Daniel B. Steadman, Executive Vice President and Advisory Committee Member at Hennessy Advisors Inc. (NASDAQ:HNNA), recently sold shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The transaction comes as HNNA shares have surged 85% year-to-date, with the company showing strong financial health according to InvestingPro data.
On December 27, Steadman sold 3,100 shares at a price of $11.80 per share. Following this, on December 30, an additional 1,000 shares were sold at $11.90 per share. These transactions amounted to a total of $48,480. After these sales, Steadman holds 33,432 shares directly. The stock currently trades near $12, with InvestingPro analysis indicating the company is fairly valued. The firm maintains an impressive 20-year track record of consistent dividend payments.
This activity was disclosed in a Form 4 filing, which details insider transactions for public companies. For deeper insights into HNNA's financial health metrics and additional ProTips, visit InvestingPro.
In other recent news, Hennessy Advisors Inc., a renowned investment advisory firm, has reported key changes in its financial operations and executive compensation. The company has recently appointed a new independent registered public accounting firm, CBIZ (NYSE:CBZ) CPAs P.C., for the fiscal year ending September 30, 2025. This decision came after Marcum LLP, the previous auditor, chose not to stand for reelection. Marcum's audits for fiscal years ending September 30, 2024, and 2023, did not contain any adverse opinion or disclaimer of opinion, and there were no disagreements on accounting principles or practices.
On another note, Hennessy Advisors has also made significant adjustments to the compensation arrangements for its key executives. Effective from October 2024, Neil J. Hennessy, a prominent figure in the company, saw a decrease in his quarterly incentive-based bonus from 6.5% to 5.0% of the firm's pre-tax profits. In contrast, Teresa M. Nilsen, another executive, received an increase in her quarterly bonus to 5.0% and a raise in annual base salary to $375,000. These recent developments reflect the company's ongoing commitment to strategic financial management.
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