Pzena Investment Management (NYSE:PZN) Shares Gap Up After Dividend Announcement

Pzena Investment Management, Inc (NYSE:PZN) gapped up before the market opened on Thursday after the company announced a dividend. The stock had previously closed at $10.84, but opened at $11.75. Pzena Investment Management shares last traded at $11.79, with a volume of 2 shares trading hands.

The newly announced dividend which will be paid on Friday, August 20th. Stockholders of record on Friday, July 30th will be given a $0.03 dividend. The ex-dividend date of this dividend is Thursday, July 29th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.02%.

The stock has a market cap of $855.60 million, a PE ratio of 13.64 and a beta of 1.31. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.92 and a current ratio of 3.92. The firm has a 50-day moving average of $11.22.

Pzena Investment Management (NYSE:PZN) last issued its quarterly earnings results on Tuesday, April 20th. The asset manager reported $0.24 earnings per share (EPS) for the quarter. The firm had revenue of $45.87 million for the quarter. Pzena Investment Management had a net margin of 9.07% and a return on equity of 15.59%.

Hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada lifted its position in shares of Pzena Investment Management by 31.7% during the 1st quarter. Royal Bank of Canada now owns 5,342 shares of the asset manager’s stock valued at $56,000 after acquiring an additional 1,285 shares during the period. Captrust Financial Advisors lifted its position in shares of Pzena Investment Management by 8.4% during the 4th quarter. Captrust Financial Advisors now owns 19,425 shares of the asset manager’s stock valued at $142,000 after acquiring an additional 1,500 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Pzena Investment Management by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 44,047 shares of the asset manager’s stock valued at $322,000 after acquiring an additional 2,200 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Pzena Investment Management by 19.1% during the 1st quarter. JPMorgan Chase & Co. now owns 55,223 shares of the asset manager’s stock valued at $581,000 after acquiring an additional 8,845 shares during the period. Finally, Rock Point Advisors LLC lifted its position in shares of Pzena Investment Management by 6.1% during the 1st quarter. Rock Point Advisors LLC now owns 154,780 shares of the asset manager’s stock valued at $1,630,000 after acquiring an additional 8,900 shares during the period. Hedge funds and other institutional investors own 14.85% of the company’s stock.

Pzena Investment Management Company Profile (NYSE:PZN)

Pzena Investment Management, Inc is a employee owned investment manager. The firm manages equity mutual funds for its clients. It invests in the public equity markets. The firm provides its services to Individuals, high net worth individuals, investment companies, pooled investment vehicles, charitable organizations, pension and profit sharing plans, state or municipal government entities, charitable organizations, other investment advisers, insurance companies, sovereign wealth funds and foreign official institutions, corporations or other businesses.

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