Manning and Napier (NYSE:MN) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of Manning and Napier (NYSE:MN) from a buy rating to a hold rating in a research report report published on Saturday morning, Zacks.com reports.

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 raised shares of Manning and Napier from a strong sell rating to a sell rating in a research note on Thursday, August 1st.

Shares of NYSE MN traded down $0.01 during midday trading on Friday, reaching $1.77. 31,251 shares of the company were exchanged, compared to its average volume of 21,997. The stock’s 50-day moving average price is $1.90 and its 200-day moving average price is $1.89. The stock has a market cap of $27.80 million, a P/E ratio of 11.87 and a beta of 1.09. Manning and Napier has a one year low of $1.45 and a one year high of $2.88. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.13.

Manning and Napier (NYSE:MN) last posted its earnings results on Tuesday, July 30th. The asset manager reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). Manning and Napier had a return on equity of 8.12% and a net margin of 1.49%. The company had revenue of $34.29 million for the quarter. On average, equities research analysts anticipate that Manning and Napier will post 0.14 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Monday, October 14th. This represents a $0.08 annualized dividend and a dividend yield of 4.52%. Manning and Napier’s dividend payout ratio is 36.36%.

In other Manning and Napier news, Director Edward J. Pettinella acquired 26,754 shares of Manning and Napier stock in a transaction that occurred on Friday, August 30th. The shares were bought at an average price of $1.86 per share, with a total value of $49,762.44. Following the completion of the purchase, the director now directly owns 473,683 shares in the company, valued at approximately $881,050.38. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Edward J. Pettinella acquired 25,000 shares of Manning and Napier stock in a transaction that occurred on Monday, August 26th. The stock was acquired at an average cost of $1.75 per share, for a total transaction of $43,750.00. Following the purchase, the director now owns 280,273 shares of the company’s stock, valued at $490,477.75. The disclosure for this purchase can be found here. In the last three months, insiders purchased 320,329 shares of company stock worth $549,605. 6.50% of the stock is currently owned by insiders.

A hedge fund recently raised its stake in Manning and Napier stock. Renaissance Technologies LLC boosted its position in Manning and Napier Inc (NYSE:MN) by 1.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,217,699 shares of the asset manager’s stock after buying an additional 13,200 shares during the period. Renaissance Technologies LLC owned approximately 7.76% of Manning and Napier worth $2,131,000 at the end of the most recent quarter. 45.61% of the stock is owned by institutional investors.

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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