Manning and Napier (NYSE:MN) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Manning and Napier (NYSE:MN) from a hold rating to a buy rating in a research report released on Thursday morning, reports. The firm currently has $2.25 price target 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. “

Shares of Manning and Napier stock traded up $0.03 on Thursday, reaching $2.03. 80,500 shares of the company were exchanged, compared to its average volume of 74,050. Manning and Napier has a one year low of $1.45 and a one year high of $2.88. The company has a market capitalization of $31.18 million, a price-to-earnings ratio of 9.23 and a beta of 1.09. The company has a current ratio of 5.11, a quick ratio of 5.11 and a debt-to-equity ratio of 0.13. The company has a 50-day moving average of $1.78 and a 200 day moving average of $1.77.

Manning and Napier (NYSE:MN) last announced its quarterly earnings data on Thursday, October 31st. The asset manager reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. Manning and Napier had a return on equity of 7.97% and a net margin of 1.59%. The company had revenue of $34.18 million for the quarter, compared to analysts’ expectations of $34.34 million. Analysts predict that Manning and Napier will post 0.16 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date is Tuesday, January 14th. Manning and Napier’s dividend payout ratio (DPR) is presently 36.36%.

A number of institutional investors and hedge funds have recently bought and sold shares of MN. Ancora Advisors LLC raised its stake in Manning and Napier by 30.1% in the 3rd quarter. Ancora Advisors LLC now owns 790,000 shares of the asset manager’s stock valued at $1,485,000 after acquiring an additional 183,000 shares during the period. Millennium Management LLC raised its stake in Manning and Napier by 90.5% in the 3rd quarter. Millennium Management LLC now owns 210,516 shares of the asset manager’s stock valued at $395,000 after acquiring an additional 100,001 shares during the period. Finally, Renaissance Technologies LLC raised its stake in Manning and Napier by 1.1% in the 2nd quarter. Renaissance Technologies LLC now owns 1,217,699 shares of the asset manager’s stock valued at $2,131,000 after acquiring an additional 13,200 shares during the period. Institutional investors and hedge funds own 43.54% 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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