Van Berkom & Associates Inc. Has $81.36 Million Stock Position in The Pennant Group, Inc. $PNTG

Key Points

• Van Berkom & Associates cut its Pennant Group stake by 14.3% in the first quarter, but still held 2.67 million shares valued at about $81.36 million, making PNTG its 11th-largest position.
• Other institutional investors were active in the stock too, with Wasatch Advisors sharply increasing its holdings and hedge funds collectively owning 85.88% of Pennant Group shares.
• Shares of Pennant Group have risen to near their 52-week high after the company beat quarterly earnings and revenue estimates, while analysts remain broadly positive with a Moderate Buy consensus and several recent price-target increases.

Van Berkom & Associates Inc. reduced its position in The Pennant Group, Inc. (NASDAQ:PNTG - Free Report) by 14.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,669,434 shares of the company's stock after selling 445,879 shares during the period. The Pennant Group comprises approximately 2.7% of Van Berkom & Associates Inc.'s holdings, making the stock its 11th largest position. Van Berkom & Associates Inc. owned approximately 7.64% of The Pennant Group worth $81,364,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Wasatch Advisors LP boosted its stake in The Pennant Group by 143.2% in the 1st quarter. Wasatch Advisors LP now owns 1,418,687 shares of the company's stock worth $43,242,000 after purchasing an additional 835,227 shares during the period. Ameriprise Financial Inc. purchased a new stake in shares of The Pennant Group in the second quarter valued at $14,356,000. Provident Investment Management Inc. lifted its holdings in shares of The Pennant Group by 161.0% in the fourth quarter. Provident Investment Management Inc. now owns 691,862 shares of the company's stock valued at $19,476,000 after purchasing an additional 426,797 shares in the last quarter. Loomis Sayles & Co. L P purchased a new stake in shares of The Pennant Group in the fourth quarter valued at $11,023,000. Finally, Rhenman & Partners Asset Management AB acquired a new stake in shares of The Pennant Group in the fourth quarter worth $10,059,000. Hedge funds and other institutional investors own 85.88% of the company's stock.

The Pennant Group Stock Performance

Shares of NASDAQ:PNTG opened at $41.95 on Monday. The firm has a fifty day moving average of $35.45 and a two-hundred day moving average of $32.46. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 0.42. The Pennant Group, Inc. has a 12-month low of $21.73 and a 12-month high of $42.47. The firm has a market capitalization of $1.46 billion, a P/E ratio of 49.35, a price-to-earnings-growth ratio of 2.82 and a beta of 1.25.

The Pennant Group (NASDAQ:PNTG - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.32 earnings per share for the quarter, topping analysts' consensus estimates of $0.31 by $0.01. The Pennant Group had a net margin of 2.96% and a return on equity of 10.07%. The business had revenue of $285.36 million for the quarter, compared to the consensus estimate of $280.75 million. On average, equities analysts expect that The Pennant Group, Inc. will post 1.14 EPS for the current fiscal year.

Analysts Set New Price Targets

PNTG has been the topic of a number of research analyst reports. Royal Bank Of Canada lifted their price target on The Pennant Group from $41.00 to $42.00 and gave the company an "outperform" rating in a report on Friday, May 8th. Truist Financial increased their price objective on The Pennant Group from $42.00 to $48.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Wall Street Zen upgraded The Pennant Group from a "hold" rating to a "buy" rating in a research report on Saturday, June 20th. Wells Fargo & Company lifted their target price on The Pennant Group from $41.00 to $45.00 and gave the company an "overweight" rating in a research note on Monday, July 13th. Finally, Weiss Ratings upgraded The Pennant Group from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, July 1st. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $41.00.

The Pennant Group 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.

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