Cornerstone Wealth Management LLC Has $842,000 Position in PennantPark Investment Co. (NASDAQ:PNNT)

Cornerstone Wealth Management LLC increased its position in shares of PennantPark Investment Co. (NASDAQ:PNNT) by 2.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 118,991 shares of the asset manager’s stock after purchasing an additional 3,210 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in PennantPark Investment were worth $842,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC lifted its position in shares of PennantPark Investment by 599.0% in the 3rd quarter. International Assets Investment Management LLC now owns 219,137 shares of the asset manager’s stock worth $1,532,000 after acquiring an additional 187,787 shares during the period. Verition Fund Management LLC acquired a new position in shares of PennantPark Investment in the third quarter valued at $74,000. Confluence Investment Management LLC lifted its position in PennantPark Investment by 0.9% in the third quarter. Confluence Investment Management LLC now owns 302,530 shares of the asset manager’s stock worth $2,115,000 after purchasing an additional 2,563 shares during the period. Paloma Partners Management Co acquired a new stake in PennantPark Investment during the third quarter worth $173,000. Finally, Founders Financial Alliance LLC increased its holdings in PennantPark Investment by 28.0% in the 2nd quarter. Founders Financial Alliance LLC now owns 47,259 shares of the asset manager’s stock valued at $357,000 after buying an additional 10,339 shares during the period. 26.62% of the stock is currently owned by institutional investors.

PennantPark Investment Trading Down 0.1 %

Shares of PNNT opened at $6.99 on Friday. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 1.56. The stock has a market cap of $456.12 million, a PE ratio of 41.09 and a beta of 1.47. PennantPark Investment Co. has a 1 year low of $6.43 and a 1 year high of $8.04. The stock has a 50 day simple moving average of $6.96 and a 200-day simple moving average of $7.01.

PennantPark Investment Dividend Announcement

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

Analyst Ratings Changes

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

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.