62,577 Shares in PennantPark Investment Co. (NASDAQ:PNNT) Bought by Grimes & Company Inc.

Grimes & Company Inc. purchased a new position in PennantPark Investment Co. (NASDAQ:PNNT) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 62,577 shares of the asset manager’s stock, valued at approximately $443,000.

A number of other institutional investors also recently bought and sold shares of the stock. Kovack Advisors Inc. lifted its holdings in PennantPark Investment by 4.6% during the 3rd quarter. Kovack Advisors Inc. now owns 45,350 shares of the asset manager’s stock valued at $317,000 after buying an additional 2,000 shares in the last quarter. Confluence Investment Management LLC raised its stake in shares of PennantPark Investment by 0.9% during the third quarter. Confluence Investment Management LLC now owns 302,530 shares of the asset manager’s stock valued at $2,115,000 after acquiring an additional 2,563 shares in the last quarter. Cornerstone Wealth Management LLC boosted its holdings in shares of PennantPark Investment by 2.8% in the fourth quarter. Cornerstone Wealth Management LLC now owns 118,991 shares of the asset manager’s stock valued at $842,000 after purchasing an additional 3,210 shares during the period. Legacy Capital Wealth Partners LLC grew its stake in PennantPark Investment by 1.6% in the third quarter. Legacy Capital Wealth Partners LLC now owns 240,200 shares of the asset manager’s stock worth $1,679,000 after purchasing an additional 3,744 shares in the last quarter. Finally, Founders Financial Alliance LLC increased its holdings in PennantPark Investment by 28.0% during the 2nd quarter. Founders Financial Alliance LLC now owns 47,259 shares of the asset manager’s stock worth $357,000 after purchasing an additional 10,339 shares during the period. 26.62% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

PennantPark Investment Trading Down 0.1 %

Shares of NASDAQ:PNNT opened at $6.99 on Friday. PennantPark Investment Co. has a 12-month low of $6.43 and a 12-month high of $8.04. The business’s fifty day simple moving average is $6.96 and its 200-day simple moving average is $7.01. The company has a market capitalization of $456.12 million, a PE ratio of 41.09 and a beta of 1.47. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 1.56.

PennantPark Investment Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 13.74%. PennantPark Investment’s dividend payout ratio is presently 564.74%.

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.