Insider Selling: PennantPark Investment (NASDAQ:PNNT) Director Sells 23,303 Shares of Stock

PennantPark Investment Co. (NASDAQ:PNNT) Director Jeffrey Flug sold 23,303 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $5.78, for a total value of $134,691.34. Following the sale, the director owned 173,915 shares in the company, valued at approximately $1,005,228.70. This trade represents a 11.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Jeffrey Flug also recently made the following trade(s):

• On Wednesday, December 3rd, Jeffrey Flug sold 10,000 shares of PennantPark Investment stock. The stock was sold at an average price of $5.75, for a total value of $57,500.00.
• On Monday, December 1st, Jeffrey Flug sold 21,100 shares of PennantPark Investment stock. The shares were sold at an average price of $6.04, for a total value of $127,444.00.
• On Friday, November 28th, Jeffrey Flug sold 15,000 shares of PennantPark Investment stock. The shares were sold at an average price of $6.06, for a total value of $90,900.00.
• On Wednesday, November 26th, Jeffrey Flug sold 25,000 shares of PennantPark Investment stock. The stock was sold at an average price of $6.03, for a total value of $150,750.00.

PennantPark Investment Trading Up 1.2%

NASDAQ PNNT traded up $0.07 on Friday, hitting $5.84. 644,385 shares of the stock were exchanged, compared to its average volume of 514,268. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47. PennantPark Investment Co. has a 52-week low of $5.66 and a 52-week high of $7.53. The firm has a market capitalization of $381.13 million, a P/E ratio of 22.45 and a beta of 0.62. The stock has a fifty day moving average price of $6.39 and a two-hundred day moving average price of $6.79.

PennantPark Investment Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a c) dividend on an annualized basis and a dividend yield of 16.4%. PennantPark Investment’s payout ratio is currently 192.00%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PNNT shares. JPMorgan Chase & Co. reduced their price objective on shares of PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating on the stock in a research report on Wednesday, November 26th. Keefe, Bruyette & Woods cut their target price on PennantPark Investment from $6.25 to $5.50 and set an “underperform” rating on the stock in a research note on Wednesday, November 26th. Truist Financial reduced their price target 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, Compass Point raised PennantPark Investment from a “sell” rating to a “neutral” rating and decreased their price target for the stock from $5.75 to $5.50 in a research note on Wednesday. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, PennantPark Investment currently has a consensus rating of “Hold” and an average target price of $5.88.

Institutional Investors Weigh In On PennantPark Investment

Several large investors have recently added to or reduced their stakes in the stock. Atria Wealth Solutions Inc. grew its stake in PennantPark Investment by 32.1% in the 1st quarter. Atria Wealth Solutions Inc. now owns 25,541 shares of the asset manager’s stock worth $182,000 after acquiring an additional 6,206 shares in the last quarter. Founders Financial Alliance LLC raised its stake in shares of PennantPark Investment by 8.3% during the first quarter. Founders Financial Alliance LLC now owns 63,494 shares of the asset manager’s stock valued at $446,000 after acquiring an additional 4,852 shares in the last quarter. Condor Capital Management boosted its holdings in shares of PennantPark Investment by 4.4% in the first quarter. Condor Capital Management now owns 206,171 shares of the asset manager’s stock valued at $1,449,000 after purchasing an additional 8,738 shares during the period. Ethos Financial Group LLC bought a new position in PennantPark Investment in the first quarter worth approximately $198,000. Finally, BI Asset Management Fondsmaeglerselskab A S grew its stake in PennantPark Investment by 7.5% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 89,022 shares of the asset manager’s stock worth $626,000 after purchasing an additional 6,230 shares in the last quarter. 26.62% of the stock is owned by hedge funds and other institutional investors.

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.