Federated Hermes Inc. Lowers Stock Position in The Pennant Group, Inc. (NASDAQ:PNTG)

Key Points

• Federated Hermes Inc. significantly reduced its stake in The Pennant Group by 53.4% during the first quarter, now owning 25,052 shares valued at approximately $630,000.
• Wall Street analysts generally have a positive outlook on The Pennant Group, with a consensus rating of "Moderate Buy" and a target price of $33.80.
• The Pennant Group's stock performance was strong lately, trading up to $26.00 per share, with notable trading volume of over 1 million shares.

Federated Hermes Inc. lessened its holdings in shares of The Pennant Group, Inc. (NASDAQ:PNTG - Free Report) by 53.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 25,052 shares of the company's stock after selling 28,699 shares during the quarter. Federated Hermes Inc. owned about 0.07% of The Pennant Group worth $630,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. FMR LLC raised its holdings in The Pennant Group by 54.5% in the fourth quarter. FMR LLC now owns 3,906,327 shares of the company's stock valued at $103,596,000 after acquiring an additional 1,377,815 shares in the last quarter. Van Berkom & Associates Inc. raised its holdings in The Pennant Group by 29.6% in the first quarter. Van Berkom & Associates Inc. now owns 2,849,562 shares of the company's stock valued at $71,666,000 after acquiring an additional 651,346 shares in the last quarter. 8 Knots Management LLC raised its holdings in The Pennant Group by 1.5% in the fourth quarter. 8 Knots Management LLC now owns 2,432,710 shares of the company's stock valued at $64,515,000 after acquiring an additional 35,975 shares in the last quarter. Vanguard Group Inc. raised its holdings in The Pennant Group by 11.0% in the fourth quarter. Vanguard Group Inc. now owns 2,261,564 shares of the company's stock valued at $59,977,000 after acquiring an additional 223,919 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in The Pennant Group by 6.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 817,857 shares of the company's stock valued at $21,689,000 after acquiring an additional 50,502 shares in the last quarter. Institutional investors and hedge funds own 85.88% of the company's stock.

Wall Street Analysts Forecast Growth

PNTG has been the topic of several analyst reports. Wells Fargo & Company raised their target price on shares of The Pennant Group from $30.00 to $31.00 and gave the company an "equal weight" rating in a report on Tuesday, June 3rd. Stephens reaffirmed an "overweight" rating and issued a $35.00 target price on shares of The Pennant Group in a report on Tuesday, June 10th. Wall Street Zen raised shares of The Pennant Group from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Truist Financial reduced their target price on shares of The Pennant Group from $32.00 to $28.00 and set a "hold" rating on the stock in a report on Wednesday, July 16th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, The Pennant Group currently has an average rating of "Moderate Buy" and an average price target of $33.80.

Insider Buying and Selling

In other The Pennant Group news, Director Joanne Stringfield sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $29.47, for a total value of $147,350.00. Following the transaction, the director directly owned 30,275 shares in the company, valued at $892,204.25. This represents a 14.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.40% of the stock is owned by corporate insiders.

The Pennant Group Stock Down 0.2%

The Pennant Group stock traded down $0.06 during mid-day trading on Tuesday, hitting $26.10. The company had a trading volume of 66,669 shares, compared to its average volume of 239,594. The stock has a market cap of $901.84 million, a price-to-earnings ratio of 33.45, a PEG ratio of 2.21 and a beta of 1.48. The Pennant Group, Inc. has a 1 year low of $21.18 and a 1 year high of $37.13. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.11. The business has a fifty day moving average of $25.99 and a 200 day moving average of $25.99.

The Pennant Group Profile

The Pennant Group, Inc provides healthcare services in the United States. It operates in two segments, Home Health and Hospice Services, and Senior Living Services. The company offers home health services, including clinical services, such as nursing, speech, occupational and physical therapy, medical social work, and home health aide services; and hospice services comprising clinical care, education, and counseling services for the physical, spiritual, and psychosocial needs of terminally ill patients and their families.