Kovack Advisors Inc. Has $284,000 Stock Position in PennantPark Investment Co. (NASDAQ:PNNT)

Kovack Advisors Inc. raised its position in shares of PennantPark Investment Co. (NASDAQ:PNNT) by 9.8% in the 1st quarter, Holdings Channel reports. The firm owned 41,350 shares of the asset manager’s stock after acquiring an additional 3,700 shares during the period. Kovack Advisors Inc.’s holdings in PennantPark Investment were worth $284,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PNNT. Hennion & Walsh Asset Management Inc. increased its holdings in shares of PennantPark Investment by 36.5% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 578,450 shares of the asset manager’s stock worth $3,980,000 after buying an additional 154,594 shares in the last quarter. Confluence Investment Management LLC acquired a new position in shares of PennantPark Investment during the first quarter worth $4,412,000. Tucker Asset Management LLC acquired a new position in shares of PennantPark Investment during the fourth quarter worth $90,000. Condor Capital Management increased its holdings in shares of PennantPark Investment by 11.2% during the fourth quarter. Condor Capital Management now owns 271,621 shares of the asset manager’s stock worth $1,877,000 after buying an additional 27,436 shares in the last quarter. Finally, Parallel Advisors LLC increased its holdings in shares of PennantPark Investment by 20.0% during the fourth quarter. Parallel Advisors LLC now owns 12,519 shares of the asset manager’s stock worth $87,000 after buying an additional 2,087 shares in the last quarter. 26.62% of the stock is currently owned by institutional investors and hedge funds.

PennantPark Investment Stock Performance

Shares of PennantPark Investment stock opened at $7.67 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 1.40. PennantPark Investment Co. has a twelve month low of $5.89 and a twelve month high of $7.77. The stock has a market cap of $500.24 million, a price-to-earnings ratio of 7.30 and a beta of 1.52. The company’s fifty day moving average is $7.42 and its 200 day moving average is $7.06.

PennantPark Investment (NASDAQ:PNNT) last issued its quarterly earnings data on Wednesday, May 8th. The asset manager reported $0.22 earnings per share 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 during the quarter, compared to the consensus estimate of $36.22 million. Sell-side analysts forecast that PennantPark Investment Co. will post 0.92 EPS for the current year.

PennantPark Investment Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $0.96 dividend on an annualized basis and a yield of 12.52%. PennantPark Investment’s dividend payout ratio (DPR) is currently 104.35%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods upgraded shares of PennantPark Investment to a “hold” rating in a report on Friday, May 10th. Raymond James cut shares of PennantPark Investment from an “outperform” rating to a “market perform” rating in a research note on Friday, May 10th. Five analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, PennantPark Investment currently has a consensus 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.