Bank of New York Mellon Corp boosted its position in Manning & Napier, Inc. (NYSE:MN) by 2.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 138,379 shares of the asset manager’s stock after buying an additional 2,744 shares during the period. Bank of New York Mellon Corp owned 0.92% of Manning & Napier worth $789,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently modified their holdings of the company. Wells Fargo & Company MN raised its position in shares of Manning & Napier by 774.5% in the first quarter. Wells Fargo & Company MN now owns 70,852 shares of the asset manager’s stock worth $403,000 after buying an additional 62,750 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of Manning & Napier during the fourth quarter worth about $350,000. State Street Corp raised its position in shares of Manning & Napier by 4.6% in the fourth quarter. State Street Corp now owns 212,681 shares of the asset manager’s stock worth $1,607,000 after buying an additional 9,438 shares during the period. Finally, Teachers Advisors LLC raised its position in shares of Manning & Napier by 14.3% in the fourth quarter. Teachers Advisors LLC now owns 26,402 shares of the asset manager’s stock worth $199,000 after buying an additional 3,312 shares during the period. Institutional investors own 70.62% of the company’s stock.
Manning & Napier, Inc. (MN) opened at 3.35 on Friday. The stock has a market cap of $50.51 million, a price-to-earnings ratio of 6.37 and a beta of 1.40. Manning & Napier, Inc. has a 1-year low of $3.35 and a 1-year high of $8.15. The firm’s 50 day moving average price is $4.00 and its 200-day moving average price is $5.11.
Manning & Napier (NYSE:MN) last posted its quarterly earnings results on Tuesday, August 1st. The asset manager reported $0.12 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.12. The firm had revenue of $51.53 million during the quarter, compared to analysts’ expectations of $50.22 million. Manning & Napier had a net margin of 3.41% and a return on equity of 34.28%. The firm’s revenue for the quarter was down 20.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 earnings per share. On average, equities analysts anticipate that Manning & Napier, Inc. will post $0.45 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Friday, October 13th will be issued a dividend of $0.08 per share. The ex-dividend date is Thursday, October 12th. This represents a $0.32 annualized dividend and a yield of 9.55%. Manning & Napier’s dividend payout ratio is currently 60.38%.
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A number of equities analysts have weighed in on MN shares. ValuEngine upgraded Manning & Napier from a “hold” rating to a “buy” rating in a research note on Saturday, May 20th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $4.00 price objective on shares of Manning & Napier in a research note on Thursday, August 3rd. Finally, Zacks Investment Research upgraded Manning & Napier from a “sell” rating to a “hold” rating in a research note on Tuesday, July 11th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $6.08.
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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