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

PennantPark Investment Co. (NASDAQ:PNNT) announced a monthly dividend on Wednesday, February 5th,Wall Street Journal reports. Shareholders of record on Tuesday, February 18th will be paid a dividend of 0.08 per share by the asset manager on Monday, March 3rd. This represents a $0.96 annualized dividend and a yield of 13.31%. The ex-dividend date of this dividend is Tuesday, February 18th.

PennantPark Investment has raised its dividend payment by an average of 24.2% per year over the last three years. PennantPark Investment has a dividend payout ratio of 112.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect PennantPark Investment to earn $0.85 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 112.9%.

PennantPark Investment Stock Up 0.3 %

PNNT opened at $7.22 on Friday. PennantPark Investment has a one year low of $6.43 and a one year high of $8.04. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.51 and a current ratio of 0.51. The stock’s fifty day moving average is $7.03 and its 200-day moving average is $6.98. The company has a market capitalization of $471.14 million, a PE ratio of 42.44 and a beta of 1.47.

Analysts Set New Price Targets

Separately, LADENBURG THALM/SH SH downgraded PennantPark Investment from a “buy” rating to a “neutral” rating in a research note on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to data from MarketBeat.com, PennantPark Investment presently has a consensus rating of “Hold” and an average 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.