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Pennantpark Investment Corporation - PNNT | ValueForum Member Stock Ratings

Last rating update for PNNT was made by a ValueForum member on Dec. 31 2015, 10:31 AM ET. Factoring this and past ratings, on average PNNT is rated 1.00 on a scale of Strong Buy (1.00) to Strong Sell (5.00) by 1 different member(s) of ValueForum.com. Full rating pages available to members only (click here) contain additional rating information including commentary by the 1 member(s) who entered the ratings. These ratings are posted by site users; this content is not intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by ValueForum.com

PENNANTPARK INVESTMENT CORPORATION (NASD: PNNT)
Last Trade
4:00 p.m. - 5.12
Change
 0.01 ( 0.20%)
Shares Traded
2,282
Day's Volume
1,036,949
Book Value
NA
Price/Book
NA
Beta
1.1114
Day's Range
5.03 - 5.13
Prev Close
5.11
Open
5.12
52 Wk Range
1.76 - 6.74
EPS
-0.24
PE
NA
Quarterly Div/Shr
0.12
Ex-Div
12/16/20
Yield
9.38%
Shares Out.
67.05M
Market Cap.
343.27M
  • 1 Year Stock Performance:

CAGR - Chart the growth of a $10K investment in PNNT

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Thu, 14 Jan 2021
21:35:00 +0000
PennantPark Investment Corporation Updates Its Scheduled Earnings Release of First Fiscal Quarter 2021 Results
NEW YORK, Jan. 14, 2021 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (the "Company") (NASDAQ: PNNT) announced that it will report results for the first fiscal quarter ended December 31, 2020 on Tuesday, February 9, 2021 after the close of the financial markets. The Company will also host a conference call at 1:00 p.m. (Eastern Time) on Wednesday, February 10, 2021 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (323) 701-0225. All callers should reference conference ID 6696271 PennantPark Investment Corporation. An archived replay of the call will be available through February 24, 2021 by calling toll-free (888) 203-1112. International callers please dial (719) 457-0820. For all phone replays, please reference conference ID 6696271.ABOUT PENNANTPARK INVESTMENT CORPORATIONPennantPark Investment Corporation is a business development company which principally invests in U.S. middle-market private companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.ABOUT PENNANTPARK INVESTMENT ADVISERS, LLCPennantPark Investment Advisers, LLC is a leading middle market credit platform, which has approximately $3.5 billion of assets under management.  Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions.  PennantPark Investment Advisers, LLC is headquartered in New York and has offices in Chicago, Houston and Los Angeles.FORWARD-LOOKING STATEMENTSThis press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.CONTACT: Aviv Efrat PennantPark Investment Corporation (212) 905-1000 www.pennantpark.com
Tue, 12 Jan 2021
21:05:00 +0000
PennantPark Investment Corporation Schedules Earnings Release of First Fiscal Quarter 2021 Results
NEW YORK, Jan. 12, 2021 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (the "Company") (NASDAQ: PNNT) announced that it will report results for the first fiscal quarter ended December 31, 2020 on Tuesday, February 9, 2021 after the close of the financial markets. The Company will also host a conference call at 12:00 p.m. (Eastern Time) on Wednesday, February 10, 2021 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (323) 701-0225. All callers should reference conference ID 6696271 PennantPark Investment Corporation. An archived replay of the call will be available through February 24, 2021 by calling toll-free (888) 203-1112. International callers please dial (719) 457-0820. For all phone replays, please reference conference ID 6696271.ABOUT PENNANTPARK INVESTMENT CORPORATIONPennantPark Investment Corporation is a business development company which principally invests in U.S. middle-market private companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.ABOUT PENNANTPARK INVESTMENT ADVISERS, LLCPennantPark Investment Advisers, LLC is a leading middle market credit platform, which has approximately $3.5 billion of assets under management.  Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions.  PennantPark Investment Advisers, LLC is headquartered in New York and has offices in Chicago, Houston and Los Angeles.FORWARD-LOOKING STATEMENTSThis press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.CONTACT: Aviv Efrat PennantPark Investment Corporation (212) 905-1000 www.pennantpark.com
Thu, 03 Dec 2020
04:01:04 +0000
Is PennantPark Investment Corp. (PNNT) A Good Stock To Buy?
At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (Recession is Imminent: We Need A Travel Ban NOW). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each […]
Wed, 02 Dec 2020
21:05:00 +0000
PennantPark Investment Corporation Announces Quarterly Distribution of $0.12 per Share
NEW YORK, Dec. 02, 2020 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (the "Company") (NASDAQ: PNNT) declares its first fiscal quarter 2021 distribution of $0.12 per share, payable on January 4, 2021 to stockholders of record as of December 17, 2020. The distribution is expected to be paid from taxable net investment income. The final specific tax characteristics of the distribution will be reported to stockholders on Form 1099 after the end of the calendar year and in the Company's periodic report filed with the Securities and Exchange Commission.ABOUT PENNANTPARK INVESTMENT CORPORATIONPennantPark Investment Corporation is a business development company which principally invests in U.S. middle-market private companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.ABOUT PENNANTPARK INVESTMENT ADVISERS, LLCPennantPark Investment Advisers, LLC is a leading middle market credit platform, which has approximately $3.5 billion of assets under management. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in New York and has offices in Chicago, Houston and Los Angeles.FORWARD-LOOKING STATEMENTSThis press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Exchange Act the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Investment Corporation files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.CONTACT: Aviv Efrat PennantPark Investment Corporation (212) 905-1000 www.pennantpark.com
Fri, 20 Nov 2020
13:30:00 +0000
PennantPark Investment Corp. to Host Earnings Call
NEW YORK, NY / ACCESSWIRE / November 20, 2020/ PennantPark Investment Corp.
Fri, 20 Nov 2020
00:15:12 +0000
PennantPark (PNNT) Q4 Earnings and Revenues Miss Estimates
PennantPark (PNNT) delivered earnings and revenue surprises of -6.67% and -10.73%, respectively, for the quarter ended September 2020. Do the numbers hold clues to what lies ahead for the stock?
Thu, 19 Nov 2020
21:42:40 +0000
Pennant Park Inv: Q4 Earnings Insights
Shares of Pennant Park Inv (NASDAQ:PNNT) moved lower by 1.43% in after-market trading after the company reported Q4 results.Quarterly Results Earnings per share were down 17.65% over the past year to $0.14, which missed the estimate of $0.16.Revenue of $21,278,000 declined by 23.81% year over year, which missed the estimate of $23,690,000.Outlook Earnings guidance hasn't been issued by the company for now.View more earnings on PNNTPennant Park Inv hasn't issued any revenue guidance for the time being.Price Action Company's 52-week high was at $6.8652-week low: $1.76Price action over last quarter: Up 12.08%Company Description Pennant Park Investment Corp is a US-based investment management company. Its investment objective is to generate current income and capital appreciation also seeking to preserve capital through debt and equity investments. The company focuses on investing in US middle-market companies that offer attractive risk-reward to investors and to create a diversified portfolio that includes senior secured debt, mezzanine debt, and equity investments. It generates most of its revenue from interest and dividend received from investments made.See more from Benzinga * Click here for options trades from Benzinga * Earnings Scheduled For November 19, 2020 * Preview: Pennant Park Investment's Earnings(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Thu, 19 Nov 2020
21:05:00 +0000
PennantPark Investment Corporation Announces Financial Results for the Fourth Quarter and Fiscal Year Ended September 30, 2020
NEW YORK, Nov. 19, 2020 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (NASDAQ: PNNT) announced today financial results for the fourth quarter and fiscal year ended September 30, 2020. HIGHLIGHTS Quarter ended September 30, 2020 ($ in millions, except per share amounts)Assets and Liabilities:     Investment portfolio (1) $1,081.8  Net assets $525.7  GAAP net asset value per share $7.84  Increase in GAAP net asset value per share  0.3% Adjusted net asset value per share (2) $7.59  Increase in adjusted net asset value per share (2)  1.7%       Truist Credit Facility $368.7  2024 Notes $83.8  SBA Debentures $115.8  Regulatory Debt to Equity  0.93x  Regulatory Net Debt to Equity (3)  0.88x  GAAP Net Debt to Equity (4)  1.03x        Yield on debt investments at quarter-end  8.9%   Quarter Ended September 30, 2020   Year Ended September 30, 2020   Operating Results:         Net investment income $7.3  $38.7  GAAP net investment income per share $0.11  $0.58  Non-recurring net PSLF transaction costs per share $0.03  $0.03  Core net investment income per share (5) $0.14  $0.61  Distributions declared per share $0.12  $0.60            Portfolio Activity:         Purchases of investments $27.1  $319.3  Sales and repayments of investments $48.6  $162.7            Number of new portfolio companies invested 3  25  Number of existing portfolio companies invested 7  58  Number of ending portfolio companies 80  80  ____________ (1)Includes investments in PennantPark Senior Loan Fund, LLC, or PSLF, an unconsolidated joint venture, totaling $99.3 million, at fair value. (2)This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance excluding the impact of the $17.0 million unrealized loss on our multi-currency, senior secured revolving credit facility with Truist Bank, as amended, or the Truist Credit Facility, and, together with our credit facility with BNP Paribas, as amended, the Credit Facilities. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. (3)This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance net of $25.8 million of cash and equivalents. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. (4)This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance including the impact of the $17.0 million unrealized loss on the Truist Credit Facility, Small Business Act, or SBA, Debentures and net of $25.8 million of cash and equivalents. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. (5)Core net investment income is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company’s financial performance excluding $2.2 million of expenses related to the PSLF transaction. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. CONFERENCE CALL AT 10:00 A.M. EST ON NOVEMBER 20, 2020 PennantPark Investment Corporation (“we,” “our,” “us” or the “Company”) will host a conference call at 10:00 a.m. (Eastern Standard Time) on Friday, November 20, 2020 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (866) 548-4713 approximately 5-10 minutes prior to the call. International callers should dial (323) 794-2093. All callers should reference conference ID 2765446 or PennantPark Investment Corporation. An archived replay of the call will be available through December 4, 2020 by calling toll-free (888) 203-1112. International callers please dial (719) 457-0820. For all phone replays, please reference conference ID 2765446.INCENTIVE FEE WAIVER EXTENSIONWe have concluded, in consultation with our board, to extend the incentive fee waiver for an additional quarter through December 31, 2020.PORTFOLIO AND INVESTMENT ACTIVITY“We are pleased with the solid performance of our portfolio through the challenging economic conditions of the last few quarters,” said Arthur Penn, Chairman and CEO. “We are particularly pleased with the upsizing of our PSLF JV with Pantheon as well as substantial equity positions in several high growth companies which are solidifying and bolstering NAV.”As of September 30, 2020, our portfolio totaled $1,081.8 million and consisted of $439.0 million of first lien secured debt, $220.8 million of second lien secured debt, $113.6 million of subordinated debt (including $63.0 million in PSLF) and $308.3 million of preferred and common equity (including $36.3 million in PSLF). Our debt portfolio consisted of 93% variable-rate investments. As of September 30, 2020, we had two portfolio companies on non-accrual, representing 4.9% and 3.4% of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized depreciation of $83.8 million as of September 30, 2020. Our overall portfolio consisted of 80 companies with an average investment size of $13.5 million, had a weighted average yield on interest bearing debt investments of 8.9% and was invested 41% in first lien secured debt, 20% in second lien secured debt, 10% in subordinated debt (including 6% in PSLF) and 29% in preferred and common equity (including 3% in PSLF). As of September 30, 2020, all of the investments held by PSLF were first lien secured debt. For more information on how the COVID-19 pandemic has affected our business and results of operations, see our Annual Report on Form 10-K for the fiscal year ended September 30, 2020, including “Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations – COVID-19 Developments” and “Item 1A. Risk Factors” therein.As of September 30, 2019, our portfolio totaled $1,219.4 million and consisted of $695.3 million of first lien secured debt, $269.3 million of second lien secured debt, $61.2 million of subordinated debt and $193.7 million of preferred and common equity. Our debt portfolio consisted of 87% variable-rate investments and 13% fixed-rate investments. As of September 30, 2019, we had no portfolio companies on non-accrual. Overall, the portfolio had net unrealized depreciation of $37.6 million as of September 30, 2019. Our overall portfolio consisted of 67 companies with an average investment size of $18.2 million, had a weighted average yield on interest bearing debt investments of 9.8% and was invested 57% in first lien secured debt, 22% in second lien secured debt, 5% in subordinated debt and 16% in preferred and common equity.For the three months ended September 30, 2020, we invested $27.1 million in three new and seven existing portfolio companies with a weighted average yield on debt investments of 7.0%. Sales and repayments of investments for the same period totaled $48.6 million. This compares to the three months ended September 30, 2019, in which we invested $38.8 million in three new and 11 existing portfolio companies with a weighted average yield on debt investments of 8.4%. Sales and repayments of investments for the same period totaled $100.9 million.For the year ended September 30, 2020, we invested $319.3 million in 25 new and 58 existing portfolio companies with a weighted average yield on debt investments of 8.4%. Sales and repayments of investments for the same period totaled $162.7 million.For the year ended September 30, 2019, we invested $533.6 million in 24 new and 49 existing portfolio companies with a weighted average yield on debt investments of 9.4%. Sales and repayments of investments for the same period totaled $426.5 million.PennantPark Senior Loan Fund, LLCAs of September 30, 2020, PSLF’s portfolio totaled $353.4 million, consisted of 37 companies with an average investment size of $9.6 million and had a weighted average yield on debt investments of 7.3%.For the period ended July 31, 2020 (inception) through September 30, 2020, PSLF invested $5.7 million in one new portfolio company with a weighted average yield on debt investments of 7.5%. PSLF’s sales and repayments of investments for the same period totaled $11.1 million.RECENT DEVELOPMENTSEffective October 31, 2020, certain entities and managed accounts of the private credit investment manager of Pantheon Ventures (UK) LLP, or Pantheon, our joint-venture partner, contributed an additional $27.5 million to PSLF, bringing their total contribution to $62.5 million. Pantheon’s additional investment came in at the then current net asset value. At the same time, the Company has also invested an additional $1.8 million in PSLF. As a result, the Company currently owns 60.5% of the joint venture. Additionally, in connection with this transaction, BNP Paribas has increased the size of PSLF’s credit facility from $250.0 million to $275.0 million.Subsequent to September 30, 2020, our portfolio company, Cano Health, LLC (ITC Rumba, LLC), entered into a business combination agreement with Jaws Acquisition Corp (“JWS”), a special purpose acquisition vehicle, and other parties, subject to certain closing conditions, with an expected closing late first quarter or early second quarter 2021. Based on the closing stock price of JWS on November 13, 2020, our $18.8 million common stock fair valuation as of September 30, 2020 would increase to an estimated $72.3 million, which includes a combination of cash and stock, assuming the transaction closes based on the agreed terms. This would represent a net asset value increase of $0.80 per share, as of November 13, 2020. Our shares are owned by a limited partnership controlled by the financial sponsor and are subject to customary lock up restrictions. As a result, the fair value on December 31, 2020, may likely include an illiquidity discount not in the public trading values indicated above. There can be no assurance that the implied value of our equity interest will be representative of the value ultimately realized on our equity investment.RESULTS OF OPERATIONSSet forth below are the results of operations for the years ended September 30, 2020 and 2019.Investment IncomeInvestment income for the three months ended September 30, 2020 and 2019 was $21.3 million and $27.9 million, respectively, and was primarily attributable to $12.3 million and $17.0 million from first lien secured debt, $5.3 million and $8.7 million from second lien secured debt and $3.7 million and $2.2 million from subordinated debt and preferred and common equity, respectively.Investment income for the years ended September 30, 2020 and 2019 was $100.2 million and $112.1 million, respectively, and was attributable to $63.4 million and $62.6 million from first lien secured debt, $25.9 million and $41.4 million from second lien secured debt and $10.9 million and $8.1 million from subordinated debt and preferred and common equity, respectively. The increase in investment income over the prior year was primarily due to an increase in our portfolio at cost.ExpensesNet expenses for the three months ended September 30, 2020 and 2019 totaled $14.0 million and $18.3 million, respectively. Base management fee totaled $4.4 million and $4.6 million, debt related interest and other financing costs totaled $8.2 million (including one-time costs of $2.2 million associated with the PSLF transaction) and $12.2 million (including one-time debt related costs of $4.4 million), general and administrative expenses totaled $1.2 million and $1.2 million and provision for taxes totaled $0.3 million and $0.3 million, respectively, for the same periods.Net expenses for the years ended September 30, 2020 and 2019 totaled $61.5 million and $67.5 million, respectively. Base management fee totaled $18.6 million and $18.2 million, incentive fee totaled $2.7 million (after an incentive fee waiver of $1.9 million) and $5.1 million, debt related interest and other financing expenses totaled $34.4 million (including one-time costs of $2.2 million associated with the PSLF transaction) and $38.2 million (including one-time debt related costs of $9.2 million), general and administrative expenses totaled $4.7 million and $4.7 million and provision for taxes totaled $1.2 million and $1.2 million, respectively, for the same periods. The decrease in expenses over the prior year was primarily due to a decrease in debt related expenses as well as the incentive fee waiver.Net Investment IncomeNet investment income totaled $7.3 million, or $0.11 per share, and $9.6 million, or $0.14 per share, for the three months ended September 30, 2020 and 2019, respectively.Net investment income totaled $38.7 million, or $0.58 per share, and $44.6 million, or $0.66 per share, for the years ended September 30, 2020 and 2019, respectively. The decrease in net investment income per share compared to the prior year was primarily due to a decrease in LIBOR.Net Realized Gains or LossesSales and repayments of investments for the three months ended September 30, 2020 and 2019 totaled $48.6 million and $100.9 million, respectively, and net realized losses totaled $10.1 million and $18.4 million, respectively, for the same periods.Sales and repayments of investments for the years ended September 30, 2020 and 2019 totaled $162.7 million and $426.5 million, respectively, and net realized losses totaled $20.8 million and $108.5 million, respectively. The change in realized gains/losses was primarily due to changes in the market conditions of our investments and the values at which they were realized, including the net realized loss on Superior Digital Displays, LLC during the year ended September 30, 2019.Unrealized Appreciation or Depreciation on Investments, Credit Facilities, and the 2019 NotesFor the three months ended September 30, 2020 and 2019, we reported a net change in unrealized appreciation on investments of $21.3 million and $21.2 million, respectively. For the years ended September 30, 2020 and 2019, we reported net change in unrealized (depreciation) appreciation on investments of ($46.2) million and $74.1 million, respectively. As of September 30, 2020 and 2019, our net unrealized depreciation on investments totaled $83.8 million and $37.6 million, respectively. The net change in unrealized appreciation/depreciation on our investments for the year ended September 30, 2020 compared to the prior year was primarily due to changes in the capital market conditions as well as the financial performance of certain portfolio companies primarily driven by the market disruption caused by the COVID-19 pandemic and the uncertainty surrounding its continued adverse economic impact. For more information on how the COVID-19 pandemic has affected our business and results of operations, see our Annual Report on Form 10-K for the fiscal year ended September 30, 2020, including “Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations – COVID-19 Developments” and “Item 1A. Risk Factors” therein.For the three months ended September 30, 2020 and 2019, our Credit Facilities had a net change in unrealized appreciation of $9.0 million and $4.2 million, respectively. For the years ended September 30, 2020 and 2019, our Credit Facilities and our 4.5% notes due 2019, or the 2019 Notes, had a net change in unrealized depreciation of $12.3 million and $5.7 million, respectively. As of September 30, 2020 and 2019, our net unrealized depreciation on our Credit Facilities and, prior to their redemption, the 2019 Notes totaled $19.6 million and $7.2 million, respectively. The net change in unrealized depreciation for the year ended September 30, 2020 compared to the prior year was primarily due to changes in the capital markets.Net Change in Net Assets Resulting from OperationsNet change in net assets resulting from operations totaled $9.5 million, or $0.14 per share, and $8.2 million, or $0.13 per share, for the three months ended September 30, 2020 and 2019, respectively.Net change in net assets resulting from operations totaled ($16.0) million, or ($0.24) per share, and $15.9 million, or $0.24 per share, for the years ended September 30, 2020 and 2019, respectively. The decrease in net assets from operations for the year ended September 30, 2020 compared to the prior year was primarily due to depreciation of the portfolio primarily driven by the market disruption caused by the COVID-19 pandemic and the uncertainty surrounding its continued adverse economic impact. For more information on how the COVID-19 pandemic has affected our business and results of operations, see our Annual Report on Form 10-K for the fiscal year ended September 30, 2020, including “Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations – COVID-19 Developments” and “Item 1A. Risk Factors” therein.LIQUIDITY AND CAPITAL RESOURCESOur liquidity and capital resources are derived primarily from proceeds of securities offerings, debt capital and cash flows from operations, including investment sales and repayments, and income earned. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives. For more information on how the COVID-19 pandemic may impact our ability to comply with the covenants of the Credit Facilities, see the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2020, including “Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations – COVID-19 Developments” and “Item 1A. Risk Factors” therein.The annualized weighted average cost of debt for the years ended September 30, 2020 and 2019, inclusive of the fee on the undrawn commitment and amendment costs on the Credit Facilities, amortized upfront fees on SBA debentures and debt retirement and issuance costs, was 4.0% and 6.0%, respectively. As of September 30, 2020 and 2019, we had $86.7 million and $173.4 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions.As of September 30, 2020 and 2019, we had $388.3 million and $301.6 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 2.5% and 4.2%, respectively, exclusive of the fee on undrawn commitment, as of September 30, 2020 and 2019.As of September 30, 2020 and 2019, we had cash and cash equivalents of $25.8 million and $59.5 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to take advantage of market opportunities.Our operating activities used cash of $129.6 million for the year ended September 30, 2020, and our financing activities provided cash of $95.8 million for the same period. Our operating activities used cash primarily for our investment activities and our financing activities provided cash primarily for net borrowings under our Credit Facilities.Our operating activities provided cash of $81.1 million for the year ended September 30, 2019, and our financing activities provided cash of $121.1 million for the same period. Our operating activities provided cash from sales and repayments on our investments and our financing activities provided cash primarily for net borrowings under our Credit Facilities as well as the issuance of our 5.5% notes due 2024, partially offset by cash used by our stock repurchase program.DISTRIBUTIONSDuring the year ended September 30, 2020 and 2019, we declared distributions of $0.60 and $0.72 per share, for total distributions of $40.2 million and $48.4 million, respectively. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the Securities and Exchange Commission, or the SEC.AVAILABLE INFORMATIONThe Company makes available on its website its annual report on Form 10-K filed with the SEC and stockholders may find the report on our website at www.pennantpark.com. PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES  September 30, 2020  September 30, 2019  Assets         Investments at fair value         Non-controlled, non-affiliated investments (cost—$713,683,209 and $922,304,099, respectively) $735,674,666  $936,632,099  Non-controlled, affiliated investments (cost—$77,628,920 and $77,600,816, respectively)  27,753,893   49,349,338  Controlled, affiliated investments (cost—$374,260,162 and $257,117,800, respectively)  318,342,859   233,451,359  Total of investments (cost—$1,165,572,291 and $1,257,022,715, respectively)  1,081,771,418   1,219,432,796  Cash and cash equivalents (cost—$25,801,087 and $59,546,438, respectively)  25,806,002   59,516,236  Interest receivable  5,005,715   6,226,539  Distribution receivable  1,393,716   —  Prepaid expenses and other assets  376,030   662,442          Total assets  1,114,352,881   1,285,838,013  Liabilities         Distributions payable  8,045,413   12,068,119  Payable for investments purchased  5,461,508   —  BNP Credit Facility payable, at fair value (cost—zero and $171,000,000, respectively)  —   170,145,000  Truist Credit Facility payable, at fair value (cost—$388,252,000 and $301,636,000, respectively)  368,701,972   295,245,214  2024 Notes payable, net (par—$86,250,000 and $75,000,000, respectively)  83,837,560   72,256,607  SBA debentures payable, net (par—$118,500,000 and $150,000,000, respectively)  115,772,677   146,111,055  Base management fee payable, net  4,369,637   4,641,480  Interest payable on debt  2,022,614   2,895,695  Accrued other expenses  432,648   569,175          Total liabilities  588,644,029   703,932,345  Commitments and contingencies         Net assets         Common stock, 67,045,105 and 67,045,105 shares issued and outstanding, respectively. Par value $0.001 per share and 100,000,000 shares authorized  67,045   67,045  Paid-in capital in excess of par value  787,625,031   788,192,159  Accumulated distributable loss  (261,983,224)  (206,353,536)         Total net assets $525,708,852  $581,905,668          Total liabilities and net assets $1,114,352,881  $1,285,838,013  Net asset value per share $7.84  $8.68  PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS  Years Ended September 30,    2020  2019  2018  Investment income:             From non-controlled, non-affiliated investments:             Interest $77,453,276  $88,060,418  $83,255,593  Payment in kind  7,233,317   6,445,122   5,645,535  Other income  4,821,510   3,122,988   6,981,507  From non-controlled, affiliated investments:             Interest  —   —   3,013,976  Payment in kind  —   —   2,031,589  From controlled, affiliated investments:             Interest  3,387,858   9,381,881   4,499,350  Payment in kind  7,328,846   4,319,300   2,850,498  Other income  —   776,945   —  Total investment income  100,224,807   112,106,654   108,278,048  Expenses:             Base management fee  18,636,039   18,225,229   17,468,376  Performance-based incentive fee  4,579,660   5,146,696   11,492,928  Interest and expenses on debt  32,167,755   28,943,312   22,818,492  Administrative services expenses  2,075,080   2,113,895   2,086,500  Other general and administrative expenses  2,573,920   2,637,820   2,504,853  Expenses before Management Fees waiver, provision for taxes and financing costs  60,032,454   57,066,952   56,371,149  Management Fees waiver  (1,921,987)  —   (1,427,253) Provision for taxes  1,200,000   1,200,000   —  Make-whole premium  —   2,162,526   —  PSLF transaction costs  2,184,128   —   —  Credit facility amendment and debt issuance costs  —   7,080,205   —  Net expenses  61,494,595   67,509,683   54,943,896  Net investment income  38,730,212   44,596,971   53,334,152  Realized and change in unrealized (loss) gain on investments and debt:             Net realized (loss) gain on:             Non-controlled, non-affiliated investments  (11,577,419)  (51,940,526)  34,813,876  Non-controlled and controlled, affiliated investments  —   (56,575,132)  11,042,330  Deconsolidation loss  (9,249,833)  —   —  Net realized (loss) gain on investments  (20,827,252)  (108,515,658)  45,856,206  Net change in change in unrealized (depreciation) appreciation on:             Non-controlled, non-affiliated investments  7,686,665   22,788,117   (16,751,386) Non-controlled and controlled, affiliated investments  (53,863,620)  51,361,260   (38,586,621) Debt depreciation  12,304,242   5,694,116   3,861,111  Net change in unrealized (depreciation) appreciation on investments and debt  (33,872,713)  79,843,493   (51,476,896) Net realized and change in unrealized loss from investments and debt  (54,699,965)  (28,672,165)  (5,620,690) Net (decrease) increase in net assets resulting from operations $(15,969,753) $15,924,806  $47,713,462  Net (decrease) increase in net assets resulting from operations per common share $(0.24) $0.24  $0.68  Net investment income per common share $0.58  $0.66  $0.75  ABOUT PENNANTPARK INVESTMENT CORPORATIONPennantPark Investment Corporation is a business development company which invests primarily in U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC PennantPark Investment Advisers, LLC is a leading middle market credit platform, which today has more than $3.5 billion of assets under management. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in New York and has offices in Chicago, Houston and Los Angeles.FORWARD-LOOKING STATEMENTSThis press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results, and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the SEC as well as changes in the economy and risks associated with possible disruption in the Company’s operations or the economy generally due to terrorism, natural disasters or pandemics such as COVID-19. The Company undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.We may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations.CONTACT: Aviv Efrat PennantPark Investment Corporation (212) 905-1000 www.pennantpark.com
Wed, 18 Nov 2020
22:25:10 +0000
PennantPark (PFLT) Surpasses Q4 Earnings Estimates
PennantPark (PFLT) delivered earnings and revenue surprises of 3.85% and -1.77%, respectively, for the quarter ended September 2020. Do the numbers hold clues to what lies ahead for the stock?
Wed, 18 Nov 2020
15:04:29 +0000
Preview: Pennant Park Investment's Earnings
Pennant Park Investment (NASDAQ: PNNT) announces its next round of earnings this Thursday, November 19. Here is Benzinga's everything-that-matters guide for this Thursday's Q4 earnings announcement.Net Income, Earnings, And Earnings Per Share Earnings and especially earnings per share (EPS) are useful measures of a company's profitability. Total earnings, which is also referred to as net income, equals total revenue minus total expenses. EPS equals to net income divided by the number of shares outstanding.Earnings And Revenue Analysts covering Pennant Park Investment modeled for quarterly EPS of $0.16 on revenue of $23.40 million. In the same quarter last year, Pennant Park Investment announced EPS of $0.17 on revenue of $27.93 million.Why Analyst Estimates And Earnings Surprises Are Important Wall Street analysts who study this company will publish analyst estimates of revenue and EPS. The averages of all analyst EPS and revenue estimates are called the "consensus estimates"; these consensus estimates can have a significant effect on a company's performance during an earnings release. When a company posts earnings or revenue above or below a consensus estimate, it has posted an "earnings surprise", which can really move a stock depending on the difference between actual and estimated values.View more earnings on PNNTThe Wall Street consensus estimate for earnings would represent a 5.88% decrease for the company. Sales would be down 16.21% from the year-ago period. The company's reported EPS has stacked up against analyst estimates in the past like this:Quarter Q3 2020 Q2 2020 Q1 2020 Q4 2019 EPS Estimate 0.16 0.16 0.17 0.18 EPS Actual 0.16 0.15 0.15 0.17 Revenue Estimate 25.90 M 28.89 M 27.58 M 28.49 M Revenue Actual 25.41 M 27.54 M 26.00 M 27.93 M Stock Performance Shares of Pennant Park Investment were trading at $3.52 as of November 17. Over the last 52-week period, shares are down 40.07%. Given that these returns are generally negative, long-term shareholders are probably a little upset going into this earnings release.Do not be surprised to see the stock move on comments made during its conference call. Pennant Park Investment is scheduled to hold the call at 10:00:00 ET and can be accessed here.See more from Benzinga * Click here for options trades from Benzinga * Matthews International's Earnings Outlook * Earnings Preview: i3 Verticals(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tue, 17 Nov 2020
13:30:01 +0000
Should You Buy PennantPark (PNNT) Ahead of Earnings?
PennantPark (PNNT) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.
Thu, 12 Nov 2020
17:30:05 +0000
PennantPark (PNNT) Expected to Beat Earnings Estimates: Should You Buy?
PennantPark (PNNT) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Wed, 11 Nov 2020
17:30:05 +0000
Earnings Preview: PennantPark (PFLT) Q4 Earnings Expected to Decline
PennantPark (PFLT) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Wed, 07 Oct 2020
20:05:00 +0000
PennantPark Investment Corporation Schedules Earnings Release of Fourth Fiscal Quarter 2020 Results
NEW YORK, Oct. 07, 2020 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (the "Company") (NASDAQ: PNNT) announced that it will report results for the fourth fiscal quarter ended September 30, 2020 on Thursday, November 19, 2020 after the close of the financial markets. The Company will also host a conference call at 10:00 a.m. (Eastern Time) on Friday November 20, 2020 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (866) 548-4713 approximately 5-10 minutes prior to the call. International callers should dial (323) 794-2093. All callers should reference conference ID 2765446 PennantPark Investment Corporation. An archived replay of the call will be available through December 4, 2020 by calling toll-free (888) 203-1112. International callers please dial (719) 457-0820. For all phone replays, please reference conference ID 2765446.ABOUT PENNANTPARK INVESTMENT CORPORATIONPennantPark Investment Corporation is a business development company which principally invests in U.S. middle-market private companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.ABOUT PENNANTPARK INVESTMENT ADVISERS, LLCPennantPark Investment Advisers, LLC is a leading middle market credit platform, which has approximately $3.6 billion of assets under management.  Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions.  PennantPark Investment Advisers, LLC is headquartered in New York and has offices in Chicago, Houston and Los Angeles.FORWARD-LOOKING STATEMENTSThis press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.CONTACT: Aviv Efrat PennantPark Investment Corporation (212) 905-1000 www.pennantpark.com
Wed, 05 Aug 2020
23:55:11 +0000
PennantPark (PNNT) Q3 Earnings Surpass Estimates
PennantPark (PNNT) delivered earnings and revenue surprises of 6.67% and -1.67%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?
Wed, 05 Aug 2020
20:05:00 +0000
PennantPark Investment Corporation Announces Financial Results for the Quarter Ended June 30, 2020
NEW YORK, Aug. 05, 2020 (GLOBE NEWSWIRE) -- PennantPark Investment Corporation (NASDAQ: PNNT) announced today financial results for the third fiscal quarter ended June 30, 2020.HIGHLIGHTS Quarter ended June 30, 2020 ($ in millions, except per share amounts)Assets and Liabilities:    Investment portfolio$1,333.3  Net assets$524.2  GAAP net asset value per share$7.82  Increase in GAAP net asset value per share 1.4%  Adjusted net asset value per share (1)$7.46  Increase in adjusted net asset value per share (1) 7.0%       BNP Credit Facility$236.7  Truist Credit Facility$397.4  2024 Notes$83.7  SBA Debentures$130.4  Regulatory Debt to Equity 1.49x  Regulatory Net Debt to Equity (2) 1.39x  GAAP Net Debt to Equity (3) 1.52x       Yield on debt investments at quarter-end 8.7%  Operating Results:   Net investment income$11.0  Net investment income per share$0.16  Distributions declared per share$0.12       Portfolio Activity:    Purchases of investments$11.7  Sales and repayments of investments$66.5       Number of new portfolio companies invested 1  Number of existing portfolio companies invested 12  Number of ending portfolio companies 86  (1) This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance excluding the impact of the $24.2 million unrealized loss on the our credit facility with BNP Paribas, as amended, or the BNP Credit Facility, and our multi-currency, senior secured revolving credit facility with Truist Bank, as amended, or the Truist Credit Facility (the BNP Credit Facility together with the Truist Credit Facility are referred to herein as the Credit Facilities). The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.(2) This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance net of $51.6 million of cash and equivalents. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.(3) This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance including the impact of the $24.2 million unrealized loss on the Credit Facilities, SBA Debentures and net of $51.6 million of cash and equivalents. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.CONFERENCE CALL AT 12:00 P.M. ET ON AUGUST 6, 2020PennantPark Investment Corporation (“we,” “our,” “us” or the “Company”) will host a conference call at 12:00 p.m. (Eastern Time) on Thursday, August 6, 2020 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (800) 289-0438 approximately 5-10 minutes prior to the call. International callers should dial (323) 794-2423. All callers should reference conference ID 4238734 PennantPark Investment Corporation. An archived replay of the call will be available through August 20, 2020 by calling toll-free (888) 203-1112. International callers please dial (719) 457-0820. For all phone replays, please reference conference ID 4238734.PORTFOLIO AND INVESTMENT ACTIVITY“We are pleased that we accomplished several key goals this past quarter. We achieved a 7% increase in adjusted NAV as well as reduced leverage and increased liquidity,” said Arthur Penn, Chairman and CEO. “We are particularly pleased with our announcement of the formation of PSLF, our joint venture with Pantheon.”As of June 30, 2020, our portfolio totaled $1,333.3 million and consisted of $789.4 million of first lien secured debt, $237.5 million of second lien secured debt, $65.8 million of subordinated debt and $240.7 million of preferred and common equity. Our debt portfolio consisted of 94% variable-rate investments. As of June 30, 2020, we had one portfolio company on non-accrual, representing 2.5% and 2.3% of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized depreciation of $105.2 million as of June 30, 2020. Our overall portfolio consisted of 86 companies with an average investment size of $15.5 million, had a weighted average yield on interest bearing debt investments of 8.7% and was invested 59% in first lien secured debt, 18% in second lien secured debt, 5% in subordinated debt and 18% in preferred and common equity. For more information on how the COVID-19 pandemic has affected our business and results of operations, see the “Effects of COVID-19” section below.As of September 30, 2019, our portfolio totaled $1,219.4 million and consisted of $695.3 million of first lien secured debt, $269.3 million of second lien secured debt, $61.2 million of subordinated debt and $193.7 million of preferred and common equity. Our debt portfolio consisted of 87% variable-rate investments. As of September 30, 2019, we had no portfolio companies on non-accrual. Overall, the portfolio had net unrealized depreciation of $37.6 million as of September 30, 2019. Our overall portfolio consisted of 67 companies with an average investment size of $18.2 million, had a weighted average yield on interest bearing debt investments of 9.8% and was invested 57% in first lien secured debt, 22% in second lien secured debt, 5% in subordinated debt and 16% in preferred and common equity.For the three months ended June 30, 2020, we invested $11.7 million in one new and 12 existing portfolio companies with a weighted average yield on debt investments of 6.8%. Sales and repayments of investments for the three months ended June 30, 2020 totaled $66.5 million. For the nine months ended June 30, 2020, we invested $292.2 million in 22 new and 51 existing portfolio companies with a weighted average yield on debt investments of 8.5%. Sales and repayments of investments for the nine months ended June 30, 2020 totaled $114.1 million.For the three months ended June 30, 2019, we invested $116.4 million in six new and 12 existing portfolio companies with a weighted average yield on debt investments of 10.3%. Sales and repayments of investments for the three months ended June 30, 2019 totaled $84.7 million. For the nine months ended June 30, 2019, we invested $494.8 million in 21 new and 38 existing portfolio companies with a weighted average yield on debt investments of 9.5%. Sales and repayments of investments for the nine months ended June 30, 2019 totaled $325.6 million.RESULTS OF OPERATIONSSet forth below are the results of operations for the three and nine months ended June 30, 2020 and 2019.Investment IncomeInvestment income for the three and nine months ended June 30, 2020 was $25.4 million and $78.9 million, respectively, and was primarily attributable to $17.6 million and $51.1 million from first lien secured debt, $5.1 million and $20.5 million from second lien secured debt and $2.5 million and $7.1 million from subordinated debt, respectively. This compares to investment income for the three and nine months ended June 30, 2019 of $28.1 million and $84.2 million, respectively, and was attributable to $16.7 million and $45.6 million from first lien secured debt, $9.2 million and $32.7 million from second lien secured debt and $2.2 million and $5.9 million from subordinated debt, preferred and common equity, respectively. The decrease in investment income compared to the same periods in the prior year was primarily due to decreases in LIBOR.ExpensesExpenses for the three and nine months ended June 30, 2020 totaled $14.4 million and $47.5 million, respectively. Base management fee for the same periods totaled $4.6 million and $14.3 million, incentive fee totaled zero (after a waiver of $1.9 million) and $2.7 million (after a waiver of $1.9 million), debt related interest and expenses totaled $8.3 million and $26.1 million, general and administrative expenses totaled $1.2 million and $3.5 million and provision for taxes totaled $0.3 million and $0.9 million, respectively. This compares to net expenses for the three and nine months ended June 30, 2019, which totaled $16.5 million and $49.2 million, respectively. Base management fee for the same periods totaled $4.7 million and $13.6 million, incentive fee totaled $2.5 million and $5.1 million, debt related interest and expenses totaled $7.8 million and $26.0 million (including $2.2 million of make-whole premium on the repayment of our 4.5% notes due 2019, which we redeemed in March 2019, or the 2019 Notes, and $2.7 million in debt issuance costs on the BNP Credit Facility), general and administrative expenses totaled $1.2 million and $3.6 million and provision for taxes totaled $0.3 million and $0.9 million, respectively. The decrease in expenses for the three months ended June 30, 2020 compared to the same period in the prior year was primarily due to the performance-based incentive fee waiver. The decrease in expenses for the nine months ended June 30, 2020 compared to the same period in the prior year was primarily due to performance-based incentive fee waiver and financing costs incurred in the prior year in connection with the redemption of the 2019 Notes, partially offset by the higher leverage costs.Net Investment IncomeNet investment income totaled $11.0 million and $31.5 million, or $0.16 and $0.47 per share, for the three and nine months ended June 30, 2020, respectively. Net investment income totaled $11.6 million and $35.0 million, or $0.17 and $0.51 per share, for the three and nine months ended June 30, 2019, respectively. The decrease in net investment income compared to the same periods in the prior year was primarily due to lower investment income as well as higher leverage costs, partially offset by the performance-based incentive fee waiver.Net Realized Gains or LossesSales and repayments of investments for the three and nine months ended June 30, 2020 totaled $66.5 million and $114.1 million, respectively, and net realized losses totaled $0.1 million and $10.7 million, respectively. Sales and repayments of investments for the three and nine months ended June 30, 2019 totaled $84.7 million and $325.6 million, respectively, and net realized losses totaled $99.6 million and $90.1 million, respectively. The change in realized gains/losses was primarily due to changes in the market conditions of our investments and the values at which they were realized.Unrealized Appreciation or Depreciation on Investments, the Credit Facilities and the 2019 Notes For the three and nine months ended June 30, 2020, we reported net change in unrealized appreciation (depreciation) of $29.8 million and $(67.5), respectively. For the three and nine months ended June 30, 2019, we reported net change in unrealized appreciation on investments of $93.4 million and $52.9 million, respectively. As of June 30, 2020 and September 30, 2019, our net unrealized depreciation on investments totaled $105.2 million and $37.6 million, respectively. The net change in unrealized depreciation on our investments compared to the same periods in the prior year was primarily due to changes in the capital market conditions, as well as the financial performance of certain portfolio companies primarily driven by the market disruption caused by the COVID-19 pandemic and the uncertainty surrounding its continued adverse economic impact. For more information on how the COVID-19 pandemic has affected our business and results of operations, see the “Effects of COVID-19” section below.For the three and nine months ended June 30, 2020, our Credit Facilities had a net change in unrealized (appreciation) depreciation of $(25.1) million and $21.3 million, respectively. For the three and nine months ended June 30, 2019, our Credit Facilities and the 2019 Notes had a net change in unrealized depreciation of $0.2 million and $9.9 million, respectively. As of June 30, 2020 and September 30, 2019, the net unrealized depreciation on the Credit Facilities totaled $28.5 million and $7.2 million, respectively. The net change in unrealized depreciation compared to the same periods in the prior year was primarily due to changes in the capital markets.Net Change in Net Assets Resulting from OperationsNet change in net assets resulting from operations totaled $15.6 million and $(25.5) million, or $0.23 and $(0.38) per share, for the three and nine months ended June 30, 2020, respectively. Net change in net assets resulting from operations totaled $5.6 million and $7.7 million, or $0.08 and $0.11 per share, for the three and nine months ended June 30, 2019, respectively. The increase in the net change in net assets from operations for the three months ended June 30, 2020 compared to the same period in the prior year was primarily due to changes in the capital markets. The decrease in the net change in net assets from operations for the nine months ended June 30, 2020 compared to the same period in the prior year was primarily due to depreciation of the portfolio primarily driven by the market disruption caused by the COVID-19 pandemic and the uncertainty surrounding its continued adverse economic impact. For more information on how the COVID-19 pandemic has affected our business and results of operations, see the “Effects of COVID-19” section below.LIQUIDITY AND CAPITAL RESOURCESOur liquidity and capital resources are derived primarily from proceeds of securities offerings, debt capital and cash flows from operations, including investment sales and repayments, and income earned. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives. For more information on how the COVID-19 pandemic may impact our ability to comply with the covenants of the Credit Facilities, see the “Effects of COVID-19” section below.The annualized weighted average cost of debt for the nine months ended June 30, 2020 and 2019, inclusive of the fee on the undrawn commitment under the Credit Facilities, debt issuance costs on the BNP Credit Facility, prepayment penalties on the 2019 Notes and amortized upfront fees on the 2024 Notes and SBA debentures, was 4.2% and 5.4%, respectively (excluding debt issuance costs and prepayment penalties, amounts were 4.2% and 4.6%, respectively).As of June 30, 2020 and September 30, 2019, PennantPark Investment Funding I, LLC, or Funding I, had $245.0 million and $171.0 million in outstanding borrowings under the BNP Credit Facility, respectively. The BNP Credit Facility had a weighted average interest rate of 2.8% and 4.6%, respectively, exclusive of the fee on undrawn commitments, as of June 30, 2020 and September 30, 2019. The BNP Credit Facility is a five-year revolving facility with a stated maturity date of February 22, 2024 and pricing set at 260 basis points over LIBOR (or an alternative risk-free floating interest rate index). As of June 30, 2020 and September 30, 2019, Funding I had $5.0 million and $79.0 million of unused borrowing capacity under the BNP Credit Facility, respectively, subject to leverage and borrowing base restrictions.As of June 30, 2020 and September 30, 2019, we had $417.6 million and $301.6 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 2.5% and 4.2%, respectively, exclusive of the fee on undrawn commitments, as of June 30, 2020 and September 30, 2019. The Truist Credit Facility is a five-year revolving facility with a stated maturity date of September 4, 2024 ($55.0 million of the $475 million commitment will mature May 25, 2022), with a one-year term-out period and pricing set at 225 basis points over LIBOR (or an alternative risk-free floating interest rate index). As of June 30, 2020 and September 30, 2019, we had $57.4 million and $173.4 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions.As of June 30, 2020 and September 30, 2019, we had cash and cash equivalents of $51.6 million and $59.5 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to take advantage of market opportunities.Our operating activities used cash of $156.1 million for the nine months ended June 30, 2020, and our financing activities provided cash of $148.2 million for the same period. Our operating activities used cash primarily for our investment activities and our financing activities provided cash primarily from net borrowings under the Credit Facilities.Our operating activities used cash of $146.7 million for the nine months ended June 30, 2019 and our financing activities provided cash of $148.9 million for the same period. Our operating activities provided cash from sales and repayments on our investments and our financing activities used cash primarily to pay distributions to stockholders and for net repayments under the Truist Credit Facility.DISTRIBUTIONSDuring the three and nine months ended June 30, 2020, we declared distributions of $0.12 and $0.48 per share, for total distributions of $8.0 million and $32.2 million, respectively. For the same periods in the prior year, we declared distributions of $0.18 and $0.54 per share, for total distributions of $12.1 million and $36.4 million, respectively. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the Securities and Exchange Commission.EFFECTS OF COVID-19The spread of COVID-19 has had a significant impact on the U.S. economy and has resulted in governmental orders imposing travel restrictions and prolonged closures of many corporate offices, retail stores, manufacturing facilities, factories and other common places of public congregation around the world. These restrictions and “stay-at-home” orders have essentially resulted in the shutdown of all non-essential businesses, as defined by each governmental authority imposing the respective orders. The COVID-19 pandemic has had, and continues to have, an adverse impact on our operating results and the operating results of our portfolio companies. Any future impact to our business and results of operations will depend to a large extent on future developments and new information that may emerge regarding the duration and severity of COVID-19 and the actions taken by authorities and other entities to reduce the spread of the virus, all of which are beyond our control.We had a significant reduction of our net asset value as of June 30, 2020 as compared to our net asset value as of September 30, 2019. This reduction resulted from an increase in the overall net unrealized depreciation of the Company’s portfolio, including unrealized depreciation on the Company's investments and the Credit Facilities as of June 30, 2020, which was primarily due to the immediate adverse economic impact of the COVID-19 pandemic, the continuing uncertainty surrounding its long-term effects as well as the re-pricing of credit risk in the broadly syndicated credit market. As of June 30, 2020, we are in compliance with asset coverage requirements under the Investment Company Act of 1940, as amended. In addition, we are not in default of any asset coverage requirements under the Credit Facilities as of June 30, 2020. However, any continued increase in unrealized depreciation of our investment portfolio or further significant reductions in our net asset value, as a result of the effects of the COVID-19 pandemic or otherwise, increases the risk of breaching the relevant covenants. As such, we may run into liquidity issues in the future if we are unable to draw on the unused borrowing capacity under our Credit Facilities due the breach of financial covenants.We will continue to monitor the rapidly evolving situation surrounding the COVID-19 pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities, and may take further actions based on their recommendations. There may be developments outside our control requiring us to adjust our plans accordingly. While we are closely monitoring this situation, we cannot predict the impact of COVID-19 on our future financial condition, results of operations or cash flows with any level of certainty. However, we expect that the COVID-19 pandemic will continue to have a material adverse impact on our future net investment income, the fair value of our portfolio investments, and the results of operations and financial condition of our portfolio companies. For information concerning the COVID-19 pandemic and its potential impact on our business and our operating results, see our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, including “Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations – COVID-19 Developments” and “Part II - Other Information – Item 1A. Risk Factors” therein.RECENT DEVELOPMENTSOn July 31, 2020, we and certain entities and managed accounts of the private credit investment manager of Pantheon Ventures (UK) LLP, or Pantheon, entered into an amended and restated limited liability company agreement to co-manage a newly-formed joint venture, PennantPark Senior Loan Fund, LLC, or “PSLF”, whereby Pantheon has invested $35.0 million to acquire a 28% stake in PSLF. PSLF will acquire Funding I from us. Funding I holds $356 million of senior loans as of July 31, 2020. Further, as a result of this transaction, Funding I will become a wholly-owned subsidiary of PSLF and deconsolidate from our financial statements. PSLF is expected to invest primarily in middle market senior loans consistent with our strategy.AVAILABLE INFORMATIONThe Company makes available on its website its report on Form 10-Q filed with the SEC and stockholders may find the report on our website at www.pennantpark.com.PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES  June 30, 2020  September 30, 2019    (unaudited)      Assets         Investments at fair value         Non-controlled, non-affiliated investments (cost—$1,084,872,788 and $922,304,099, respectively) $1,086,891,447  $936,632,099  Non-controlled, affiliated investments (cost—$77,628,920 and $77,600,816, respectively)  33,132,158   49,349,338  Controlled, affiliated investments (cost—$275,946,491 and $257,117,800, respectively)  213,325,256   233,451,359  Total of investments (cost—$1,438,448,199 and $1,257,022,715, respectively)  1,333,348,861   1,219,432,796  Cash and cash equivalents (cost—$51,620,212 and $59,546,438, respectively)  51,565,044   59,516,236  Interest receivable  5,230,894   6,226,539  Prepaid expenses and other assets  1,099,585   662,442  Total assets  1,391,244,384   1,285,838,013  Liabilities         Distributions payable  8,045,413   12,068,119  BNP Credit Facility payable, at fair value (cost—$245,000,000 and $171,000,000, respectively)  236,670,000   170,145,000  Truist Credit Facility payable, at fair value (cost—$417,636,000 and $301,636,000, respectively)  397,419,103   295,245,214  2024 Notes payable, net (par—$86,250,000 and $75,000,000, respectively)  83,671,185   72,256,607  SBA debentures payable, net (par—$133,500,000 and $150,000,000, respectively)  130,383,825   146,111,055  Base management fee payable, net  4,643,273   4,641,480  Interest payable on debt  5,666,385   2,895,695  Accrued other expenses  497,446   569,175  Total liabilities  866,996,630   703,932,345  Commitments and contingencies         Net assets         Common stock, 67,045,105 and 67,045,105 shares issued and outstanding, respectively   Par value $0.001 per share and 100,000,000 shares authorized  67,045   67,045  Paid-in capital in excess of par value  788,192,159   788,192,159  Distributable income  (264,011,450)  (206,353,536) Total net assets $524,247,754  $581,905,668  Total liabilities and net assets $1,391,244,384  $1,285,838,013  Net asset value per share $7.82  $8.68            PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)   Three Months Ended June 30,  Nine Months Ended June 30,    2020  2019  2020  2019  Investment income:                 From non-controlled, non-affiliated investments:                 Interest $20,118,883  $19,928,284  $63,252,326  $66,484,378  Payment-in-kind  2,099,536   1,987,294   5,962,936   4,625,804  Other income  1,165,825   530,923   2,107,027   1,992,875  From controlled, affiliated investments:                 Interest  588,818   3,435,510   1,793,442   7,272,766  Payment-in-kind  1,434,567   1,454,009   5,830,555   2,855,450  Other income  —   776,944   —   949,445  Total investment income  25,407,629   28,112,964   78,946,286   84,180,718  Expenses:                 Base management fee  4,643,273   4,653,657   14,266,402   13,583,748  Performance-based incentive fee  1,921,984   2,471,085   4,579,657   5,146,696  Interest and expenses on debt  8,316,571   7,808,175   26,145,154   21,119,041  Administrative services expenses  521,520   538,125   1,564,560   1,592,375  Other general and administrative expenses  643,480   692,178   1,936,322   2,002,723  Expenses before performance-based incentive fees waiver, financing costs and provision for taxes  16,046,828   16,163,220   48,492,095   43,444,583  Performance-based incentive fee waiver  (1,921,984)  —   (1,921,984)  —  Debt issuance costs  —   —   —   2,696,498  Make-whole premium  —   —   —   2,162,526  Provision for taxes  300,000   300,000   900,000   900,000  Net expenses  14,424,844   16,463,220   47,470,111   49,203,607  Net investment income  10,982,785   11,649,744   31,476,175   34,977,111  Realized and unrealized gain (loss) on investments and debt:                 Net realized loss on investments on:                 Non-controlled, non-affiliated investments  (109,739)  (43,486,868)  (10,719,114)  (33,757,334) Non-controlled and controlled, affiliated investments  —   (56,148,032)  —   (56,375,131) Net realized loss on investments  (109,739)  (99,634,900)  (10,719,114)  (90,132,465) Net change in unrealized appreciation (depreciation) on:                 Non-controlled, non-affiliated investments  11,319,274   36,381,944   (12,334,358)  7,535,406  Non-controlled and controlled, affiliated investments  18,495,283   57,045,559   (55,200,078)  45,366,352  Debt (appreciation) depreciation  (25,073,673)  186,504   21,301,111   9,914,139  Net change in unrealized appreciation (depreciation) on investments and debt  4,740,884   93,614,007   (46,233,325)  62,815,897  Net realized and unrealized gain (loss) from investments and debt  4,631,145   (6,020,893)  (56,952,439)  (27,316,568) Net increase (decrease) in net assets resulting from operations $15,613,930  $5,628,851  $(25,476,264) $7,660,543  Net increase (decrease) in net assets resulting from operations per common share $0.23  $0.08  $(0.38) $0.11  Net investment income per common share $0.16  $0.17  $0.47  $0.51                    ABOUT PENNANTPARK INVESTMENT CORPORATIONPennantPark Investment Corporation is a business development company which invests primarily in U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC PennantPark Investment Advisers, LLC is a leading middle market credit platform, which today has $3.6 billion of assets under management. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in New York and has offices in Chicago, Houston and Los Angeles.FORWARD-LOOKING STATEMENTSThis press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results, and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission as well as changes in the economy and risks associated with possible disruption in the Company’s operations or the economy generally due to terrorism, natural disasters or pandemics such as COVID-19. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.We may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations.CONTACT: Aviv Efrat PennantPark Investment Corporation (212) 905-1000 www.pennantpark.com
Wed, 29 Jul 2020
16:34:04 +0000
Analysts Estimate PennantPark (PNNT) to Report a Decline in Earnings: What to Look Out for
PennantPark (PNNT) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Thu, 09 Jul 2020
20:05:10 +0000
PennantPark Investment Corporation Schedules Earnings Release of Third Fiscal Quarter 2020 Results
NEW YORK, July 09, 2020 -- PennantPark Investment Corporation (the "Company") (NASDAQ: PNNT) announced that it will report results for the third fiscal quarter ended June 30,.
Tue, 23 Jun 2020
18:26:41 +0000
3 Big Dividend Stocks Yielding at Least 6%; SunTrust Says ‘Buy’
We’re in perplexing times. At this writing, the S&P 500 index stands at 3,153, just 7% below its all-time high. That high, reached back in February, came the day before the bottom fell out of the stock market, as the coronavirus crisis triggered the steepest, deepest – and fastest – stock market drop on record. “After a 40%-plus rebound in the S&P 500 since March, stocks became stretched to the upside and vulnerable to bad news,” SunTrust chief market strategist Keith Lerner noted. Lerner doesn’t see any pullback as a problem, however. Rather, he views it as a chance for investors to take advantage of lower points of entry, and realize strong gains as stock return to the upside.His colleagues at SunTrust agree, and have pointed out several stocks that are not just poised to make gains, but are also showing dividend yields in excess of 6%. It’s an unbeatable combination for income-minded investors: share appreciation and high-yielding dividend returns. We’ve pulled three of SunTrust’s stock recommendations from the TipRanks database, to find out what else makes them compelling buys.PennantPark Investment (PNNT)PennantPark is a business development company, with a diverse portfolio of senior debt, subordinated debt, and equity in middle market companies. PennantPark’s earnings were stable from Q4 through Q2, at 15 cents per share. Management, to keep the dividend stable, cut the payment back to 12 cents per share, effective with the July 1 payment. This gives an annualized payment of 48 cents, and an impressive yield of 13.9%. At current levels, this dividend payment is sustainable – and estimates for forward earnings are 16 cents per share in Q3.5-stars SunTrust analyst Mark Hughes has been impressed by PennantPark’s management and believes that the company's $3.40 share price presents a unique buying opportunity.Hughes notes that the company has adjusted its portfolio to mitigate risks during COVID-19, and that only 11% of the company’s investments are in high-risk categories. He writes, “While management has accepted lower yielding investments that are consistent with PNNT's lower risk mandate, we believe the BDC should be able to maintain an average 7.2% to 7.4% calculated portfolio yield through the end of F20…”To this end, Hughes rates PNNT a Buy along with a $4 price target, suggesting room for 18% upside growth this year. (To watch Hughes’ track record, click here)Overall, based on 2 Buy ratings and 1 Hold, the analyst consensus rates PNNT a Moderate Buy. Meanwhile, the average price target, which comes in at $4.33, implies shares could rise by 27% over the coming months. (See PNNT stock analysis on TipRanks)SL Green Realty Corporation (SLG)Real estate investment trusts are known for their high dividend yields. SL Green is able to base its operations in one of the most dynamic real estate markets in the world: New York City. The company owns over 40 properties in Manhattan, including such notable addresses as 100 Park Ave, 125 Park Ave, and One Vanderbilt Ave.With such strong properties in the portfolio, totaling over 14 million leasable square feet, it’s no wonder that SLG has remained profitable during the coronavirus era. The company saw earnings spike to $2.08 per share in Q1, more than enough to support the 29.5 cent monthly dividend payment. At $3.54 annually, this dividend gives a strong yield of 6.8%. Compared to the 2.16% average yield among peer companies in the financial sector, the attraction is obvious.The attraction is clear to SunTrust’s Ki Bin Kim, who writes, “We understand the risk inherent in a Manhattan landlord with relatively high financial leverage and ambitious development plans. That said, SLG is increasing already-substantial liquidity and we believe there is more potential upside in the stock as we look out 12 months beyond the pandemic than there is further downside. COVID-19 is a unique disruption, but we expect workers to eventually return to NYC office buildings…”As a result, Kim rates SLG a Buy alongside an $80 price target. This figure implies a powerful upside potential for the stock of 54% in the coming year. It’s a ringing endorsement of the recovering potential in NYC’s real estate market. (To watch Kim’s track record, click here)SunTrust takes a much more bullish position here than Wall Street generally. SLG has a Moderate Buy consensus rating, based on 3 Buys and 9 Holds. The average price target is $51.13, suggesting a 18.5% upside form the $51.87 share price. (See SLG stock analysis at TipRanks)TPG Specialty Lending (TSLX)Last up is TPG, a specialty finance company. TPG provides credit and capital access to middle market companies, offering financing and funding solutions for complex business models. It’s an important niche, as the mid-market is engine of American small business. .The coronavirus epidemic derailed TSLX in the first quarter, and the shares lost 48% in the February/March market slide. They have since rebounded, gaining 60% from their trough. In each case – the slide and the rebound, the stock showed greater movement than the broader markets.For Q1, TSLX reported 51 cents per share earnings, which was stable sequentially and in line with expectations. At that level, earnings are clearly enough to support the regular dividend, which was declared for Q2 at 41 cents per share base. The company has a history of also paying out special dividends when it is able. The current dividend yield is 9.56%, impressive by any standards.Mark Hughes, cited above, likes TSLX shares, and rates them a Buy. In his recent research note, Hughes noted, "We believe management continues to skillfully navigate an increasingly competitive market with widening lending spreads with its conservative originations approach, especially in a period where some of their portfolio companies could be severely impacted from the COVID-19 fallout… We are increasing our 2021 NII/share estimate to $1.86 from $1.67 contemplating higher portfolio yields despite a slightly smaller portfolio. We believe the yield forecast in particular has the potential for upside, due to the embedded call protection that is packaged in almost every loan…” (To watch Hughes’ track record, click here)All in all, Wall Street likes TSLX shares, as shown by the unanimous Strong Buy consensus rating, based on 7 Buys given in the last two months. Yet, shares are currently priced at $17.16, and the $17.43 average price target suggests a modest upside. (See TSLX stock-price forecast on TipRanks)To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Mon, 22 Jun 2020
02:39:13 +0000
Hedge Funds Are Cashing Out Of PennantPark Investment Corp. (PNNT)
We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. In this article, we look at what those funds think […]

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Pennantpark Investment Corporation (PNNT)