Verition Fund Management LLC Buys New Stake in PennantPark Investment Co. (NASDAQ:PNNT)

Verition Fund Management LLC purchased a new position in shares of PennantPark Investment Co. (NASDAQ:PNNT) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 10,600 shares of the asset manager’s stock, valued at approximately $74,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PNNT. Kovack Advisors Inc. increased its position in PennantPark Investment by 4.6% during the third quarter. Kovack Advisors Inc. now owns 45,350 shares of the asset manager’s stock worth $317,000 after buying an additional 2,000 shares during the period. Confluence Investment Management LLC grew its position in shares of PennantPark Investment by 0.9% during the third quarter. Confluence Investment Management LLC now owns 302,530 shares of the asset manager’s stock worth $2,115,000 after acquiring an additional 2,563 shares during the last quarter. Legacy Capital Wealth Partners LLC increased its holdings in shares of PennantPark Investment by 1.6% in the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 240,200 shares of the asset manager’s stock valued at $1,679,000 after acquiring an additional 3,744 shares during the period. Garner Asset Management Corp raised its position in PennantPark Investment by 9.9% in the 2nd quarter. Garner Asset Management Corp now owns 106,614 shares of the asset manager’s stock valued at $805,000 after purchasing an additional 9,610 shares during the last quarter. Finally, Founders Financial Alliance LLC boosted its stake in PennantPark Investment by 28.0% during the 2nd quarter. Founders Financial Alliance LLC now owns 47,259 shares of the asset manager’s stock worth $357,000 after purchasing an additional 10,339 shares during the period. 26.62% of the stock is owned by hedge funds and other institutional investors.

PennantPark Investment Stock Performance

Shares of PNNT opened at $6.84 on Wednesday. The company has a market capitalization of $446.62 million, a PE ratio of 40.24 and a beta of 1.49. PennantPark Investment Co. has a 52-week low of $6.43 and a 52-week high of $8.04. The company has a 50-day simple moving average of $6.92 and a 200-day simple moving average of $7.12. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 1.56.

PennantPark Investment Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Monday, December 16th will be paid a dividend of $0.08 per share. This represents a $0.96 annualized dividend and a dividend yield of 14.04%. The ex-dividend date is Monday, December 16th. PennantPark Investment’s dividend payout ratio (DPR) is presently 564.71%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. LADENBURG THALM/SH SH lowered PennantPark Investment from a “buy” rating to a “neutral” rating in a report on Wednesday, November 27th. Compass Point upgraded PennantPark Investment from a “sell” rating to a “neutral” rating and set a $6.00 target price on the stock in a research note on Monday, September 9th. One analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat.com, PennantPark Investment has a consensus rating of “Hold” and an average target price of $6.00.

PennantPark Investment Profile

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.