Manning & Napier, Inc. (MN) Downgraded to Hold at Zacks Investment Research
Manning & Napier, Inc. (NYSE:MN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Saturday.
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 research analysts have also recently weighed in on the stock. ValuEngine raised shares of Manning & Napier from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Keefe, Bruyette & Woods reissued a “hold” rating and set a $4.00 price objective on shares of Manning & Napier in a research note on Thursday, August 3rd.
Shares of Manning & Napier (NYSE:MN) traded down $0.05 on Friday, hitting $3.90. 82,837 shares of the stock were exchanged, compared to its average volume of 87,773. Manning & Napier has a fifty-two week low of $3.00 and a fifty-two week high of $8.15. The stock has a market cap of $58.81, a PE ratio of 7.75, a price-to-earnings-growth ratio of 1.11 and a beta of 1.54.
Manning & Napier (NYSE:MN) last issued its quarterly earnings data on Wednesday, November 1st. The asset manager reported $0.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.11 by ($0.01). Manning & Napier had a return on equity of 30.60% and a net margin of 3.30%. The business had revenue of $48.84 million for the quarter, compared to analysts’ expectations of $47.52 million. During the same period last year, the business earned $0.16 earnings per share. The company’s revenue for the quarter was down 22.9% on a year-over-year basis. analysts expect that Manning & Napier will post 0.44 earnings per share for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Prudential Financial Inc. boosted its position in Manning & Napier by 9.2% during the first quarter. Prudential Financial Inc. now owns 22,663 shares of the asset manager’s stock worth $129,000 after acquiring an additional 1,917 shares during the last quarter. Hancock Holding Co. boosted its position in Manning & Napier by 26.9% during the second quarter. Hancock Holding Co. now owns 36,742 shares of the asset manager’s stock worth $160,000 after acquiring an additional 7,795 shares during the last quarter. UBS Group AG boosted its position in Manning & Napier by 164.5% during the first quarter. UBS Group AG now owns 39,818 shares of the asset manager’s stock worth $227,000 after acquiring an additional 24,764 shares during the last quarter. Spark Investment Management LLC acquired a new stake in Manning & Napier during the second quarter worth approximately $180,000. Finally, Virtu KCG Holdings LLC acquired a new stake in Manning & Napier during the second quarter worth approximately $245,000. Hedge funds and other institutional investors own 57.08% of the company’s stock.
About Manning & Napier
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Manning & Napier Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Manning & Napier Inc. and related companies with MarketBeat.com's FREE daily email newsletter.