Pzena Investment Management, Inc. (NYSE:PZN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Saturday.

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. “

Shares of Pzena Investment Management (NYSE:PZN) opened at 8.81 on Friday. The company’s 50-day moving average is $9.69 and its 200 day moving average is $10.00. Pzena Investment Management has a 52-week low of $7.06 and a 52-week high of $11.85. The firm has a market cap of $152.91 million, a price-to-earnings ratio of 14.63 and a beta of 2.07.

Pzena Investment Management (NYSE:PZN) last released its quarterly earnings results on Tuesday, April 18th. The asset manager reported $0.12 EPS for the quarter, missing the consensus estimate of $0.13 by $0.01. Pzena Investment Management had a net margin of 14.93% and a return on equity of 13.43%. The business had revenue of $32 million during the quarter, compared to analysts’ expectations of $30 million. The company’s revenue for the quarter was up 24.0% on a year-over-year basis. On average, analysts expect that Pzena Investment Management will post $0.52 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 18th. Shareholders of record on Friday, April 28th were given a dividend of $0.03 per share. The ex-dividend date was Wednesday, April 26th. This represents a $0.12 dividend on an annualized basis and a yield of 1.36%. Pzena Investment Management’s payout ratio is currently 20.69%.

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A number of institutional investors have recently made changes to their positions in PZN. Punch & Associates Investment Management Inc. increased its position in shares of Pzena Investment Management by 10.9% in the first quarter. Punch & Associates Investment Management Inc. now owns 1,642,999 shares of the asset manager’s stock worth $16,167,000 after buying an additional 161,236 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Pzena Investment Management by 0.4% in the first quarter. Vanguard Group Inc. now owns 768,039 shares of the asset manager’s stock worth $7,557,000 after buying an additional 3,265 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Pzena Investment Management by 9.0% in the first quarter. Renaissance Technologies LLC now owns 604,400 shares of the asset manager’s stock worth $5,947,000 after buying an additional 49,800 shares during the last quarter. FMR LLC increased its position in shares of Pzena Investment Management by 42.9% in the first quarter. FMR LLC now owns 466,400 shares of the asset manager’s stock worth $4,589,000 after buying an additional 140,000 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Pzena Investment Management by 7.7% in the first quarter. Dimensional Fund Advisors LP now owns 328,920 shares of the asset manager’s stock worth $3,237,000 after buying an additional 23,417 shares during the last quarter. Institutional investors own 15.64% of the company’s stock.

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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