Confluence Investment Management LLC Has $2.27 Million Holdings in PennantPark Investment Co. (NASDAQ:PNNT)

Confluence Investment Management LLC cut its stake in shares of PennantPark Investment Co. (NASDAQ:PNNT) by 53.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 299,967 shares of the asset manager’s stock after selling 341,343 shares during the period. Confluence Investment Management LLC owned approximately 0.46% of PennantPark Investment worth $2,265,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Truvestments Capital LLC acquired a new position in PennantPark Investment in the first quarter valued at about $1,941,000. NewEdge Wealth LLC bought a new stake in shares of PennantPark Investment in the fourth quarter valued at about $1,869,000. International Assets Investment Management LLC lifted its holdings in shares of PennantPark Investment by 1,055.4% in the fourth quarter. International Assets Investment Management LLC now owns 216,629 shares of the asset manager’s stock valued at $1,497,000 after purchasing an additional 197,879 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of PennantPark Investment by 36.5% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 578,450 shares of the asset manager’s stock valued at $3,980,000 after purchasing an additional 154,594 shares in the last quarter. Finally, Cetera Advisors LLC bought a new stake in shares of PennantPark Investment in the first quarter valued at about $748,000. 26.62% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PNNT has been the topic of a number of research reports. Keefe, Bruyette & Woods upgraded PennantPark Investment to a “hold” rating in a report on Friday, May 10th. Raymond James lowered 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. One analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $6.88.

PennantPark Investment Stock Down 3.8 %

PNNT traded down $0.27 on Friday, hitting $6.88. 649,098 shares of the company were exchanged, compared to its average volume of 654,371. PennantPark Investment Co. has a 12 month low of $6.01 and a 12 month high of $8.04. The company has a market cap of $448.75 million, a PE ratio of 7.48 and a beta of 1.52. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.63 and a current ratio of 0.63. The stock’s fifty day moving average is $7.48 and its 200-day moving average is $7.13.

PennantPark Investment (NASDAQ:PNNT) last released its earnings results on Wednesday, May 8th. The asset manager reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.01). PennantPark Investment had a return on equity of 13.65% and a net margin of 40.14%. The company had revenue of $35.98 million for the quarter, compared to the consensus estimate of $36.22 million. Equities research analysts predict that PennantPark Investment Co. will post 0.92 EPS for the current fiscal year.

PennantPark Investment Dividend Announcement

The firm also recently declared a monthly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were given a dividend of $0.08 per share. This represents a $0.96 dividend on an annualized basis and a yield of 13.95%. The ex-dividend date was Monday, July 15th. PennantPark Investment’s dividend payout ratio (DPR) is presently 104.35%.

PennantPark Investment Company 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.