Manning & Napier Inc. (NYSE:MN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.
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. “
MN has been the topic of several other research reports. Credit Suisse Group AG reiterated a “hold” rating and set a $8.00 price target on shares of Manning & Napier in a report on Thursday, September 1st. Keefe, Bruyette & Woods reduced their price target on Manning & Napier from $9.25 to $8.75 and set a “market perform” rating on the stock in a report on Friday, July 29th. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $8.08.
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Shares of Manning & Napier (NYSE:MN) traded up 0.42% during mid-day trading on Friday, reaching $7.18. 84,577 shares of the company traded hands. The firm has a market capitalization of $107.93 million, a price-to-earnings ratio of 9.46 and a beta of 1.38. Manning & Napier has a 52 week low of $5.60 and a 52 week high of $10.34. The firm has a 50-day moving average price of $7.74 and a 200 day moving average price of $8.35.
Manning & Napier (NYSE:MN) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by $0.01. Manning & Napier had a net margin of 4.04% and a return on equity of 46.49%. The company earned $67.54 million during the quarter, compared to analyst estimates of $65.81 million. During the same period in the prior year, the business posted $0.24 EPS. Manning & Napier’s revenue was down 22.3% compared to the same quarter last year. On average, analysts anticipate that Manning & Napier will post $0.71 earnings per share for the current year.
A number of hedge funds have recently modified their holdings of the stock. Rhumbline Advisers purchased a new position in Manning & Napier during the second quarter valued at $112,000. Deere & Co. purchased a new position in Manning & Napier during the second quarter valued at $122,000. Hancock Holding Co. purchased a new position in Manning & Napier during the second quarter valued at $126,000. Martingale Asset Management L P purchased a new position in Manning & Napier during the second quarter valued at $127,000. Finally, Prudential Financial Inc. increased its position in Manning & Napier by 5.7% in the second quarter. Prudential Financial Inc. now owns 13,400 shares of the company’s stock valued at $128,000 after buying an additional 723 shares in the last quarter. Hedge funds and other institutional investors own 77.63% of the company’s stock.
About Manning & Napier
Manning & Napier, Inc is an independent investment management company. The Company operates through investment management industry segment. It provides a range of investment solutions through separately managed accounts, mutual funds and collective investment trust funds, as well as a range of consultative services.
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