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

PennantPark Investment Co. (NASDAQ:PNNT) announced a monthly dividend on Thursday, February 6th,Wall Street Journal reports. Stockholders of record on Tuesday, February 18th will be paid a dividend of 0.08 per share by the asset manager on Monday, March 3rd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 13.45%. The ex-dividend date is Tuesday, February 18th.

PennantPark Investment has raised its dividend payment by an average of 24.2% per year over the last three years. PennantPark Investment has a payout ratio of 112.9% 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 $0.86 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 111.6%.

PennantPark Investment Trading Up 0.8 %

PNNT stock traded up $0.06 during midday trading on Thursday, reaching $7.14. 283,793 shares of the company’s stock traded hands, compared to its average volume of 501,902. 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 has a fifty-two week low of $6.43 and a fifty-two week high of $8.04. The business has a 50-day moving average price of $6.97 and a two-hundred day moving average price of $6.98. The company has a market capitalization of $465.92 million, a P/E ratio of 41.97 and a beta of 1.47.

Analysts Set New Price Targets

Separately, LADENBURG THALM/SH SH downgraded PennantPark Investment from a “buy” rating to a “neutral” rating in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus 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.