Pzena Investment Management (NYSE:PZN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm currently has a $11.00 price target on the asset manager’s stock. Zacks Investment Research‘s price objective indicates a potential downside of 4.01% from the stock’s previous close.
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. “
Shares of Pzena Investment Management (NYSE PZN) opened at $11.46 on Thursday. The stock has a market cap of $703.21, a price-to-earnings ratio of 16.14 and a beta of 1.69. Pzena Investment Management has a fifty-two week low of $8.25 and a fifty-two week high of $12.70.
Pzena Investment Management (NYSE:PZN) last announced its quarterly earnings results on Tuesday, October 17th. The asset manager reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. The company had revenue of $36.23 million for the quarter, compared to the consensus estimate of $35.00 million. Pzena Investment Management had a net margin of 14.41% and a return on equity of 12.92%. The firm’s quarterly revenue was up 34.2% on a year-over-year basis. equities analysts expect that Pzena Investment Management will post 0.6 EPS for the current year.
Institutional investors have recently bought and sold shares of the company. Trexquant Investment LP bought a new stake in shares of Pzena Investment Management in the 3rd quarter worth about $160,000. Susquehanna International Group LLP bought a new stake in shares of Pzena Investment Management in the 2nd quarter worth about $173,000. The Manufacturers Life Insurance Company increased its holdings in shares of Pzena Investment Management by 23.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,818 shares of the asset manager’s stock worth $191,000 after buying an additional 3,603 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Pzena Investment Management by 13.3% in the 2nd quarter. Rhumbline Advisers now owns 20,379 shares of the asset manager’s stock worth $207,000 after buying an additional 2,400 shares during the last quarter. Finally, California State Teachers Retirement System increased its holdings in shares of Pzena Investment Management by 1.7% in the 2nd quarter. California State Teachers Retirement System now owns 29,955 shares of the asset manager’s stock worth $304,000 after buying an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 17.70% 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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