Pzena Investment Management (NYSE:PZN) Shares Gap Up Following Dividend Announcement

Pzena Investment Management, Inc (NYSE:PZN) shares gapped up before the market opened on Thursday after the company announced a dividend. The stock had previously closed at $10.84, but opened at $11.75. Pzena Investment Management shares last traded at $11.79, with a volume of 2 shares trading hands.

The newly announced dividend which will be paid on Friday, August 20th. Stockholders of record on Friday, July 30th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Thursday, July 29th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.02%.

The firm has a 50-day moving average of $11.22. The company has a market cap of $855.60 million, a P/E ratio of 13.64 and a beta of 1.31. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.92 and a quick ratio of 3.92.

Pzena Investment Management (NYSE:PZN) last announced its earnings results on Tuesday, April 20th. The asset manager reported $0.24 earnings per share (EPS) for the quarter. Pzena Investment Management had a net margin of 9.07% and a return on equity of 15.59%. The company had revenue of $45.87 million for the quarter.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada lifted its holdings in Pzena Investment Management by 31.7% in the first quarter. Royal Bank of Canada now owns 5,342 shares of the asset manager’s stock valued at $56,000 after buying an additional 1,285 shares during the period. Susquehanna International Group LLP bought a new stake in Pzena Investment Management in the fourth quarter valued at approximately $115,000. Citadel Advisors LLC bought a new stake in Pzena Investment Management in the first quarter valued at approximately $118,000. Ritholtz Wealth Management bought a new stake in Pzena Investment Management in the first quarter valued at approximately $128,000. Finally, Captrust Financial Advisors increased its stake in Pzena Investment Management by 8.4% in the fourth quarter. Captrust Financial Advisors now owns 19,425 shares of the asset manager’s stock valued at $142,000 after purchasing an additional 1,500 shares in the last quarter. Institutional investors and hedge funds own 14.85% of the company’s stock.

Pzena Investment Management Company Profile (NYSE:PZN)

Pzena Investment Management, Inc is a employee owned investment manager. The firm manages equity mutual funds for its clients. It invests in the public equity markets. The firm provides its services to Individuals, high net worth individuals, investment companies, pooled investment vehicles, charitable organizations, pension and profit sharing plans, state or municipal government entities, charitable organizations, other investment advisers, insurance companies, sovereign wealth funds and foreign official institutions, corporations or other businesses.

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