Manning and Napier (MN) Upgraded to Hold at Zacks Investment Research
Manning and Napier (NYSE:MN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
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 lowered Manning and Napier from a “buy” rating to a “hold” rating in a research note on Tuesday, August 7th.
Manning and Napier (NYSE:MN) last issued its quarterly earnings results on Tuesday, July 31st. The asset manager reported $0.06 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.06. The business had revenue of $41.12 million for the quarter, compared to analyst estimates of $40.52 million. Manning and Napier had a return on equity of 15.05% and a net margin of 1.12%. analysts anticipate that Manning and Napier will post 0.21 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently modified their holdings of MN. Millennium Management LLC raised its stake in shares of Manning and Napier by 37.4% in the second quarter. Millennium Management LLC now owns 217,117 shares of the asset manager’s stock valued at $673,000 after buying an additional 59,067 shares during the period. Ancora Advisors LLC raised its stake in shares of Manning and Napier by 13.4% in the first quarter. Ancora Advisors LLC now owns 212,000 shares of the asset manager’s stock valued at $742,000 after buying an additional 25,000 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Manning and Napier by 7.4% in the first quarter. Dimensional Fund Advisors LP now owns 447,699 shares of the asset manager’s stock valued at $1,567,000 after buying an additional 30,718 shares during the period. 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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