Provident Investment Management Inc. Acquires 426,797 Shares of The Pennant Group, Inc. $PNTG

Provident Investment Management Inc. increased its stake in The Pennant Group, Inc. (NASDAQ:PNTG) by 161.0% in the 4th quarter, HoldingsChannel reports. The fund owned 691,862 shares of the company’s stock after acquiring an additional 426,797 shares during the period. The Pennant Group accounts for approximately 1.8% of Provident Investment Management Inc.’s holdings, making the stock its 23rd largest holding. Provident Investment Management Inc.’s holdings in The Pennant Group were worth $19,476,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PNTG. Van Berkom & Associates Inc. raised its holdings in shares of The Pennant Group by 10.1% in the third quarter. Van Berkom & Associates Inc. now owns 3,112,812 shares of the company’s stock worth $78,505,000 after buying an additional 284,856 shares during the period. Vanguard Group Inc. lifted its stake in The Pennant Group by 4.2% in the fourth quarter. Vanguard Group Inc. now owns 2,049,968 shares of the company’s stock worth $57,707,000 after acquiring an additional 82,071 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of The Pennant Group by 8.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 805,992 shares of the company’s stock worth $20,327,000 after purchasing an additional 60,784 shares during the period. WCM Investment Management LLC bought a new stake in The Pennant Group during the 3rd quarter valued at $16,100,000. Finally, Ameriprise Financial Inc. boosted its position in The Pennant Group by 24.3% during the third quarter. Ameriprise Financial Inc. now owns 597,763 shares of the company’s stock valued at $15,076,000 after purchasing an additional 116,814 shares in the last quarter. 85.88% of the stock is owned by hedge funds and other institutional investors.

The Pennant Group Price Performance

NASDAQ:PNTG opened at $34.13 on Tuesday. The Pennant Group, Inc. has a one year low of $21.73 and a one year high of $37.54. The stock has a market cap of $1.19 billion, a PE ratio of 40.15, a P/E/G ratio of 2.45 and a beta of 1.28. The stock has a 50 day moving average price of $31.73 and a 200 day moving average price of $29.61. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.19 and a current ratio of 1.19.

The Pennant Group (NASDAQ:PNTG) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.01. The firm had revenue of $285.36 million during the quarter, compared to analysts’ expectations of $280.75 million. The Pennant Group had a net margin of 2.96% and a return on equity of 10.07%. Equities research analysts expect that The Pennant Group, Inc. will post 1.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PNTG. Wall Street Zen downgraded shares of The Pennant Group from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Truist Financial increased their price target on shares of The Pennant Group from $36.00 to $42.00 and gave the stock a “buy” rating in a report on Friday. Wells Fargo & Company increased their price target on The Pennant Group from $38.00 to $41.00 and gave the stock an “overweight” rating in a research report on Friday. Zacks Research lowered shares of The Pennant Group from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Finally, 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 research note on Friday. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

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.