Zacks Investment Research upgraded shares of Pzena Investment Management (NYSE:PZN) from a hold rating to a buy rating in a report released on Wednesday morning. Zacks Investment Research currently has $13.00 price target on the asset manager’s stock.
According to Zacks, “Pzena Investment Management, LLC, which will become the company’s operating company upon the consummation of the offering, is a premier value-oriented investment management firm with a record of investment excellence and exceptional client service. “
Separately, TheStreet downgraded Pzena Investment Management from a b+ rating to a c+ rating in a report on Wednesday, February 7th.
Pzena Investment Management (NYSE:PZN) last released its quarterly earnings data on Tuesday, February 6th. The asset manager reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. The company had revenue of $38.91 million for the quarter, compared to the consensus estimate of $37.51 million. Pzena Investment Management had a return on equity of 13.39% and a net margin of 4.89%. The company’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same period last year, the business posted $0.15 EPS. research analysts forecast that Pzena Investment Management will post 0.86 earnings per share for the current fiscal year.
The company also recently disclosed a special dividend, which will be paid on Friday, March 2nd. Stockholders of record on Friday, February 16th will be issued a $0.42 dividend. This represents a dividend yield of 0.0369718309859155%. This is an increase from Pzena Investment Management’s previous special dividend of $0.28. The ex-dividend date of this dividend is Thursday, February 15th. Pzena Investment Management’s dividend payout ratio (DPR) is 31.58%.
Several institutional investors have recently added to or reduced their stakes in PZN. Millennium Management LLC lifted its holdings in shares of Pzena Investment Management by 85.3% in the 4th quarter. Millennium Management LLC now owns 162,993 shares of the asset manager’s stock worth $1,739,000 after purchasing an additional 75,046 shares during the last quarter. Stone Ridge Asset Management LLC bought a new stake in shares of Pzena Investment Management in the 4th quarter worth approximately $573,000. Deutsche Bank AG lifted its holdings in shares of Pzena Investment Management by 69.5% in the 4th quarter. Deutsche Bank AG now owns 132,096 shares of the asset manager’s stock worth $1,407,000 after purchasing an additional 54,178 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Pzena Investment Management by 7.6% in the 4th quarter. Renaissance Technologies LLC now owns 747,200 shares of the asset manager’s stock worth $7,973,000 after purchasing an additional 52,800 shares during the last quarter. Finally, Spark Investment Management LLC bought a new stake in shares of Pzena Investment Management in the 4th quarter worth approximately $337,000. Institutional investors own 17.25% of the company’s stock.
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About Pzena Investment Management
Pzena Investment Management, Inc is a holding company. The Company is the sole managing member of Pzena Investment Management, LLC. Pzena Investment Management, LLC is an investment management company. The Company also serves as the general partner of Pzena Investment Management, LP. The Company offers institutional investment products to public and corporate pension funds, endowments, foundations and certain commingled vehicles geared toward institutional investors.
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