Manning and Napier (NYSE:MN) Rating Lowered to Hold at Zacks Investment Research

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Zacks Investment Research downgraded shares of Manning and Napier (NYSE:MN) from a buy rating to a hold rating in a research report report published on Wednesday morning, Zacks.com reports.

According to Zacks, “Manning & Napier, Inc. operates as an investment advisor engaged in managing corporate and union pension and annuity funds, endowment funds, foundations, profit sharing plans and benefit plans. It offers equity and fixed income portfolios and a range of blended asset portfolios. The Company offers investment solutions through separately managed accounts, mutual funds, and collective investment trust funds. Manning & Napier, Inc. is headquartered in Fairport, New York. “

Separately, ValuEngine raised shares of Manning and Napier from a strong sell rating to a sell rating in a research report on Thursday, August 1st.

MN opened at $1.94 on Wednesday. The company has a 50-day moving average of $1.82 and a 200-day moving average of $1.97. The company has a market capitalization of $30.30 million, a P/E ratio of 8.82 and a beta of 1.11. Manning and Napier has a 1-year low of $1.45 and a 1-year high of $3.03. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.84 and a current ratio of 4.84.

Manning and Napier (NYSE:MN) last released its earnings results on Tuesday, July 30th. The asset manager reported $0.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.01). The company had revenue of $34.29 million during the quarter. Manning and Napier had a return on equity of 8.12% and a net margin of 1.49%. As a group, sell-side analysts expect that Manning and Napier will post 0.17 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 4.12%. The ex-dividend date of this dividend is Monday, October 14th. Manning and Napier’s dividend payout ratio (DPR) is presently 36.36%.

In other Manning and Napier news, Director Edward J. Pettinella purchased 96,928 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was acquired at an average cost of $1.72 per share, with a total value of $166,716.16. Following the acquisition, the director now owns 146,959 shares of the company’s stock, valued at approximately $252,769.48. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Edward J. Pettinella purchased 26,754 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was acquired at an average cost of $1.86 per share, with a total value of $49,762.44. Following the completion of the acquisition, the director now directly owns 473,683 shares in the company, valued at approximately $881,050.38. The disclosure for this purchase can be found here. Insiders bought a total of 320,329 shares of company stock valued at $549,605 over the last ninety days. Company insiders own 6.50% of the company’s stock.

An institutional investor recently raised its position in Manning and Napier stock. Renaissance Technologies LLC increased its holdings in Manning and Napier Inc (NYSE:MN) by 1.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,217,699 shares of the asset manager’s stock after buying an additional 13,200 shares during the period. Renaissance Technologies LLC owned about 7.76% of Manning and Napier worth $2,131,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 45.61% of the company’s stock.

Manning and Napier Company Profile

Manning & Napier, Inc is publicly owned investment manager. It provides its services to net worth individuals and institutions, including 401(k) plans, pension plans, taft-hartley plans, endowments and foundations. The firm manages separate client-focused equity and fixed income portfolios. It invests in the public equity and fixed income markets of the United States.

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