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Top Buys by Top Brass: CEO Penn's $394.3K Bet on PNNT

By Dividend Channel Staff, Friday, November 15, 2:01 PM ET
Play Video: One Reason For Insiders to Buy


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A company's own top management tend to have the best inside view into the business, so when company officers make major buys, investors are wise to take notice. Presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by the ''top brass'' over the trailing six month period, one of which was a total of $394.3K invested across 4 purchases by Arthur H. Penn, CEO at Pennantpark Investment Corporation (NASDAQ:PNNT).

Penn bets big on PNNT:

Purchased Insider Title Shares Price/Share Value
08/09/2019 Arthur H. Penn Chairman and CEO / Investment 15,000 $6.39 $95,841.00
08/12/2019 Arthur H. Penn Chairman and CEO / Investment 15,000 $6.30 $94,491.00
08/13/2019 Arthur H. Penn Chairman and CEO / Investment 17,000 $6.40 $108,777.90
08/15/2019 Arthur H. Penn Chairman and CEO / Investment 15,000 $6.35 $95,199.00

Penn's average cost works out to $6.36/share. In trading on Friday, bargain hunters could buy shares of Pennantpark Investment Corporation (NASDAQ:PNNT) and achieve a cost basis lower than Penn, with shares changing hands as low as $5.92 per share. Shares of Pennantpark Investment Corporation were changing hands at $5.95 at last check, trading down about 0.3% on Friday. The chart below shows the one year performance of PNNT shares, versus its 200 day moving average:

Pennantpark Investment Corporation Chart

Looking at the chart above, PNNT's low point in its 52 week range is $5.92 per share, with $7.40 as the 52 week high point — that compares with a last trade of $5.95.

The current annualized dividend paid by Pennantpark Investment Corporation is $0.72/share, currently paid in quarterly installments, and its most recent dividend ex-date was on 09/16/2019. Below is a long-term dividend history chart for PNNT, which can be of good help in judging whether the most recent dividend with approx. 12.1% annualized yield is likely to continue.


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