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

PennantPark Investment Co. (NASDAQ:PNNT) declared a monthly dividend on Thursday, October 3rd, Wall Street Journal reports. Stockholders of record on Wednesday, October 16th will be paid a dividend of 0.08 per share by the asset manager on Friday, November 1st. This represents a $0.96 annualized dividend and a dividend yield of 13.73%. The ex-dividend date is Wednesday, October 16th.

PennantPark Investment has raised its dividend payment by an average of 14.2% per year over the last three years. PennantPark Investment has a payout ratio of 109.1% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect PennantPark Investment to earn $0.90 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 106.7%.

PennantPark Investment Price Performance

PNNT traded up $0.07 on Thursday, reaching $6.99. The company had a trading volume of 299,949 shares, compared to its average volume of 448,941. PennantPark Investment has a one year low of $6.01 and a one year high of $8.04. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.54. The company has a market capitalization of $456.45 million, a P/E ratio of 7.60 and a beta of 1.52. The company has a fifty day moving average of $6.99 and a 200-day moving average of $7.17.

PennantPark Investment (NASDAQ:PNNT) last posted its quarterly earnings data on Wednesday, August 7th. The asset manager reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02. The company had revenue of $37.00 million during the quarter, compared to analyst estimates of $36.31 million. PennantPark Investment had a net margin of 30.24% and a return on equity of 12.29%. As a group, equities research analysts anticipate that PennantPark Investment will post 0.93 earnings per share for the current year.

Analyst Ratings Changes

Several analysts recently commented on the stock. Compass Point upgraded shares of PennantPark Investment from a “sell” rating to a “neutral” rating and set a $6.00 price target for the company in a report on Monday, September 9th. StockNews.com downgraded shares of PennantPark Investment from a “hold” rating to a “sell” rating in a report on Friday, August 9th.

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.