Confluence Investment Management LLC Acquires 2,563 Shares of PennantPark Investment Co. (NASDAQ:PNNT)

Confluence Investment Management LLC lifted its holdings in shares of PennantPark Investment Co. (NASDAQ:PNNT) by 0.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 302,530 shares of the asset manager’s stock after buying an additional 2,563 shares during the period. Confluence Investment Management LLC owned about 0.46% of PennantPark Investment worth $2,115,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. International Assets Investment Management LLC boosted its position in PennantPark Investment by 599.0% during the third quarter. International Assets Investment Management LLC now owns 219,137 shares of the asset manager’s stock valued at $1,532,000 after purchasing an additional 187,787 shares during the last quarter. Founders Financial Alliance LLC grew its stake in shares of PennantPark Investment by 28.0% in the second quarter. Founders Financial Alliance LLC now owns 47,259 shares of the asset manager’s stock valued at $357,000 after buying an additional 10,339 shares in the last quarter. Garner Asset Management Corp increased its holdings in PennantPark Investment by 9.9% during the second quarter. Garner Asset Management Corp now owns 106,614 shares of the asset manager’s stock worth $805,000 after buying an additional 9,610 shares during the last quarter. Condor Capital Management raised its position in PennantPark Investment by 81.9% during the second quarter. Condor Capital Management now owns 519,177 shares of the asset manager’s stock worth $3,920,000 after acquiring an additional 233,685 shares in the last quarter. Finally, Legacy Capital Wealth Partners LLC bought a new position in shares of PennantPark Investment in the 2nd quarter valued at about $1,785,000. Institutional investors own 26.62% of the company’s stock.

PennantPark Investment Price Performance

Shares of PNNT opened at $7.04 on Friday. The firm has a market capitalization of $459.71 million, a PE ratio of 10.67 and a beta of 1.52. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.90 and a quick ratio of 0.90. The company’s 50-day moving average is $6.96 and its 200-day moving average is $7.19. PennantPark Investment Co. has a fifty-two week low of $6.31 and a fifty-two week high of $8.04.

PennantPark Investment (NASDAQ:PNNT) last issued its quarterly earnings data on Wednesday, August 7th. The asset manager reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. The company had revenue of $37.00 million during the quarter, compared to analysts’ expectations of $36.31 million. PennantPark Investment had a return on equity of 12.29% and a net margin of 30.24%. Equities analysts forecast that PennantPark Investment Co. will post 0.93 EPS for the current year.

PennantPark Investment Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.96 annualized dividend and a yield of 13.64%. PennantPark Investment’s dividend payout ratio (DPR) is presently 145.46%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on PNNT shares. StockNews.com downgraded shares of PennantPark Investment from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Compass Point raised PennantPark Investment from a “sell” rating to a “neutral” rating and set a $6.00 price objective for the company in a research report on Monday, September 9th.

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.