Perigon Wealth Management LLC Takes Position in Hennessy Advisors, Inc. $HNNA

Perigon Wealth Management LLC acquired a new position in Hennessy Advisors, Inc. (NASDAQ:HNNA) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 63,798 shares of the asset manager’s stock, valued at approximately $648,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in Hennessy Advisors by 2.0% during the 2nd quarter. Geode Capital Management LLC now owns 51,894 shares of the asset manager’s stock worth $654,000 after buying an additional 1,014 shares during the last quarter. Bridgeway Capital Management LLC boosted its holdings in Hennessy Advisors by 6.7% in the second quarter. Bridgeway Capital Management LLC now owns 17,060 shares of the asset manager’s stock worth $215,000 after acquiring an additional 1,072 shares in the last quarter. Evergreen Capital Management LLC acquired a new stake in Hennessy Advisors in the second quarter worth about $190,000. Citadel Advisors LLC purchased a new stake in shares of Hennessy Advisors during the third quarter worth about $218,000. Finally, Susquehanna International Group LLP grew its stake in shares of Hennessy Advisors by 108.5% during the third quarter. Susquehanna International Group LLP now owns 26,553 shares of the asset manager’s stock worth $280,000 after acquiring an additional 13,819 shares during the last quarter. 10.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered shares of Hennessy Advisors from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold”.

Hennessy Advisors Price Performance

Shares of NASDAQ:HNNA opened at $10.02 on Thursday. Hennessy Advisors, Inc. has a 52-week low of $8.90 and a 52-week high of $13.00. The stock has a market cap of $79.16 million, a price-to-earnings ratio of 9.63 and a beta of 0.59. The business has a 50-day moving average price of $10.00 and a 200-day moving average price of $9.95.

Hennessy Advisors (NASDAQ:HNNA) last issued its earnings results on Wednesday, August 5th. The asset manager reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.12). Hennessy Advisors had a net margin of 24.77% and a return on equity of 8.31%. The firm had revenue of $8.39 million during the quarter, compared to analysts’ expectations of $9.96 million.

Hennessy Advisors Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 6.0%. The ex-dividend date of this dividend is Thursday, August 20th. Hennessy Advisors’s dividend payout ratio is 57.69%.

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.