Pzena Investment Management (PZN) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Pzena Investment Management (NYSE:PZN) from a hold rating to a buy rating in a report released on Wednesday. The firm currently has $13.00 target price 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. “
Separately, TheStreet downgraded shares of Pzena Investment Management from a b+ rating to a c+ rating in a report on Wednesday, February 7th.
Pzena Investment Management (NYSE:PZN) last posted its quarterly earnings data on Tuesday, February 6th. The asset manager reported $0.19 EPS for the quarter, topping the consensus estimate of $0.17 by $0.02. The firm had revenue of $38.91 million during the quarter, compared to analyst estimates of $37.51 million. Pzena Investment Management had a return on equity of 13.39% and a net margin of 4.89%. Pzena Investment Management’s revenue was up 33.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.15 EPS. analysts forecast that Pzena Investment Management will post 0.86 EPS for the current year.
The company also recently announced a special dividend, which was paid on Friday, March 2nd. Investors of record on Friday, February 16th were issued a $0.42 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a yield of 0.0369718309859155%. This is an increase from Pzena Investment Management’s previous special dividend of $0.28. Pzena Investment Management’s dividend payout ratio is currently 31.58%.
Institutional investors have recently modified their holdings of the stock. Trexquant Investment LP bought a new position in Pzena Investment Management in the 3rd quarter worth $160,000. The Manufacturers Life Insurance Company boosted its holdings in Pzena Investment Management by 23.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,818 shares of the asset manager’s stock worth $191,000 after buying an additional 3,603 shares during the period. California State Teachers Retirement System boosted its holdings in Pzena Investment Management by 1.7% in the 2nd quarter. California State Teachers Retirement System now owns 29,955 shares of the asset manager’s stock worth $304,000 after buying an additional 500 shares during the period. Spark Investment Management LLC bought a new position in Pzena Investment Management in the 4th quarter worth $337,000. Finally, Wells Fargo & Company MN boosted its holdings in Pzena Investment Management by 196.0% in the 3rd quarter. Wells Fargo & Company MN now owns 51,020 shares of the asset manager’s stock worth $556,000 after buying an additional 33,784 shares during the period. 17.25% of the stock is owned by institutional investors.
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Pzena Investment Management Company Profile
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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