Strategic Financial Concepts LLC Acquires New Holdings in PennantPark Investment Co. (NASDAQ:PNNT)

Strategic Financial Concepts LLC acquired a new stake in PennantPark Investment Co. (NASDAQ:PNNT) during the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 16,284 shares of the asset manager’s stock, valued at approximately $115,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Kovack Advisors Inc. grew its stake in PennantPark Investment by 4.6% in the 3rd quarter. Kovack Advisors Inc. now owns 45,350 shares of the asset manager’s stock valued at $317,000 after acquiring an additional 2,000 shares during the last quarter. Confluence Investment Management LLC grew 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 acquiring an additional 2,563 shares during the last quarter. Cornerstone Wealth Management LLC grew its stake in PennantPark Investment by 2.8% in the 4th quarter. Cornerstone Wealth Management LLC now owns 118,991 shares of the asset manager’s stock valued at $842,000 after acquiring an additional 3,210 shares during the last quarter. Legacy Capital Wealth Partners LLC boosted its stake in shares of 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 worth $1,679,000 after purchasing an additional 3,744 shares during the last quarter. Finally, Verition Fund Management LLC acquired a new stake in shares of PennantPark Investment during the 3rd quarter worth about $74,000. 26.62% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, LADENBURG THALM/SH SH cut shares of 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $6.00.

PennantPark Investment Price Performance

PennantPark Investment stock opened at $7.17 on Friday. PennantPark Investment Co. has a 12-month low of $6.43 and a 12-month high of $8.04. The stock has a market capitalization of $467.91 million, a P/E ratio of 27.56 and a beta of 1.47. The firm’s 50-day moving average is $7.06 and its two-hundred day moving average is $6.98. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.47 and a quick ratio of 0.47.

PennantPark Investment Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be paid a dividend of $0.08 per share. The ex-dividend date is Tuesday, February 18th. This represents a $0.96 annualized dividend and a dividend yield of 13.40%. PennantPark Investment’s dividend payout ratio is currently 369.23%.

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.