Zacks Investment Research upgraded shares of Pzena Investment Management Inc (NYSE:PZN) from a hold rating to a buy rating in a report issued on Wednesday, October 25th. The firm currently has $14.00 price target on the asset manager’s stock.
According to Zacks, “Pzena Investment Management, LLC, which will become the company’s operating company upon the consummation of the offering, is a premier value-oriented investment management firm with a record of investment excellence and exceptional client service. “
Several other analysts also recently issued reports on PZN. BidaskClub raised Pzena Investment Management from a sell rating to a hold rating in a report on Wednesday, August 9th. ValuEngine cut Pzena Investment Management from a buy rating to a hold rating in a research report on Friday, September 1st.
Shares of Pzena Investment Management (NYSE:PZN) opened at $10.49 on Wednesday. Pzena Investment Management has a twelve month low of $8.25 and a twelve month high of $12.70. The firm has a market cap of $718.36, a P/E ratio of 17.78 and a beta of 1.74.
Pzena Investment Management (NYSE:PZN) last posted its earnings results on Tuesday, October 17th. The asset manager reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. Pzena Investment Management had a return on equity of 12.92% and a net margin of 14.41%. The business had revenue of $36.23 million during the quarter, compared to analyst estimates of $35.00 million. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. equities analysts predict that Pzena Investment Management will post 0.6 earnings per share for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Friday, October 27th will be issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date is Thursday, October 26th. Pzena Investment Management’s payout ratio is 16.90%.
Several institutional investors have recently modified their holdings of the company. Morgan Stanley increased its stake in shares of Pzena Investment Management by 11.4% in the first quarter. Morgan Stanley now owns 141,694 shares of the asset manager’s stock worth $1,394,000 after purchasing an additional 14,512 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Pzena Investment Management by 84.4% in the second quarter. Russell Investments Group Ltd. now owns 295,205 shares of the asset manager’s stock worth $3,000,000 after purchasing an additional 135,095 shares during the period. Swiss National Bank increased its stake in shares of Pzena Investment Management by 35.5% in the first quarter. Swiss National Bank now owns 22,900 shares of the asset manager’s stock worth $225,000 after purchasing an additional 6,000 shares during the period. Penn Capital Management Co. Inc. bought a new position in shares of Pzena Investment Management in the second quarter worth about $770,000. Finally, Nationwide Fund Advisors increased its stake in Pzena Investment Management by 60.7% during the second quarter. Nationwide Fund Advisors now owns 157,340 shares of the asset manager’s stock valued at $1,599,000 after acquiring an additional 59,450 shares during the period. 17.42% of the stock is owned by institutional investors and hedge funds.
About Pzena Investment Management
Pzena Investment Management, Inc is a holding company. The Company is the sole managing member of Pzena Investment Management, LLC. Pzena Investment Management, LLC is an investment management company. The Company also serves as the general partner of Pzena Investment Management, LP. The Company offers institutional investment products to public and corporate pension funds, endowments, foundations and certain commingled vehicles geared toward institutional investors.
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