BlackRock Inc. Acquires New Shares in The Pennant Group, Inc. $PNTG

Key Points

• BlackRock acquired 2.96 million shares of The Pennant Group in the second quarter, valued at approximately $109.3 million and representing an 8.51% stake.
• Institutional ownership remains high at 85.88%, with several other funds initiating or increasing positions during the quarter, including Wasatch Advisors, which raised its holdings by 31.8%.
• The company beat quarterly earnings and revenue estimates, reporting $0.36 EPS and $297.98 million in revenue. Analysts maintain a generally bullish view, with a “Moderate Buy” consensus and an average price target of $41.60.

BlackRock Inc. acquired a new position in The Pennant Group, Inc. (NASDAQ:PNTG - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 2,959,141 shares of the company's stock, valued at approximately $109,340,000. BlackRock Inc. owned approximately 8.51% of The Pennant Group as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of PNTG. Deutsche Bank AG bought a new position in The Pennant Group during the second quarter valued at approximately $5,132,000. Rice Hall James & Associates LLC purchased a new stake in The Pennant Group during the 2nd quarter valued at $9,241,000. Bank of New York Mellon Corp purchased a new stake in The Pennant Group during the 2nd quarter valued at $4,225,000. State of Wyoming bought a new position in shares of The Pennant Group during the 2nd quarter valued at $396,000. Finally, Wasatch Advisors LP lifted its holdings in shares of The Pennant Group by 31.8% during the 2nd quarter. Wasatch Advisors LP now owns 1,870,178 shares of the company's stock valued at $69,103,000 after buying an additional 451,491 shares during the period. Hedge funds and other institutional investors own 85.88% of the company's stock.

The Pennant Group Trading Down 2.0%

NASDAQ PNTG opened at $37.08 on Friday. The company's 50-day moving average price is $39.01 and its 200-day moving average price is $34.66. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.48. The stock has a market cap of $1.30 billion, a PE ratio of 41.20, a PEG ratio of 2.42 and a beta of 1.26. The Pennant Group, Inc. has a 12 month low of $22.25 and a 12 month high of $42.69.

The Pennant Group (NASDAQ:PNTG - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. The company had revenue of $297.98 million during the quarter, compared to analyst estimates of $288.71 million. The Pennant Group had a net margin of 2.93% and a return on equity of 10.33%. The Pennant Group has set its FY 2026 guidance at 1.340-1.410 EPS. Equities research analysts forecast that The Pennant Group, Inc. will post 1.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company lifted their target price on The Pennant Group from $45.00 to $46.00 and gave the stock an "overweight" rating in a report on Tuesday, August 11th. Wall Street Zen raised The Pennant Group from a "hold" rating to a "buy" rating in a research note on Saturday, June 20th. Weiss Ratings upgraded The Pennant Group from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, August 19th. Royal Bank Of Canada lifted their price objective on The Pennant Group from $42.00 to $44.00 and gave the stock an "outperform" rating in a research note on Thursday, August 20th. Finally, Truist Financial upped their price objective on The Pennant Group from $42.00 to $48.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, The Pennant Group presently has an average rating of "Moderate Buy" and an average target price of $41.60.

The Pennant Group Company Profile

The Pennant Group NASDAQ: PNTG is a publicly traded holding company that provides specialized services to the asset management industry. Through its operating subsidiaries, the company delivers outsourced fund administration, securities lending, prime brokerage, and capital markets solutions designed to support hedge funds, private equity firms, mutual funds and other institutional investors. By leveraging a combination of technology platforms and industry expertise, The Pennant Group helps clients streamline middle- and back-office processes, enhance operational efficiency and manage regulatory requirements.

Key service offerings include fund accounting and reporting, trade settlement and reconciliation, risk monitoring, securities lending programs and execution support across a range of asset classes.

Want to see what other hedge funds are holding PNTG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Pennant Group, Inc. (NASDAQ:PNTG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source