Zacks Investment Research Upgrades Manning and Napier (MN) to “Hold”
Manning and Napier (NYSE:MN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
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 Manning and Napier from a “hold” rating to a “buy” rating in a research note on Monday, July 2nd.
Manning and Napier (NYSE:MN) last announced its quarterly earnings results on Tuesday, July 31st. The asset manager reported $0.06 EPS for the quarter, meeting analysts’ consensus estimates of $0.06. Manning and Napier had a return on equity of 15.05% and a net margin of 1.12%. The company had revenue of $41.12 million during the quarter, compared to analyst estimates of $40.52 million. research analysts forecast that Manning and Napier will post 0.21 EPS for the current year.
A number of hedge funds have recently modified their holdings of MN. Dimensional Fund Advisors LP raised its holdings in shares of Manning and Napier by 7.4% in the first quarter. Dimensional Fund Advisors LP now owns 447,699 shares of the asset manager’s stock worth $1,567,000 after buying an additional 30,718 shares during the period. Millennium Management LLC raised its holdings in shares of Manning and Napier by 37.4% in the second quarter. Millennium Management LLC now owns 217,117 shares of the asset manager’s stock worth $673,000 after buying an additional 59,067 shares during the period. Finally, Ancora Advisors LLC raised its holdings in shares of Manning and Napier by 13.4% in the first quarter. Ancora Advisors LLC now owns 212,000 shares of the asset manager’s stock worth $742,000 after buying an additional 25,000 shares during the period. Institutional investors and hedge funds own 51.46% 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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