PennantPark Investment Co. (NASDAQ:PNNT) Announces $0.08 Monthly Dividend

PennantPark Investment Co. (NASDAQ:PNNT) declared a monthly dividend on Tuesday, December 3rd,Wall Street Journal reports. Stockholders of record on Monday, December 16th will be given a dividend of 0.08 per share by the asset manager on Thursday, January 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 14.22%. The ex-dividend date is Monday, December 16th.

PennantPark Investment has raised its dividend payment by an average of 14.2% per year over the last three years. PennantPark Investment has a dividend payout ratio of 111.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect PennantPark Investment to earn $0.87 per share next year, which means the company may not be able to cover its $0.96 annual dividend with an expected future payout ratio of 110.3%.

PennantPark Investment Stock Performance

PennantPark Investment stock traded down $0.03 during midday trading on Thursday, hitting $6.75. The stock had a trading volume of 378,620 shares, compared to its average volume of 459,071. PennantPark Investment has a 52-week low of $6.31 and a 52-week high of $8.04. The company has a market capitalization of $440.75 million, a PE ratio of 39.88 and a beta of 1.49. The firm’s fifty day moving average is $6.93 and its two-hundred day moving average is $7.15. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 1.56.

Analyst Ratings Changes

Several analysts have recently commented on the stock. StockNews.com downgraded shares of PennantPark Investment from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. LADENBURG THALM/SH SH lowered PennantPark Investment from a “buy” rating to a “neutral” rating in a research note on Wednesday, November 27th. Finally, Compass Point upgraded PennantPark Investment from a “sell” rating to a “neutral” rating and set a $6.00 price objective on the stock in a research report on Monday, September 9th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to data from MarketBeat, PennantPark Investment currently has an average rating of “Hold” and a consensus target price of $6.00.

About PennantPark Investment

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.