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

PennantPark Investment Co. (NASDAQ:PNNT) announced a monthly dividend on Monday, November 4th, NASDAQ reports. Shareholders of record on Friday, November 15th will be given a dividend of 0.08 per share by the asset manager on Monday, December 2nd. This represents a $0.96 annualized dividend and a yield of 14.26%. The ex-dividend date is Friday, November 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 109.1% meaning 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 $0.91 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 105.5%.

PennantPark Investment Trading Up 1.4 %

PNNT opened at $6.73 on Wednesday. PennantPark Investment has a 52 week low of $6.31 and a 52 week high of $8.04. The company has a market capitalization of $439.47 million, a P/E ratio of 10.20 and a beta of 1.52. The stock’s fifty day moving average is $6.96 and its two-hundred day moving average is $7.19. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.54.

PennantPark Investment (NASDAQ:PNNT) last released its quarterly earnings results on Wednesday, August 7th. The asset manager reported $0.24 EPS for the quarter, topping the consensus estimate of $0.22 by $0.02. PennantPark Investment had a return on equity of 12.29% and a net margin of 30.24%. The firm had revenue of $37.00 million during the quarter, compared to analyst estimates of $36.31 million. Analysts forecast that PennantPark Investment will post 0.93 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. StockNews.com downgraded shares of PennantPark Investment from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Compass Point upgraded PennantPark Investment from a “sell” rating to a “neutral” rating and set a $6.00 target price on the stock in a research note on Monday, September 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.