Manning & Napier Inc. (MN) Upgraded to Hold at Zacks Investment Research
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. “
A number of other research firms also recently commented on MN. Credit Suisse Group AG assumed coverage on Manning & Napier in a research report on Thursday, July 14th. They issued a neutral rating and a $9.00 target price on the stock. Keefe, Bruyette & Woods cut their price objective on Manning & Napier from $9.25 to $8.75 and set a market perform rating on the stock in a report on Friday, July 29th. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. Manning & Napier currently has a consensus rating of Hold and a consensus target price of $8.08.
Manning & Napier (NYSE:MN) traded up 1.73% during midday trading on Thursday, reaching $7.04. The company’s stock had a trading volume of 9,189 shares. The stock’s 50-day moving average price is $7.53 and its 200 day moving average price is $8.34. The firm has a market capitalization of $105.83 million, a PE ratio of 9.28 and a beta of 1.38. Manning & Napier has a 1-year low of $5.60 and a 1-year high of $10.34.
Manning & Napier (NYSE:MN) last posted its earnings results on Wednesday, July 27th. The company reported $0.17 EPS for the quarter, missing the Zacks’ consensus estimate of $0.18 by $0.01. Manning & Napier had a net margin of 4.04% and a return on equity of 46.49%. The business earned $67.54 million during the quarter, compared to analysts’ expectations of $65.81 million. During the same quarter in the prior year, the firm earned $0.24 EPS. Manning & Napier’s revenue for the quarter was down 22.3% compared to the same quarter last year. Equities analysts anticipate that Manning & Napier will post $0.71 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 14th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $0.64 annualized dividend and a yield of 9.25%. Manning & Napier’s payout ratio is 87.67%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. QCI Asset Management Inc. NY boosted its position in Manning & Napier by 260.0% in the second quarter. QCI Asset Management Inc. NY now owns 36,000 shares of the company’s stock valued at $342,000 after buying an additional 26,000 shares during the last quarter. Emerald Acquisition Ltd. acquired a new position in Manning & Napier during the second quarter valued at about $387,000. California State Teachers Retirement System acquired a new position in Manning & Napier during the second quarter valued at about $298,000. Ngam Advisors L.P. boosted its position in Manning & Napier by 1.1% in the second quarter. Ngam Advisors L.P. now owns 32,708 shares of the company’s stock valued at $311,000 after buying an additional 358 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Manning & Napier by 40.9% in the second quarter. Bank of New York Mellon Corp now owns 109,927 shares of the company’s stock valued at $1,045,000 after buying an additional 31,910 shares in the last quarter. 77.41% of the stock is owned by hedge funds and other institutional investors.
About Manning & Napier
Manning & Napier, Inc is an independent investment management company. The Company operates through investment management industry segment. It provides a range of investment solutions through separately managed accounts, mutual funds and collective investment trust funds, as well as a range of consultative services.
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