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

PennantPark Investment Co. (NASDAQ:PNNT) announced a monthly dividend on Friday, August 2nd, Wall Street Journal reports. Stockholders of record on Friday, August 16th will be given a dividend of 0.08 per share by the asset manager on Tuesday, September 3rd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 13.68%. The ex-dividend date is Friday, August 16th.

PennantPark Investment has increased its dividend by an average of 14.2% per year over the last three years. PennantPark Investment has a dividend payout ratio of 105.5% 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 $0.92 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 104.3%.

PennantPark Investment Trading Down 0.1 %

NASDAQ PNNT traded down $0.01 on Wednesday, reaching $7.02. The company had a trading volume of 342,214 shares, compared to its average volume of 454,644. The stock’s 50 day moving average is $7.40 and its 200-day moving average is $7.12. The stock has a market cap of $457.88 million, a price-to-earnings ratio of 7.61 and a beta of 1.52. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 1.40. PennantPark Investment has a 52 week low of $6.01 and a 52 week high of $8.04.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Keefe, Bruyette & Woods upgraded PennantPark Investment to a “hold” rating in a report on Friday, May 10th. StockNews.com downgraded PennantPark Investment from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Raymond James downgraded PennantPark Investment from an “outperform” rating to a “market perform” rating in a report on Friday, May 10th. Finally, Compass Point restated a “sell” rating and issued a $6.50 price target on shares of PennantPark Investment in a report on Monday, July 15th.

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.