Virtus ETF Advisers LLC Invests $4.27 Million in PennantPark Investment Corp. (NASDAQ:PNNT)
Virtus ETF Advisers LLC purchased a new position in shares of PennantPark Investment Corp. (NASDAQ:PNNT) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 676,224 shares of the asset manager’s stock, valued at approximately $4,274,000. PennantPark Investment comprises about 0.9% of Virtus ETF Advisers LLC’s portfolio, making the stock its 8th largest position. Virtus ETF Advisers LLC owned approximately 1.01% of PennantPark Investment at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. Parametric Portfolio Associates LLC lifted its holdings in PennantPark Investment by 4.8% in the second quarter. Parametric Portfolio Associates LLC now owns 178,549 shares of the asset manager’s stock valued at $1,128,000 after acquiring an additional 8,166 shares during the period. Ancora Advisors LLC raised its stake in shares of PennantPark Investment by 238.6% during the 2nd quarter. Ancora Advisors LLC now owns 118,500 shares of the asset manager’s stock worth $749,000 after buying an additional 83,500 shares during the period. Quantamental Technologies LLC raised its stake in shares of PennantPark Investment by 2,255.0% during the 2nd quarter. Quantamental Technologies LLC now owns 3,980 shares of the asset manager’s stock worth $25,000 after buying an additional 3,811 shares during the period. M&T Bank Corp raised its stake in shares of PennantPark Investment by 14.3% during the 2nd quarter. M&T Bank Corp now owns 39,422 shares of the asset manager’s stock worth $249,000 after buying an additional 4,936 shares during the period. Finally, LPL Financial LLC raised its stake in shares of PennantPark Investment by 3.5% during the 2nd quarter. LPL Financial LLC now owns 102,299 shares of the asset manager’s stock worth $647,000 after buying an additional 3,483 shares during the period. Institutional investors and hedge funds own 43.28% of the company’s stock.
Shares of PNNT traded down $0.03 during trading hours on Thursday, hitting $6.32. 297,422 shares of the stock were exchanged, compared to its average volume of 297,302. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.26 and a current ratio of 1.26. PennantPark Investment Corp. has a 12-month low of $6.16 and a 12-month high of $7.78. The company has a market cap of $422.72 million, a price-to-earnings ratio of 8.43 and a beta of 1.14. The stock’s 50-day moving average price is $6.40 and its two-hundred day moving average price is $6.66.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Tuesday, September 17th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 11.39%. The ex-dividend date is Monday, September 16th. PennantPark Investment’s payout ratio is 96.00%.
Several research analysts have recently weighed in on the company. Zacks Investment Research raised PennantPark Investment from a “sell” rating to a “hold” rating in a research note on Tuesday, September 3rd. TheStreet downgraded PennantPark Investment from a “b-” rating to a “c” rating in a research note on Tuesday, July 16th. ValuEngine downgraded PennantPark Investment from a “hold” rating to a “sell” rating in a research note on Tuesday, June 18th. Finally, BidaskClub downgraded PennantPark Investment from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $7.50.
In other news, Chairman Arthur H. Penn purchased 15,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average cost of $6.30 per share, for a total transaction of $94,500.00. Following the completion of the transaction, the chairman now owns 193,410 shares of the company’s stock, valued at $1,218,483. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have purchased 45,000 shares of company stock valued at $285,600 over the last quarter. 2.00% of the stock is owned by company insiders.
PennantPark Investment Profile
PennantPark Investment Corporation 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 building and real estate, hotels and gaming, electronics, healthcare, education and childcare, financial services, printing and publishing, consumer products, business services, energy and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, manufacturing industries and retail.
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