In a recent transaction reported to the Securities and Exchange Commission, Kiera Newton, a director at Hennessy Advisors Inc. (NASDAQ:HNNA), sold 367 shares of the company's common stock. The shares were sold at a price of $12.46 each, amounting to a total transaction value of $4,572. Following this sale, Newton retains ownership of 12,563 shares in the company. The transaction was completed on December 17, 2024, and the filing was made public on December 18, 2024.The sale comes amid a remarkable year for Hennessy Advisors, which has delivered a 94% return over the past 12 months. The company, currently valued at approximately $91 million, maintains a healthy 4.6% dividend yield and has consistently paid dividends for 20 consecutive years. According to InvestingPro analysis, the stock currently trades near its Fair Value, with 8 additional real-time insights available to subscribers.
In other recent news, Hennessy Advisors Inc. has made significant adjustments in its executive compensation and appointed a new accounting firm. The California-based investment advisory firm announced changes to the compensation arrangements for key executives, effective from October 1, 2024. Neil J. Hennessy, a prominent figure in the company's leadership, will see a decrease in his quarterly incentive-based bonus from 6.5% to 5.0% of the firm's pre-tax profits. Concurrently, Teresa M. Nilsen, another executive, will receive an increase in her quarterly bonus to 5.0% and a raise in annual base salary to $375,000.
Additionally, the company has appointed CBIZ (NYSE:CBZ) CPAs P.C. as their new auditor for the fiscal year ending September 30, 2025, following the decision of Marcum LLP not to stand for reelection. The company's financial statements for the fiscal years ending September 30, 2024, and 2023, audited by Marcum, did not contain any adverse opinion or disclaimer of opinion.
These are among the recent developments at Hennessy Advisors, which maintains a consistent dividend payment track record spanning 20 consecutive years. The company's solid financial position is reflected in its impressive current ratio of 13.78, indicating strong liquidity with assets well exceeding short-term obligations. The company has also reported no disagreements on matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the audit periods with Marcum.
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