FBR Capital Maintains "Outperform" Rating on PennantPark Investment (NASDAQ:PNNT)

Seeing nothing that will change the relatively level performance expectations concerning PennantPark Investment (NASDAQ:PNNT), FBR Capital say they're reiterating their "Outperform" rating on the company.

FBR analyst said, "Overall, PennantPark reported a largely in-line quarter. As expected, PennantPark's SBIC subsidiary completed its SBA audit and now has a $100 million commitment from the SBA. Management continues to see a strong pipeline for new deal activity likely ahead of uncertainty about tax law changes. For that reason, we would not be surprised to see deal volumes taper off in C1Q11. PennantPark, in our view, has the liquidity to opportunistically cash in on deal flow, which coupled with its portfolio recycling should benefit NOI and dividend outlook. We are tweaking our FY11 NOI estimate to $1.18 (from $1.17) and introducing our FY12 NOI estimate at $1.20."

PennantPark closed Friday at $11.18, falling $0.26, or 2.27 percent. FBR has a price target of $12 on them.