Cornerstone Wealth Management LLC Acquires 3,210 Shares of PennantPark Investment Co. (NASDAQ:PNNT)

Cornerstone Wealth Management LLC grew its holdings in shares of PennantPark Investment Co. (NASDAQ:PNNT) by 2.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 118,991 shares of the asset manager’s stock after purchasing an additional 3,210 shares during the quarter. Cornerstone Wealth Management LLC owned about 0.18% of PennantPark Investment worth $842,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of PNNT. International Assets Investment Management LLC raised its holdings 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 buying an additional 187,787 shares in the last quarter. Verition Fund Management LLC bought a new position in shares of PennantPark Investment in the 3rd quarter valued at approximately $74,000. Confluence Investment Management LLC lifted its holdings in PennantPark Investment by 0.9% in the 3rd quarter. Confluence Investment Management LLC now owns 302,530 shares of the asset manager’s stock worth $2,115,000 after purchasing an additional 2,563 shares during the last quarter. Paloma Partners Management Co bought a new stake in PennantPark Investment during the third quarter worth approximately $173,000. Finally, Founders Financial Alliance LLC grew its holdings in PennantPark Investment by 28.0% during the second quarter. Founders Financial Alliance LLC now owns 47,259 shares of the asset manager’s stock valued at $357,000 after purchasing an additional 10,339 shares during the last quarter. Institutional investors and hedge funds own 26.62% of the company’s stock.

Wall Street Analyst Weigh In

Separately, LADENBURG THALM/SH SH cut shares of PennantPark Investment from a “buy” rating to a “neutral” rating in a research note on Wednesday, November 27th. One research 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 stock currently has a consensus rating of “Hold” and an average target price of $6.00.

PennantPark Investment Price Performance

NASDAQ PNNT opened at $6.99 on Friday. The stock has a 50-day simple moving average of $6.96 and a 200 day simple moving average of $7.01. PennantPark Investment Co. has a twelve month low of $6.43 and a twelve month high of $8.04. The stock has a market capitalization of $456.12 million, a PE ratio of 41.09 and a beta of 1.47. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.51 and a current ratio of 0.51.

PennantPark Investment Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 13.74%. PennantPark Investment’s dividend payout ratio (DPR) is presently 564.74%.

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.