Zacks Investment Research upgraded shares of Manning & Napier, Inc. (NYSE:MN) from a sell rating to a hold rating in a research report released on Wednesday morning.

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 analysts also recently issued reports on the stock. Keefe, Bruyette & Woods raised shares of Manning & Napier from an underperform rating to a market perform rating and dropped their target price for the stock from $5.25 to $4.50 in a research report on Wednesday, June 14th. ValuEngine raised shares of Manning & Napier from a hold rating to a buy rating in a research report on Friday, September 1st.

Manning & Napier (NYSE:MN) traded down 1.27% on Wednesday, hitting $3.90. 96,672 shares of the stock traded hands. Manning & Napier has a 12-month low of $3.00 and a 12-month high of $8.15. The firm’s 50-day moving average price is $3.64 and its 200-day moving average price is $4.47. The stock has a market cap of $58.81 million, a price-to-earnings ratio of 7.41 and a beta of 1.47.

Manning & Napier (NYSE:MN) last posted its earnings results on Tuesday, August 1st. The asset manager reported $0.12 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.12. The firm had revenue of $51.53 million during the quarter, compared to the consensus estimate of $50.22 million. Manning & Napier had a net margin of 3.41% and a return on equity of 34.28%. The company’s revenue was down 20.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.17 EPS. On average, equities research analysts anticipate that Manning & Napier will post $0.46 EPS for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Friday, October 13th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 8.21%. The ex-dividend date is Thursday, October 12th. Manning & Napier’s dividend payout ratio (DPR) is presently 60.38%.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC increased its position in Manning & Napier by 1.6% during the 1st quarter. Renaissance Technologies LLC now owns 1,080,600 shares of the asset manager’s stock worth $6,159,000 after purchasing an additional 17,500 shares in the last quarter. Prudential Financial Inc. increased its position in Manning & Napier by 9.2% during the 1st quarter. Prudential Financial Inc. now owns 22,663 shares of the asset manager’s stock worth $129,000 after purchasing an additional 1,917 shares in the last quarter. Bank of New York Mellon Corp increased its position in Manning & Napier by 2.0% during the 1st quarter. Bank of New York Mellon Corp now owns 138,379 shares of the asset manager’s stock worth $789,000 after purchasing an additional 2,744 shares in the last quarter. Teachers Advisors LLC increased its position in Manning & Napier by 14.3% during the 4th quarter. Teachers Advisors LLC now owns 26,402 shares of the asset manager’s stock worth $199,000 after purchasing an additional 3,312 shares in the last quarter. Finally, Menta Capital LLC grew its position in Manning & Napier by 38.7% in the second quarter. Menta Capital LLC now owns 260,850 shares of the asset manager’s stock valued at $1,135,000 after acquiring an additional 72,840 shares in the last quarter. 57.02% of the stock is owned by hedge funds and other institutional investors.

Manning & Napier Company Profile

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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