Zacks Investment Research Lowers Pzena Investment Management (PZN) to Hold

Pzena Investment Management (NYSE:PZN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

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, ValuEngine lowered Pzena Investment Management from a “hold” rating to a “sell” rating in a research note on Monday, March 11th.

Shares of PZN opened at $8.37 on Wednesday. Pzena Investment Management has a one year low of $7.36 and a one year high of $10.48. The company has a market cap of $577.14 million, a P/E ratio of 10.87 and a beta of 1.15.

Pzena Investment Management (NYSE:PZN) last released its quarterly earnings data on Tuesday, February 5th. The asset manager reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.02). The company had revenue of $36.40 million for the quarter, compared to analyst estimates of $36.79 million. Pzena Investment Management had a return on equity of 15.14% and a net margin of 8.98%. As a group, analysts predict that Pzena Investment Management will post 0.68 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PZN. Bank of America Corp DE boosted its stake in Pzena Investment Management by 46.7% during the fourth quarter. Bank of America Corp DE now owns 11,214 shares of the asset manager’s stock worth $97,000 after buying an additional 3,570 shares during the last quarter. Prudential Financial Inc. acquired a new position in Pzena Investment Management during the fourth quarter worth $116,000. O Shaughnessy Asset Management LLC boosted its stake in Pzena Investment Management by 78.3% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 18,592 shares of the asset manager’s stock worth $161,000 after buying an additional 8,167 shares during the last quarter. Hancock Whitney Corp acquired a new position in Pzena Investment Management during the fourth quarter worth $163,000. Finally, Meeder Asset Management Inc. boosted its stake in Pzena Investment Management by 11.7% during the fourth quarter. Meeder Asset Management Inc. now owns 20,078 shares of the asset manager’s stock worth $174,000 after buying an additional 2,106 shares during the last quarter. 16.94% of the stock is currently owned by institutional investors.

Pzena Investment Management Company Profile

Pzena Investment Management, Inc is a publicly owned investment manager. The firm manages equity mutual funds for its clients. It invests in the public equity markets. Pzena Investment Management, Inc was founded in 2007 and is based in New York City with additional offices in Melbourne, Australia and London, United Kingdom.

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