Pennant (noun)

1. A flag, typically triangular or tapering, flown from the masthead of a ship, the prow of a boat, or the leading car of a parade to indicate rank, status, or ownership.
2. A long narrow flag, typically triangular, flown from the masthead of a ship or the leading car of a parade to indicate rank, status, or ownership.

Origin:

Late middle english: from old french, literally "small flag", from latin pendere "to hang".

Examples:

1. The team hoisted a pennant to celebrate their victory.
2. The ship flew a pennant to indicate its nationality.
3. The pennant was a symbol of the team's success.
4. The pennant was made of silk and had the team's colors.
5. The pennant was a prize for winning the championship.