Ameriprise Financial Inc. raised its position in PennantPark Investment Corporation (NASDAQ:PNNT) by 164.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 29,816 shares of the asset manager’s stock after buying an additional 18,533 shares during the period. Ameriprise Financial Inc.’s holdings in PennantPark Investment Corporation were worth $243,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Karp Capital Management Corp purchased a new stake in PennantPark Investment Corporation during the first quarter worth approximately $419,000. KAMES CAPITAL plc purchased a new stake in PennantPark Investment Corporation during the first quarter worth approximately $475,000. Shell Asset Management Co. purchased a new stake in PennantPark Investment Corporation during the first quarter worth approximately $1,129,000. Confluence Investment Management LLC boosted its stake in PennantPark Investment Corporation by 4.3% in the first quarter. Confluence Investment Management LLC now owns 924,650 shares of the asset manager’s stock worth $7,526,000 after buying an additional 37,900 shares during the last quarter. Finally, LSV Asset Management boosted its stake in PennantPark Investment Corporation by 262.0% in the first quarter. LSV Asset Management now owns 2,002,986 shares of the asset manager’s stock valued at $16,304,000 after buying an additional 1,449,656 shares during the last quarter. 43.81% of the stock is currently owned by institutional investors.
Shares of PennantPark Investment Corporation (NASDAQ:PNNT) traded down 0.26% during trading on Friday, reaching $7.57. 171,517 shares of the company’s stock were exchanged. PennantPark Investment Corporation has a 12-month low of $6.86 and a 12-month high of $8.68. The stock has a 50-day moving average price of $7.49 and a 200 day moving average price of $7.80.
PennantPark Investment Corporation (NASDAQ:PNNT) last released its earnings results on Monday, August 7th. The asset manager reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by $0.02. PennantPark Investment Corporation had a return on equity of 9.11% and a net margin of 53.92%. The firm had revenue of $31.10 million for the quarter, compared to the consensus estimate of $31.09 million. During the same period in the prior year, the business earned $0.25 EPS. The company’s quarterly revenue was down 12.4% on a year-over-year basis. Analysts forecast that PennantPark Investment Corporation will post $0.83 EPS for the current fiscal year.
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PNNT has been the subject of a number of recent research reports. Zacks Investment Research raised shares of PennantPark Investment Corporation from a “hold” rating to a “buy” rating and set a $9.00 target price for the company in a report on Wednesday, May 3rd. Keefe, Bruyette & Woods set a $9.00 target price on shares of PennantPark Investment Corporation and gave the company a “hold” rating in a report on Monday, May 22nd. JMP Securities lowered shares of PennantPark Investment Corporation from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 11th. They noted that the move was a valuation call. Compass Point assumed coverage on shares of PennantPark Investment Corporation in a research note on Thursday, July 13th. They set a “buy” rating and a $8.50 price objective for the company. Finally, Jefferies Group LLC reissued a “hold” rating and set a $8.00 target price on shares of PennantPark Investment Corporation in a research note on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $8.19.
In other PennantPark Investment Corporation news, Chairman Arthur H. Penn bought 32,000 shares of the stock in a transaction that occurred on Thursday, August 10th. The shares were purchased at an average cost of $7.72 per share, for a total transaction of $247,040.00. Following the transaction, the chairman now directly owns 183,400 shares in the company, valued at $1,415,848. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Arthur H. Penn purchased 28,000 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were purchased at an average cost of $7.62 per share, with a total value of $213,360.00. Following the completion of the purchase, the chairman now owns 193,410 shares in the company, valued at approximately $1,473,784.20. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by corporate insiders.
PennantPark Investment Corporation Company Profile
PennantPark Investment Corporation is a closed-end, non-diversified investment company. The Company is a business development company. Its objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to the United States middle-market companies in the form of senior secured debt, mezzanine debt and equity investments.
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