Bank of New York Mellon Corp Has $2.94 Million Stake in The Pennant Group, Inc. (NASDAQ:PNTG)

Bank of New York Mellon Corp boosted its stake in shares of The Pennant Group, Inc. (NASDAQ:PNTG) by 3.0% in the 4th quarter, Holdings Channel.com reports. The firm owned 110,963 shares of the company’s stock after buying an additional 3,233 shares during the quarter. Bank of New York Mellon Corp’s holdings in The Pennant Group were worth $2,943,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of The Pennant Group in the third quarter valued at approximately $363,000. Intech Investment Management LLC bought a new position in The Pennant Group in the third quarter valued at $232,000. Navellier & Associates Inc. acquired a new stake in shares of The Pennant Group in the 3rd quarter valued at approximately $874,000. Charles Schwab Investment Management Inc. lifted its position in shares of The Pennant Group by 1.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 242,743 shares of the company’s stock valued at $8,666,000 after buying an additional 2,982 shares during the last quarter. Finally, Algert Global LLC raised its holdings in The Pennant Group by 18.1% in the 3rd quarter. Algert Global LLC now owns 88,502 shares of the company’s stock valued at $3,160,000 after acquiring an additional 13,560 shares during the period. 85.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PNTG shares. Truist Financial lowered their price objective on The Pennant Group from $32.00 to $28.00 and set a “hold” rating on the stock in a research note on Friday, March 7th. Wells Fargo & Company began coverage on The Pennant Group in a research note on Thursday, December 19th. They set an “equal weight” rating and a $33.00 target price for the company. Finally, Stephens restated an “overweight” rating and set a $38.00 price target on shares of The Pennant Group in a research note on Tuesday, March 11th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, The Pennant Group presently has an average rating of “Moderate Buy” and an average price target of $34.80.

The Pennant Group Price Performance

Shares of NASDAQ PNTG opened at $24.13 on Friday. The stock has a fifty day simple moving average of $25.68 and a two-hundred day simple moving average of $29.61. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.58. The Pennant Group, Inc. has a 1-year low of $19.28 and a 1-year high of $37.13. The firm has a market cap of $830.80 million, a price-to-earnings ratio of 35.49, a price-to-earnings-growth ratio of 2.24 and a beta of 2.06.

The Pennant Group 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.