Manning and Napier (MN) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Manning and Napier (NYSE:MN) from a hold rating to a buy rating in a report released on Friday. Zacks Investment Research currently has $2.75 target price on the asset manager’s stock.

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 upgraded shares of Manning and Napier from a hold rating to a buy rating in a research report on Monday, July 2nd.

NYSE:MN traded down $0.02 during mid-day trading on Friday, hitting $2.51. The stock had a trading volume of 41,079 shares, compared to its average volume of 45,560. The company has a market cap of $38.79 million, a PE ratio of 6.28 and a beta of 1.20. Manning and Napier has a 52 week low of $2.50 and a 52 week high of $4.35.

Manning and Napier (NYSE:MN) last issued its quarterly earnings data on Tuesday, July 31st. The asset manager reported $0.06 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.06. Manning and Napier had a net margin of 1.12% and a return on equity of 15.05%. The firm had revenue of $41.12 million for the quarter, compared to the consensus estimate of $40.52 million. As a group, sell-side analysts anticipate that Manning and Napier will post 0.21 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Shareholders of record on Monday, October 15th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, October 12th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 12.75%. Manning and Napier’s dividend payout ratio (DPR) is 80.00%.

A hedge fund recently raised its stake in Manning and Napier stock. Millennium Management LLC grew its stake in shares of Manning and Napier Inc (NYSE:MN) by 37.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 217,117 shares of the asset manager’s stock after buying an additional 59,067 shares during the quarter. Millennium Management LLC owned about 1.42% of Manning and Napier worth $673,000 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 51.46% of the company’s stock.

About Manning and Napier

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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