Truvestments Capital LLC Grows Stock Position in PennantPark Investment Co. (NASDAQ:PNNT)

Truvestments Capital LLC raised its stake in shares of PennantPark Investment Co. (NASDAQ:PNNT) by 5.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 382,800 shares of the asset manager’s stock after acquiring an additional 20,907 shares during the period. Truvestments Capital LLC’s holdings in PennantPark Investment were worth $2,710,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Kovack Advisors Inc. raised its stake in shares of PennantPark Investment by 4.6% during the 3rd quarter. Kovack Advisors Inc. now owns 45,350 shares of the asset manager’s stock valued at $317,000 after buying an additional 2,000 shares during the last quarter. Cornerstone Wealth Management LLC grew its position in shares of PennantPark Investment by 2.8% during the 4th quarter. Cornerstone Wealth Management LLC now owns 118,991 shares of the asset manager’s stock valued at $842,000 after acquiring an additional 3,210 shares during the period. NewEdge Wealth LLC grew its position in shares of PennantPark Investment by 1.2% during the 4th quarter. NewEdge Wealth LLC now owns 286,789 shares of the asset manager’s stock valued at $2,030,000 after acquiring an additional 3,470 shares during the period. Founders Financial Alliance LLC grew its position in shares of PennantPark Investment by 8.0% during the 4th quarter. Founders Financial Alliance LLC now owns 58,642 shares of the asset manager’s stock valued at $415,000 after acquiring an additional 4,352 shares during the period. Finally, Sanctuary Advisors LLC acquired a new stake in shares of PennantPark Investment during the 4th quarter valued at about $71,000. Hedge funds and other institutional investors own 26.62% of the company’s stock.

PennantPark Investment Trading Down 2.7 %

PNNT stock opened at $6.98 on Wednesday. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.56. PennantPark Investment Co. has a 12-month low of $6.43 and a 12-month high of $8.04. The stock has a market cap of $455.44 million, a price-to-earnings ratio of 26.83 and a beta of 1.45. The business’s 50-day moving average is $7.11 and its 200 day moving average is $7.00.

PennantPark Investment Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.08 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 13.76%. The ex-dividend date of this dividend is Friday, March 14th. PennantPark Investment’s dividend payout ratio (DPR) is 369.23%.

Wall Street Analysts Forecast Growth

Separately, LADENBURG THALM/SH SH cut PennantPark Investment from a “buy” rating to a “neutral” rating in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to data from MarketBeat.com, the stock 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.