Pzena Investment Management (NYSE:PZN) Stock Price Up 17.3%

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Pzena Investment Management, Inc. (NYSE:PZN) rose 17.3% during mid-day trading on Tuesday . The company traded as high as $8.63 and last traded at $8.56, approximately 467,132 shares were traded during mid-day trading. An increase of 761% from the average daily volume of 54,228 shares. The stock had previously closed at $7.30.

PZN has been the subject of a number of research analyst reports. Zacks Investment Research lowered shares of Pzena Investment Management from a “buy” rating to a “hold” rating in a research report on Tuesday, June 25th. ValuEngine lowered shares of Pzena Investment Management from a “hold” rating to a “sell” rating in a research report on Wednesday, June 19th.

The firm has a market capitalization of $521.54 million, a PE ratio of 11.12 and a beta of 1.16. The business’s 50-day moving average is $8.06. The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of 0.16.

Pzena Investment Management (NYSE:PZN) last issued its quarterly earnings data on Wednesday, July 17th. The asset manager reported $0.18 earnings per share for the quarter, meeting the consensus estimate of $0.18. The firm had revenue of $37.84 million for the quarter, compared to analyst estimates of $39.13 million. Pzena Investment Management had a net margin of 8.77% and a return on equity of 14.67%.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Tuesday, July 30th will be given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 1.40%. The ex-dividend date of this dividend is Monday, July 29th. Pzena Investment Management’s payout ratio is presently 15.58%.

Institutional investors and hedge funds have recently modified their holdings of the stock. BNP Paribas Arbitrage SA raised its position in shares of Pzena Investment Management by 8,082.2% in the first quarter. BNP Paribas Arbitrage SA now owns 3,682 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 3,637 shares during the period. Bank of America Corp DE raised its position in shares of Pzena Investment Management by 46.7% in the fourth quarter. Bank of America Corp DE now owns 11,214 shares of the asset manager’s stock valued at $97,000 after purchasing an additional 3,570 shares during the period. Acadian Asset Management LLC bought a new position in shares of Pzena Investment Management in the second quarter valued at approximately $151,000. Chicago Equity Partners LLC bought a new position in shares of Pzena Investment Management in the second quarter valued at approximately $153,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Pzena Investment Management in the second quarter valued at approximately $182,000. 16.71% of the stock is currently owned by hedge funds and other institutional investors.

About Pzena Investment Management (NYSE:PZN)

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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