Municipal Employees Retirement System of Michigan boosted its stake in shares of Manning & Napier, Inc. (NYSE:MN) by 58.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 216,480 shares of the asset manager’s stock after buying an additional 79,900 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Manning & Napier were worth $942,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its stake in shares of Manning & Napier by 7.5% in the first quarter. Dimensional Fund Advisors LP now owns 282,525 shares of the asset manager’s stock valued at $1,610,000 after buying an additional 19,721 shares during the period. Geode Capital Management LLC increased its stake in Manning & Napier by 89.8% in the first quarter. Geode Capital Management LLC now owns 244,615 shares of the asset manager’s stock worth $1,393,000 after buying an additional 115,749 shares during the last quarter. Menta Capital LLC increased its stake in Manning & Napier by 52.9% in the first quarter. Menta Capital LLC now owns 188,010 shares of the asset manager’s stock worth $1,072,000 after buying an additional 65,013 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its stake in Manning & Napier by 44.4% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 70,563 shares of the asset manager’s stock worth $402,000 after buying an additional 21,700 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in Manning & Napier by 9.2% in the first quarter. Prudential Financial Inc. now owns 22,663 shares of the asset manager’s stock worth $129,000 after buying an additional 1,917 shares during the last quarter. 70.90% of the stock is owned by institutional investors.
Shares of Manning & Napier, Inc. (NYSE MN) opened at 3.65 on Friday. The stock’s 50 day moving average is $4.09 and its 200-day moving average is $5.24. The firm has a market cap of $55.04 million, a P/E ratio of 6.94 and a beta of 1.40. Manning & Napier, Inc. has a 52-week low of $3.50 and a 52-week high of $8.26.
Manning & Napier (NYSE:MN) last issued its quarterly earnings results on Tuesday, August 1st. The asset manager reported $0.12 EPS for the quarter, hitting analysts’ consensus estimates of $0.12. Manning & Napier had a return on equity of 34.28% and a net margin of 3.41%. The company had revenue of $51.53 million during the quarter, compared to analyst estimates of $50.22 million. During the same period in the previous year, the company earned $0.17 earnings per share. The company’s quarterly revenue was down 20.1% compared to the same quarter last year. Equities analysts anticipate that Manning & Napier, Inc. will post $0.45 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Friday, October 13th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 8.77%. Manning & Napier’s dividend payout ratio (DPR) is presently 60.38%.
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A number of research firms have recently weighed in on MN. Zacks Investment Research raised shares of Manning & Napier from a “sell” rating to a “buy” rating and set a $6.25 price target for the company in a research report on Tuesday, April 18th. ValuEngine downgraded shares of Manning & Napier from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Keefe, Bruyette & Woods raised shares of Manning & Napier from an “underperform” rating to a “market perform” rating and decreased their price target for the stock from $5.25 to $4.50 in a research report on Wednesday, June 14th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $6.08.
Manning & Napier Company Profile
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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