Hennessy Advisors (NASDAQ:HNNA) Posts Earnings Results

Hennessy Advisors (NASDAQ:HNNA) issued its quarterly earnings results on Wednesday. The asset manager reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.09), FiscalAI reports. The company had revenue of $8.13 million during the quarter, compared to analyst estimates of $9.61 million. Hennessy Advisors had a return on equity of 9.33% and a net margin of 26.52%.

Hennessy Advisors Stock Down 0.6%

Hennessy Advisors stock traded down $0.06 during mid-day trading on Wednesday, hitting $9.91. The company’s stock had a trading volume of 6,120 shares, compared to its average volume of 4,072. The stock has a market capitalization of $78.19 million, a P/E ratio of 8.69 and a beta of 0.59. Hennessy Advisors has a twelve month low of $8.90 and a twelve month high of $13.19. The stock’s fifty day moving average price is $9.82 and its two-hundred day moving average price is $9.88.

Hennessy Advisors Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 4th. Investors of record on Wednesday, February 18th were issued a dividend of $0.15 per share. The ex-dividend date was Wednesday, February 18th. This is a positive change from Hennessy Advisors’s previous quarterly dividend of $0.14. This represents a $0.60 dividend on an annualized basis and a yield of 6.1%. Hennessy Advisors’s payout ratio is 52.63%.

Institutional Investors Weigh In On Hennessy Advisors

Several large investors have recently modified their holdings of HNNA. Empowered Funds LLC grew its holdings in shares of Hennessy Advisors by 14.6% in the 4th quarter. Empowered Funds LLC now owns 13,192 shares of the asset manager’s stock worth $127,000 after acquiring an additional 1,678 shares during the last quarter. Evergreen Capital Management LLC purchased a new stake in shares of Hennessy Advisors during the second quarter valued at $190,000. Bridgeway Capital Management LLC boosted its position in shares of Hennessy Advisors by 6.7% in the 2nd quarter. Bridgeway Capital Management LLC now owns 17,060 shares of the asset manager’s stock valued at $215,000 after purchasing an additional 1,072 shares during the period. Citadel Advisors LLC purchased a new position in Hennessy Advisors in the 3rd quarter worth about $218,000. Finally, Susquehanna International Group LLP increased its stake in Hennessy Advisors by 108.5% in the 3rd quarter. Susquehanna International Group LLP now owns 26,553 shares of the asset manager’s stock worth $280,000 after purchasing an additional 13,819 shares in the last quarter. 10.31% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of Hennessy Advisors in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of “Hold”.

About Hennessy Advisors

Hennessy Advisors, Inc is an investment advisory firm specializing in the management of closed-end and open-end funds, as well as separate account strategies. Serving as the investment adviser to a family of publicly traded closed-end funds and a series of mutual funds, the company focuses on generating income and total return for its shareholders by deploying a range of equity and fixed-income strategies. Hennessy Advisors is registered with the U.S. Securities and Exchange Commission and operates under the Investment Advisers Act of 1940.

The firm’s product lineup includes multiple closed-end funds that invest in U.S.