NYSE:PZN

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Executive Summary

Pzena Investment Management, Inc. is a publicly owned investment manager. More Details


Snowflake Analysis

Flawless balance sheet second-rate dividend payer.


Similar Companies

Share Price & News

How has Pzena Investment Management's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: PZN is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 10% a week.

Volatility Over Time: PZN's weekly volatility (10%) has been stable over the past year.


Market Performance


7 Day Return

3.7%

PZN

-0.4%

US Capital Markets

-1.0%

US Market


1 Year Return

-0.9%

PZN

15.7%

US Capital Markets

19.6%

US Market

Return vs Industry: PZN underperformed the US Capital Markets industry which returned 15.7% over the past year.

Return vs Market: PZN underperformed the US Market which returned 19.6% over the past year.


Shareholder returns

PZNIndustryMarket
7 Day3.7%-0.4%-1.0%
30 Day12.1%7.3%2.3%
90 Day53.2%22.0%13.1%
1 Year6.6%-0.9%18.6%15.7%22.3%19.6%
3 Year-22.0%-35.3%31.0%20.9%45.3%35.7%
5 Year54.2%16.1%145.6%114.8%124.8%99.8%

Long-Term Price Volatility Vs. Market

How volatile is Pzena Investment Management's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Pzena Investment Management undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: PZN ($8.44) is trading below our estimate of fair value ($23.28)

Significantly Below Fair Value: PZN is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: PZN is poor value based on its PE Ratio (43.5x) compared to the US Capital Markets industry average (27.1x).

PE vs Market: PZN is poor value based on its PE Ratio (43.5x) compared to the US market (21x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate PZN's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: PZN is overvalued based on its PB Ratio (5.5x) compared to the US Capital Markets industry average (5x).


Next Steps

Future Growth

How is Pzena Investment Management forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

12.4%

Forecasted Diversified Financials industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Pzena Investment Management has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Pzena Investment Management performed over the past 5 years?

-5.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PZN has a large one-off loss of $24.1M impacting its September 30 2020 financial results.

Growing Profit Margin: PZN's current net profit margins (2.5%) are lower than last year (8.4%).


Past Earnings Growth Analysis

Earnings Trend: PZN's earnings have declined by 5.7% per year over the past 5 years.

Accelerating Growth: PZN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: PZN had negative earnings growth (-72.8%) over the past year, making it difficult to compare to the Capital Markets industry average (4.9%).


Return on Equity

High ROE: PZN's Return on Equity (30%) is considered high.


Next Steps

Financial Health

How is Pzena Investment Management's financial position?


Financial Position Analysis

Short Term Liabilities: PZN's short term assets ($85.2M) exceed its short term liabilities ($30.0M).

Long Term Liabilities: PZN's short term assets ($85.2M) exceed its long term liabilities ($43.3M).


Debt to Equity History and Analysis

Debt Level: PZN is debt free.

Reducing Debt: PZN has not had any debt for past 5 years.

Debt Coverage: PZN has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: PZN has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

What is Pzena Investment Management current dividend yield, its reliability and sustainability?

6.52%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: PZN's dividend (6.52%) is higher than the bottom 25% of dividend payers in the US market (1.39%).

High Dividend: PZN's dividend (6.52%) is in the top 25% of dividend payers in the US market (3.85%)


Stability and Growth of Payments

Stable Dividend: PZN's dividend payments have been volatile in the past 10 years.

Growing Dividend: PZN's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (283.6%), PZN's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

13.6yrs

Average management tenure


CEO

Rich Pzena (61 yo)

13.67yrs

Tenure

US$2,502,500

Compensation

Mr. Richard Stanton Pzena, also known as Rich, is the Founder of Pzena Investment Management, Inc and has been its Chairman, Chief Executive Officer and Co-Chief Investment Officer since May 2007. Mr. Pzen...


CEO Compensation Analysis

Compensation vs Market: Rich's total compensation ($USD2.50M) is about average for companies of similar size in the US market ($USD2.41M).

Compensation vs Earnings: Rich's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Richard Pzena
Chairman13.67yrsUS$2.50m0.025%
$ 150.0k
John Goetz
President9.67yrsUS$3.41mno data
Caroline Cai
EVP and Co-Portfolio Manager of Global1.92yrsUS$6.17m1.36%
$ 8.2m
William Lipsey
President9.67yrsUS$2.60m0.028%
$ 167.6k
Jessica Doran
CFO & Treasurer4.5yrsUS$323.80kno data
Evan Fire
Chief Operating Officer0.83yrno data0.020%
$ 120.2k
Joan Berger
General Counsel & Corporate Secretaryno datano datano data
Topalli Murti
Principal & Portfolio Managerno datano datano data
Eli Rabinowich
Principalno datano datano data
Rakesh Bordia
Principal & Portfolio Manager14yrsno datano data
Allison Fisch
Principal & Senior Research Analyst of Pzena Investment Mgmt LLCno datano datano data
V. Hanigan
Director of Client & Portfolio Services - Pzena Investment Management LLCno datano datano data

13.6yrs

Average Tenure

61yo

Average Age

Experienced Management: PZN's management team is seasoned and experienced (13.6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Richard Pzena
Chairman13.67yrsUS$2.50m0.025%
$ 150.0k
John Goetz
President9.67yrsUS$3.41mno data
William Lipsey
President9.67yrsUS$2.60m0.028%
$ 167.6k
Joel Greenblatt
Independent Director13.25yrsUS$85.00k0.13%
$ 800.9k
Steven Galbraith
Independent Director13.25yrsUS$90.00k0.14%
$ 836.6k
Richard Meyerowich
Independent Director13.25yrsUS$95.00k0.13%
$ 800.9k
Charles Johnston
Independent Director6.92yrsUS$90.00k0.24%
$ 1.5m

13.3yrs

Average Tenure

62yo

Average Age

Experienced Board: PZN's board of directors are seasoned and experienced ( 13.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: PZN insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Pzena Investment Management, Inc's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Pzena Investment Management, Inc
  • Ticker: PZN
  • Exchange: NYSE
  • Founded: 2007
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Implied Market Cap: US$600.675m
  • Market Cap: US$142.160m
  • Shares outstanding: 71.17m
  • Website: https://www.pzena.com

Number of Employees


Location

  • Pzena Investment Management, Inc
  • 320 Park Avenue
  • 8th Floor
  • New York
  • New York
  • 10022
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PZNNYSE (New York Stock Exchange)YesClass A Common StockUSUSDOct 2007
3PZ1DB (Deutsche Boerse AG)YesClass A Common StockDEEUROct 2007

Biography

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. wa...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/01/17 23:43
End of Day Share Price2021/01/15 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.