Tucker Asset Management LLC Buys New Stake in PennantPark Investment Co. (NASDAQ:PNNT)

Tucker Asset Management LLC bought a new position in shares of PennantPark Investment Co. (NASDAQ:PNNT) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 13,049 shares of the asset manager’s stock, valued at approximately $90,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. LSV Asset Management grew its stake in shares of PennantPark Investment by 1.3% in the fourth quarter. LSV Asset Management now owns 2,129,963 shares of the asset manager’s stock worth $14,718,000 after acquiring an additional 28,226 shares during the last quarter. Advisors Asset Management Inc. grew its position in PennantPark Investment by 7.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 660,874 shares of the asset manager’s stock worth $4,349,000 after purchasing an additional 45,146 shares during the last quarter. Condor Capital Management increased its holdings in shares of PennantPark Investment by 11.2% during the 4th quarter. Condor Capital Management now owns 271,621 shares of the asset manager’s stock worth $1,877,000 after purchasing an additional 27,436 shares during the period. NewEdge Wealth LLC acquired a new position in shares of PennantPark Investment during the fourth quarter valued at about $1,869,000. Finally, Legacy Capital Wealth Partners LLC lifted its stake in shares of PennantPark Investment by 13.5% in the fourth quarter. Legacy Capital Wealth Partners LLC now owns 235,560 shares of the asset manager’s stock valued at $1,628,000 after buying an additional 28,041 shares during the period. Institutional investors and hedge funds own 26.62% of the company’s stock.

PennantPark Investment Price Performance

Shares of PNNT stock traded down $0.03 during trading hours on Friday, reaching $7.50. 342,696 shares of the company were exchanged, compared to its average volume of 378,262. PennantPark Investment Co. has a fifty-two week low of $5.64 and a fifty-two week 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 stock’s fifty day moving average is $7.26 and its two-hundred day moving average is $6.97. The company has a market cap of $489.15 million, a price-to-earnings ratio of 8.15 and a beta of 1.49.

PennantPark Investment (NASDAQ:PNNT) last released its earnings results on Wednesday, May 8th. The asset manager reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). PennantPark Investment had a return on equity of 13.65% and a net margin of 40.14%. The firm had revenue of $35.98 million for the quarter, compared to the consensus estimate of $36.22 million. Sell-side analysts forecast that PennantPark Investment Co. will post 0.92 earnings per share for the current fiscal year.

PennantPark Investment Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a dividend of $0.08 per share. This represents a $0.96 dividend on an annualized basis and a yield of 12.80%. The ex-dividend date of this dividend is Friday, June 14th. This is a positive change from PennantPark Investment’s previous monthly dividend of $0.07. PennantPark Investment’s payout ratio is currently 91.30%.

Analysts Set New Price Targets

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

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.