PennantPark Investment Co. (NASDAQ:PNNT) Declares $0.04 Special Dividend

PennantPark Investment Co. (NASDAQ:PNNT) declared a special dividend on Thursday, July 2nd. Investors of record on Wednesday, July 15th will be paid a dividend of 0.04 per share by the asset manager on Monday, August 3rd. This represents a yield of 1,393.0%. The ex-dividend date is Wednesday, July 15th.

PennantPark Investment has raised its dividend by an average of 0.1%per year over the last three years and has increased its dividend every year for the last 1 years. PennantPark Investment has a dividend payout ratio of 67.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect PennantPark Investment to earn $0.80 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 60.0%.

PennantPark Investment Price Performance

PNNT stock opened at $3.44 on Friday. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47. The business has a 50-day simple moving average of $3.97 and a two-hundred day simple moving average of $4.83. The company has a market capitalization of $224.94 million, a P/E ratio of 13.25 and a beta of 0.59. PennantPark Investment has a 52-week low of $3.30 and a 52-week high of $7.53.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sunbelt Securities Inc. increased its position in shares of PennantPark Investment by 69.6% during the 1st quarter. Sunbelt Securities Inc. now owns 298,217 shares of the asset manager’s stock valued at $1,339,000 after purchasing an additional 122,430 shares during the last quarter. AlphaCentric Advisors LLC purchased a new position in shares of PennantPark Investment in the 1st quarter worth about $700,000. Apollon Wealth Management LLC purchased a new position in shares of PennantPark Investment in the 1st quarter worth about $46,000. Caitong International Asset Management Co. Ltd grew its position in PennantPark Investment by 127,180.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 6,364 shares of the asset manager’s stock valued at $38,000 after buying an additional 6,359 shares during the period. Finally, Virtu Financial LLC bought a new position in PennantPark Investment during the fourth quarter valued at about $187,000. Hedge funds and other institutional investors own 26.62% of the company’s stock.

PennantPark Investment Company Profile

PennantPark Investment Corporation is a publicly traded closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Since its formation in 2006, PennantPark has focused on providing customized financing solutions to middle-market companies across the United States. The firm’s investment advisory services are provided by PennantPark Investment Advisers, LLC, which sources and structures transactions tailored to the unique needs of its portfolio companies.

The company’s core strategy centers on debt and equity investments in U.S.-based businesses, typically those with annual revenues between $10 million and $200 million.