of 9.98%. The business had revenue of $33.70 million during the quarter, compared to analysts’ expectations of $33.29 million. During the same period last year, the company posted $0.29 EPS. The company’s revenue was down 13.8% on a year-over-year basis. Equities analysts expect that PennantPark Investment Corporation will post $0.85 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 3rd. Stockholders of record on Wednesday, June 21st were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Monday, June 19th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 9.72%. PennantPark Investment Corporation’s dividend payout ratio (DPR) is 65.46%.
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Several brokerages have recently issued reports on PNNT. Jefferies Group LLC reissued a “hold” rating and issued a $8.00 price objective on shares of PennantPark Investment Corporation in a report on Thursday, March 16th. Zacks Investment Research raised PennantPark Investment Corporation from a “hold” rating to a “buy” rating and set a $9.00 price objective for the company in a report on Wednesday, May 3rd. JMP Securities cut PennantPark Investment Corporation from an “outperform” rating to a “market perform” rating in a report on Thursday, May 11th. They noted that the move was a valuation call. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $8.50 price objective on shares of PennantPark Investment Corporation in a report on Friday, April 21st. Finally, TheStreet cut PennantPark Investment Corporation from a “b-” rating to a “c+” rating in a report on Tuesday, March 21st. Ten research analysts have rated the stock with a hold rating, The company has a consensus rating of “Hold” and a consensus target price of $7.94.
In other news, CEO Arthur H. Penn bought 17,000 shares of the stock in a transaction on Tuesday, May 16th. The stock was purchased at an average cost of $7.77 per share, with a total value of $132,090.00. Following the purchase, the chief executive officer now owns 183,400 shares of the company’s stock, valued at $1,425,018. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Arthur H. Penn bought 32,000 shares of the stock in a transaction on Wednesday, May 17th. The stock was purchased at an average cost of $7.72 per share, with a total value of $247,040.00. Following the completion of the purchase, the chairman now directly owns 183,400 shares in the company, valued at approximately $1,415,848. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 77,000 shares of company stock valued at $596,970. Corporate insiders own 1.90% of the company’s stock.
About PennantPark Investment Corporation
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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