Pzena Investment Management Inc (NYSE:PZN) announced a quarterly dividend on Wednesday, October 18th, Wall Street Journal reports. Investors of record on Friday, October 27th will be given a dividend of 0.03 per share by the asset manager on Wednesday, November 22nd. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date of this dividend is Thursday, October 26th.

Pzena Investment Management has raised its dividend by an average of 17.9% per year over the last three years. Pzena Investment Management has a dividend payout ratio of 21.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Pzena Investment Management to earn $0.71 per share next year, which means the company should continue to be able to cover its $0.12 annual dividend with an expected future payout ratio of 16.9%.

Pzena Investment Management (NYSE PZN) traded up 0.75% during mid-day trading on Wednesday, hitting $12.02. The company had a trading volume of 89,589 shares. The company has a market capitalization of $207.77 million, a price-to-earnings ratio of 18.35 and a beta of 1.65. Pzena Investment Management has a 52 week low of $7.11 and a 52 week high of $12.09. The firm’s 50 day moving average is $10.24 and its 200 day moving average is $9.97.

Pzena Investment Management (NYSE:PZN) last released its earnings results on Tuesday, October 17th. The asset manager reported $0.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.15 by $0.02. The company had revenue of $36.23 million for the quarter, compared to the consensus estimate of $35.00 million. Pzena Investment Management had a return on equity of 12.93% and a net margin of 14.82%. Pzena Investment Management’s revenue for the quarter was up 34.2% compared to the same quarter last year. On average, equities research analysts predict that Pzena Investment Management will post $0.57 EPS for the current year.

Institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company lifted its position in shares of Pzena Investment Management by 23.7% in the second quarter. The Manufacturers Life Insurance Company now owns 18,818 shares of the asset manager’s stock valued at $191,000 after acquiring an additional 3,603 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of Pzena Investment Management by 1.7% in the second quarter. California State Teachers Retirement System now owns 29,955 shares of the asset manager’s stock valued at $304,000 after acquiring an additional 500 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Pzena Investment Management by 5.4% in the second quarter. State Street Corp now owns 230,170 shares of the asset manager’s stock valued at $2,338,000 after acquiring an additional 11,855 shares in the last quarter. Institutional investors and hedge funds own 17.37% of the company’s stock.

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Several equities analysts recently weighed in on PZN shares. ValuEngine upgraded Pzena Investment Management from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Zacks Investment Research upgraded Pzena Investment Management from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research report on Friday, July 21st. Finally, BidaskClub downgraded Pzena Investment Management from a “hold” rating to a “sell” rating in a research report on Thursday, August 3rd.

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.

Dividend History for Pzena Investment Management (NYSE:PZN)

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