Bank of America Corp DE Grows Position in The Pennant Group, Inc. (NASDAQ:PNTG)

Bank of America Corp DE lifted its stake in The Pennant Group, Inc. (NASDAQ:PNTG - Free Report) by 94.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 122,340 shares of the company's stock after purchasing an additional 59,286 shares during the quarter. Bank of America Corp DE owned 0.36% of The Pennant Group worth $3,244,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also bought and sold shares of PNTG. Quarry LP boosted its position in shares of The Pennant Group by 166.8% during the fourth quarter. Quarry LP now owns 2,705 shares of the company's stock valued at $72,000 after buying an additional 1,691 shares during the last quarter. Summit Investment Advisors Inc. raised its stake in The Pennant Group by 20.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 3,414 shares of the company's stock worth $91,000 after acquiring an additional 575 shares during the period. Public Employees Retirement Association of Colorado purchased a new position in shares of The Pennant Group during the 4th quarter valued at $122,000. KLP Kapitalforvaltning AS purchased a new position in shares of The Pennant Group in the fourth quarter valued at about $188,000. Finally, LPL Financial LLC bought a new position in The Pennant Group in the 4th quarter worth approximately $225,000. 85.88% of the stock is owned by hedge funds and other institutional investors.

The Pennant Group Stock Down 0.7%

The Pennant Group stock traded down $0.19 during trading hours on Wednesday, reaching $28.88. The stock had a trading volume of 122,259 shares, compared to its average volume of 223,475. The business's 50 day moving average price is $26.86 and its 200-day moving average price is $26.91. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.12 and a quick ratio of 1.12. The Pennant Group, Inc. has a 52 week low of $21.18 and a 52 week high of $37.13. The company has a market cap of $995.46 million, a price-to-earnings ratio of 42.47, a PEG ratio of 2.24 and a beta of 1.56.

Insider Activity at The Pennant Group

In related news, Director Joanne Stringfield sold 5,000 shares of the company's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $29.47, for a total transaction of $147,350.00. Following the transaction, the director now directly owns 30,275 shares of the company's stock, valued at $892,204.25. This represents a 14.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 5.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PNTG. Wells Fargo & Company raised their price target on The Pennant Group from $30.00 to $31.00 and gave the company an "equal weight" rating in a report on Tuesday. Stephens reaffirmed an "overweight" rating and issued a $38.00 price objective on shares of The Pennant Group in a research report on Wednesday, April 2nd. Finally, Truist Financial upped their target price on The Pennant Group from $28.00 to $32.00 and gave the stock a "hold" rating in a report on Monday, May 12th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, The Pennant Group presently has a consensus rating of "Moderate Buy" and an average price target of $35.20.

The Pennant Group Company 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.