The Pennant Group, Inc. $PNTG Stake Cut by Riverbridge Partners LLC

Riverbridge Partners LLC decreased its holdings in shares of The Pennant Group, Inc. (NASDAQ:PNTG) by 6.2% in the 1st quarter, Holdings Channel reports. The firm owned 661,051 shares of the company’s stock after selling 43,484 shares during the quarter. Riverbridge Partners LLC’s holdings in The Pennant Group were worth $20,149,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Ameriprise Financial Inc. bought a new position in shares of The Pennant Group in the 2nd quarter worth about $14,356,000. Provident Investment Management Inc. raised its stake in The Pennant Group by 161.0% during the fourth quarter. Provident Investment Management Inc. now owns 691,862 shares of the company’s stock worth $19,476,000 after acquiring an additional 426,797 shares during the period. Loomis Sayles & Co. L P acquired a new stake in The Pennant Group during the fourth quarter worth about $11,023,000. Rhenman & Partners Asset Management AB bought a new position in The Pennant Group in the fourth quarter worth about $10,059,000. Finally, Wellington Management Group LLP lifted its holdings in The Pennant Group by 71.1% in the fourth quarter. Wellington Management Group LLP now owns 817,914 shares of the company’s stock worth $23,024,000 after acquiring an additional 339,870 shares during the last quarter. 85.88% of the stock is owned by institutional investors and hedge funds.

The Pennant Group Price Performance

NASDAQ PNTG opened at $34.23 on Wednesday. The company has a 50-day moving average price of $32.73 and a two-hundred day moving average price of $31.27. The Pennant Group, Inc. has a 52 week low of $21.73 and a 52 week high of $37.54. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of 40.27, a price-to-earnings-growth ratio of 2.26 and a beta of 1.29. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 0.42.

The Pennant Group (NASDAQ:PNTG) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. The company had revenue of $285.36 million for the quarter, compared to analysts’ expectations of $280.75 million. The Pennant Group had a return on equity of 10.07% and a net margin of 2.96%. Analysts forecast that The Pennant Group, Inc. will post 1.14 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently commented on PNTG. Weiss Ratings lowered The Pennant Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, June 12th. Royal Bank Of Canada raised their price target on The Pennant Group from $41.00 to $42.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. Wells Fargo & Company boosted their price objective on The Pennant Group from $38.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Truist Financial upped their price objective on The Pennant Group from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Finally, Wall Street Zen raised The Pennant Group from a “hold” rating to a “buy” rating in a research report on Saturday. Six investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $39.00.

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.