Zacks Investment Research downgraded shares of Manning and Napier (NYSE:MN) from a buy rating to a hold rating in a research note published on Thursday, January 11th.
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, Keefe, Bruyette & Woods reissued a hold rating and set a $4.00 price target on shares of Manning and Napier in a research report on Friday, November 10th.
Manning and Napier (MN) traded down $0.15 on Thursday, reaching $3.75. 91,435 shares of the company traded hands, compared to its average volume of 86,754. The company has a market cap of $58.66 and a PE ratio of 7.92. Manning and Napier has a 1-year low of $3.00 and a 1-year high of $7.30.
Manning and Napier (NYSE:MN) last issued its quarterly earnings results on Wednesday, November 1st. The asset manager reported $0.10 EPS for the quarter, missing the consensus estimate of $0.11 by ($0.01). Manning and Napier had a return on equity of 30.20% and a net margin of 3.30%. The business had revenue of $48.84 million for the quarter, compared to the consensus estimate of $47.52 million. During the same period last year, the firm earned $0.16 earnings per share. The company’s quarterly revenue was down 22.9% compared to the same quarter last year. research analysts expect that Manning and Napier will post 0.44 EPS for the current fiscal year.
Hedge funds have recently modified their holdings of the company. Brandes Investment Partners LP raised its holdings in shares of Manning and Napier by 81.8% in the 3rd quarter. Brandes Investment Partners LP now owns 31,829 shares of the asset manager’s stock valued at $126,000 after purchasing an additional 14,324 shares during the period. Kovack Advisors Inc. bought a new stake in shares of Manning and Napier in the 4th quarter valued at about $131,000. Macquarie Group Ltd. bought a new stake in shares of Manning and Napier in the 3rd quarter valued at about $153,000. JPMorgan Chase & Co. raised its holdings in shares of Manning and Napier by 637.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 40,261 shares of the asset manager’s stock valued at $155,000 after purchasing an additional 34,804 shares during the period. Finally, Hancock Holding Co. raised its holdings in shares of Manning and Napier by 26.9% in the 2nd quarter. Hancock Holding Co. now owns 36,742 shares of the asset manager’s stock valued at $160,000 after purchasing an additional 7,795 shares during the period. 53.84% of the stock is currently owned by institutional investors.
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Manning and Napier Company Profile
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.
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