NOVATO, CA—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 regulatory filing. The transactions, dated December 23, 24, and 26, resulted in total proceeds of approximately $69,732. The sale comes as HNNA shows remarkable strength, with a 90% year-to-date return and maintaining dividend payments for 20 consecutive years, according to InvestingPro data.
Steadman sold a total of 5,810 shares over the three days. The shares were sold at prices ranging from $11.9932 to $12.0187 per share. Following these sales, Steadman retains direct ownership of 38,282 shares in the company.
The transactions also included gifting activities, where Steadman transferred 250 shares without any monetary exchange. These shares were transferred to a child, as indicated in the filing.
Hennessy Advisors, headquartered in Novato, California, is known for providing investment advisory services. The company remains a key player in the financial sector, and such insider transactions are closely monitored by investors for insights into executive sentiment and company performance.
In other recent news, Hennessy Advisors Inc., a California-based investment advisory firm, has appointed a new independent registered public accounting firm, CBIZ (NYSE:CBZ) CPAs P.C., for the fiscal year ending September 30, 2025. This comes after Marcum LLP, the previous auditor, decided not to stand for reelection. Marcum’s audits for the fiscal years ending in 2024 and 2023 did not contain any adverse opinion or disclaimer of opinion. Furthermore, there were no disagreements on matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during Marcum’s tenure.
In additional recent developments, Hennessy Advisors has made significant adjustments to the compensation arrangements for its key executives. Effective October 1, 2024, Neil J. Hennessy’s quarterly incentive-based bonus decreased from 6.5% to 5.0% of the firm’s pre-tax profits, while Teresa M. Nilsen saw an increase in her quarterly bonus to 5.0% and a raise in annual base salary to $375,000.
These changes follow the company’s strong financial health rating and a current ratio of 13.78, indicating strong liquidity with assets well exceeding short-term obligations. The company also maintains a consistent dividend payment track record spanning 20 consecutive years.
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