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

PennantPark Investment Co. (NASDAQ:PNNT) announced a monthly dividend on Tuesday, July 2nd, Wall Street Journal reports. Stockholders of record on Monday, July 15th will be given a dividend of 0.08 per share by the asset manager on Thursday, August 1st. This represents a $0.96 annualized dividend and a dividend yield of 12.50%. The ex-dividend date is Monday, July 15th.

PennantPark Investment has increased its dividend payment by an average of 14.2% per year over the last three years. PennantPark Investment has a dividend payout ratio of 105.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Stock Performance

NASDAQ:PNNT opened at $7.68 on Thursday. PennantPark Investment has a 12 month low of $5.89 and a 12 month high of $7.77. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.63 and a quick ratio of 0.63. The firm has a market capitalization of $500.89 million, a PE ratio of 8.35 and a beta of 1.52. The business’s fifty day moving average price is $7.41 and its 200 day moving average price is $7.05.

PennantPark Investment (NASDAQ:PNNT) last released its quarterly earnings data 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 business had revenue of $35.98 million for the quarter, compared to analyst estimates of $36.22 million. On average, sell-side analysts anticipate that PennantPark Investment will post 0.92 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PNNT shares. Keefe, Bruyette & Woods raised shares of PennantPark Investment to a “hold” rating in a report on Friday, May 10th. Raymond James downgraded shares of PennantPark Investment from an “outperform” rating to a “market perform” rating in a research report on Friday, May 10th. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, PennantPark Investment currently has an average rating of “Hold” and an average target price of $6.94.

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.