Bank of New York Mellon Corp Buys 3,233 Shares of 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% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 110,963 shares of the company’s stock after purchasing an additional 3,233 shares during the period. Bank of New York Mellon Corp owned approximately 0.32% of The Pennant Group worth $2,943,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Quarry LP grew its holdings in The Pennant Group by 371.6% in the third quarter. Quarry LP now owns 1,014 shares of the company’s stock valued at $36,000 after purchasing an additional 799 shares during the period. Point72 Asia Singapore Pte. Ltd. lifted its position in shares of The Pennant Group by 460.2% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 3,311 shares of the company’s stock worth $118,000 after purchasing an additional 2,720 shares in the last quarter. Intech Investment Management LLC acquired a new position in The Pennant Group during the 3rd quarter worth $232,000. HighTower Advisors LLC purchased a new position in The Pennant Group in the third quarter worth approximately $282,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of The Pennant Group in the 3rd quarter valued at about $363,000. 85.88% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PNTG has been the subject of several research analyst reports. Wells Fargo & Company began coverage on The Pennant Group in a report on Thursday, December 19th. They issued an “equal weight” rating and a $33.00 price objective for the company. Stephens reiterated an “overweight” rating and set a $38.00 price objective on shares of The Pennant Group in a research report on Tuesday, March 11th. Finally, Truist Financial lowered their price objective on shares of The Pennant Group from $32.00 to $28.00 and set a “hold” rating for the company in a research note on Friday, March 7th. Two equities 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 stock has an average rating of “Moderate Buy” and a consensus price target of $34.80.

The Pennant Group Price Performance

PNTG stock opened at $24.13 on Friday. The company has a market capitalization of $830.80 million, a PE ratio of 35.49, a P/E/G ratio of 2.24 and a beta of 2.06. The Pennant Group, Inc. has a 52-week low of $19.28 and a 52-week high of $37.13. The stock’s 50 day moving average is $25.68 and its two-hundred day moving average is $29.61. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.58.

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.