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Hennessy Advisors, Inc. (Nasdaq: HNNA) is a public investment management company based in Novato, California. The firm specializes in managing and marketing open-end mutual funds branded as Hennessy Funds, offering a variety of investment products including domestic equity, sector, specialty, balanced, and fixed income funds. Hennessy Advisors provides comprehensive investment advisory services, which encompass managing fund portfolios, investment research, and ensuring compliance with investment restrictions and regulations.
Hennessy Advisors operates under a disciplined investment philosophy that emphasizes a buy-and-hold strategy, rejecting market timing in favor of long-term gains. This approach is designed to benefit shareholders through consistent and reliable fund performance. The firm's commitment to integrity, honesty, and transparency is central to its operations, setting it apart in the investment management industry.
Recent financial reports highlight Hennessy Advisors' resilience and strategic growth. For the third fiscal quarter ending June 30, 2023, the company reported a quarterly dividend of $0.1375 per share, representing an annualized yield of 7.8%. Despite a downtrend in total assets under management compared to the previous year, the firm experienced a 4% increase over the last three months, partly due to the impending acquisition of CCM Equity Funds.
For the fiscal year ending September 30, 2023, Hennessy Advisors noted positive returns across its funds, with the majority outperforming broader market indices like the S&P 500 and the Dow Jones Industrial Average. This strong performance was sustained into the first fiscal quarter of 2024, where all 17 Hennessy Funds recorded positive returns for the calendar year 2023. The company continues to maintain a robust financial position, with cash net of debt increasing by over 15% in the past twelve months.
Strategic acquisitions play a significant role in Hennessy Advisors' growth strategy. The integration of CCM Small/Mid-Cap Impact Value Fund assets into their ETF lineup is a recent example of their focus on enhancing product offerings and expanding their market presence.
Overall, Hennessy Advisors remains steadfast in its mission to deliver value to shareholders through disciplined investment management, superior service, and strategic growth initiatives.
Hennessy Advisors (HNNA) reported strong financial results for fiscal year 2024, with total revenue increasing 23% to $29.6 million and net income rising 49% to $7.1 million. The company achieved a 46% increase in fully diluted earnings per share to $0.92. Assets under management grew significantly, with total AUM reaching $4.6 billion, up 53% from the previous year.
The company executed its business strategy successfully by purchasing $72 million in mutual fund assets, welcoming $549 million in net new assets, and benefiting from nearly $1 billion in market appreciation. All 17 Hennessy Funds posted positive returns for the year, with the company maintaining strong cash positions of $23.7 million net of debt, representing a 17% increase.
Hennessy Advisors (NASDAQ: HNNA) has announced the transfer of its Hennessy Stance ESG ETF (STNC) listing from NYSE Arca to Nasdaq, effective December 18, 2024. The transfer, approved by the Board of Trustees on September 25, 2024, aims to maintain the ETF's listing on a national securities exchange while reducing annual expenses. The fund will continue trading under the symbol 'STNC'.
Neil Hennessy, Chairman and CEO, emphasized that this move is designed to lower annual expenses while maintaining the ETF's national securities exchange listing status.
Hennessy Advisors (NASDAQ: HNNA) has declared a quarterly dividend of $0.1375 per share, payable on November 27, 2024, to shareholders of record as of November 14, 2024. The dividend represents an annualized yield of 5.28% based on the October 29, 2024 closing price of $10.41. This marks the company's second decade of consistent dividend payments, with the current dividend being supported by both earnings and cash flow.
Hennessy Advisors, Inc. (HNNA) reported strong financial results for its third fiscal quarter of 2024, ending June 30. The company saw a 73% increase in quarterly earnings per share and announced a quarterly dividend of $0.1375 per share. Key highlights include:
- Total revenue of $7.8 million, up 37%
- Net income of $2.0 million, up 82%
- Fully diluted EPS of $0.26, up 73%
- Average assets under management of $3.9 billion, up 37%
- Total assets under management of $4.0 billion, up 36%
The company's growth is attributed to fund acquisitions, net inflows, and fund performance. CEO Neil Hennessy expressed optimism about the U.S. stock market's performance, citing positive factors such as lower inflation data and solid GDP growth estimates for 2024.
Hennessy Advisors, Inc. reported a 25% increase in quarterly earnings per share and announced a quarterly dividend. The firm highlighted strong market performance, positive returns on funds, and growth in assets under management. Key financial metrics showed significant growth, with total revenue up 17%, net income up 29%, and fully diluted earnings per share up 25% compared to the previous quarter. The company's total assets under management increased by 36%, strengthening its financial position.
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