PennantPark Investment Co. (NASDAQ:PNNT) Shares Acquired by Sterneck Capital Management LLC

Sterneck Capital Management LLC boosted its holdings in PennantPark Investment Co. (NASDAQ:PNNT) by 44.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 67,932 shares of the asset manager’s stock after acquiring an additional 20,770 shares during the period. Sterneck Capital Management LLC’s holdings in PennantPark Investment were worth $481,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Kovack Advisors Inc. lifted its holdings in shares of PennantPark Investment by 4.6% in the third quarter. Kovack Advisors Inc. now owns 45,350 shares of the asset manager’s stock valued at $317,000 after purchasing an additional 2,000 shares in the last quarter. Confluence Investment Management LLC lifted its stake in PennantPark Investment by 0.9% in the 3rd quarter. Confluence Investment Management LLC now owns 302,530 shares of the asset manager’s stock valued at $2,115,000 after buying an additional 2,563 shares in the last quarter. Legacy Capital Wealth Partners LLC grew its holdings in PennantPark Investment by 1.6% during the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 240,200 shares of the asset manager’s stock valued at $1,679,000 after buying an additional 3,744 shares during the last quarter. Garner Asset Management Corp increased its position in PennantPark Investment by 9.9% during the second quarter. Garner Asset Management Corp now owns 106,614 shares of the asset manager’s stock worth $805,000 after buying an additional 9,610 shares in the last quarter. Finally, Founders Financial Alliance LLC raised its holdings in shares of PennantPark Investment by 28.0% in the second quarter. Founders Financial Alliance LLC now owns 47,259 shares of the asset manager’s stock worth $357,000 after acquiring an additional 10,339 shares during the last quarter. 26.62% of the stock is currently owned by hedge funds and other institutional investors.

PennantPark Investment Stock Performance

NASDAQ:PNNT opened at $7.20 on Wednesday. PennantPark Investment Co. has a 1-year low of $6.43 and a 1-year high of $8.04. The firm has a 50 day simple moving average of $6.93 and a 200-day simple moving average of $7.06. The firm has a market cap of $470.13 million, a PE ratio of 42.36 and a beta of 1.47. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.51 and a quick ratio of 0.51.

PennantPark Investment Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $0.96 annualized dividend and a yield of 13.33%. PennantPark Investment’s payout ratio is currently 564.71%.

Analysts Set New Price Targets

Separately, LADENBURG THALM/SH SH downgraded PennantPark Investment from a “buy” rating to a “neutral” rating in a research report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $6.00.

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.