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

PennantPark Investment Co. (NASDAQ:PNNT) declared a monthly dividend on Tuesday, March 4th, Wall Street Journal reports. Stockholders of record on Friday, March 14th will be paid a dividend of 0.08 per share by the asset manager on Tuesday, April 1st. This represents a $0.96 annualized dividend and a dividend yield of 13.49%. The ex-dividend date is Friday, March 14th.

PennantPark Investment has raised its dividend payment by an average of 24.2% per year over the last three years. PennantPark Investment has a dividend payout ratio of 120.0% indicating that 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 $0.80 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 120.0%.

PennantPark Investment Stock Performance

PNNT traded down $0.01 on Wednesday, reaching $7.12. The company had a trading volume of 454,037 shares, compared to its average volume of 450,886. The stock has a market cap of $464.58 million, a P/E ratio of 27.37 and a beta of 1.47. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47. PennantPark Investment has a fifty-two week low of $6.43 and a fifty-two week high of $8.04. The company’s fifty day moving average is $7.09 and its 200 day moving average is $6.99.

Wall Street Analysts Forecast Growth

Separately, LADENBURG THALM/SH SH lowered PennantPark Investment from a “buy” rating to a “neutral” rating in a research note 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 MarketBeat, the company has an average 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.