California State Teachers Retirement System bought a new stake in Manning & Napier Inc. (NYSE:MN) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 31,338 shares of the company’s stock, valued at approximately $298,000. California State Teachers Retirement System owned 0.21% of Manning & Napier at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Nuveen Asset Management LLC raised its stake in Manning & Napier by 34.9% in the first quarter. Nuveen Asset Management LLC now owns 157,599 shares of the company’s stock worth $1,272,000 after buying an additional 40,812 shares during the period. PARK CIRCLE Co raised its stake in Manning & Napier by 227.4% in the second quarter. PARK CIRCLE Co now owns 147,000 shares of the company’s stock worth $1,397,000 after buying an additional 102,100 shares during the period. Bank of New York Mellon Corp raised its stake in Manning & Napier by 40.9% in the second quarter. Bank of New York Mellon Corp now owns 109,927 shares of the company’s stock worth $1,045,000 after buying an additional 31,910 shares during the period. AXA raised its stake in Manning & Napier by 36.9% in the first quarter. AXA now owns 66,370 shares of the company’s stock worth $536,000 after buying an additional 17,893 shares during the period. Finally, Smith Asset Management Group LP bought a new stake in Manning & Napier during the second quarter worth about $392,000. Institutional investors own 77.42% of the company’s stock.
Manning & Napier Inc. (NYSE:MN) traded up 0.53% during trading on Tuesday, hitting $7.59. 4,749 shares of the stock were exchanged. Manning & Napier Inc. has a 1-year low of $5.60 and a 1-year high of $10.34. The stock has a market cap of $114.09 million, a price-to-earnings ratio of 10.00 and a beta of 1.40. The firm’s 50 day moving average price is $7.40 and its 200-day moving average price is $8.33.
Manning & Napier (NYSE:MN) last posted its earnings results on Wednesday, July 27th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by $0.01. The company had revenue of $67.54 million for the quarter, compared to analyst estimates of $65.81 million. Manning & Napier had a return on equity of 46.49% and a net margin of 4.04%. Manning & Napier’s quarterly revenue was down 22.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.24 earnings per share. On average, analysts anticipate that Manning & Napier Inc. will post $0.70 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 14th will be given a $0.16 dividend. The ex-dividend date is Wednesday, October 12th. This represents a $0.64 annualized dividend and a dividend yield of 8.48%. Manning & Napier’s dividend payout ratio is presently 87.67%.
Several equities analysts recently weighed in on MN shares. Keefe, Bruyette & Woods set a $8.00 price objective on shares of Manning & Napier and gave the company a “hold” rating in a research report on Saturday. Credit Suisse Group AG started coverage on shares of Manning & Napier in a research report on Thursday, July 14th. They set a “neutral” rating and a $9.00 price objective on the stock. Finally, Zacks Investment Research raised shares of Manning & Napier from a “sell” rating to a “hold” rating in a research report on Friday, September 16th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $7.96.
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.