Pzena Investment Management
Market Cap
US$600.7m
Last Updated
2021/01/17 23:43 UTC
Data Sources
Company Financials
Executive Summary
Pzena Investment Management, Inc. is a publicly owned investment manager. More Details
Rewards
Risk Analysis
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
| PZN | Industry | Market | |
|---|---|---|---|
| 7 Day | 3.7% | -0.4% | -1.0% |
| 30 Day | 12.1% | 7.3% | 2.3% |
| 90 Day | 53.2% | 22.0% | 13.1% |
| 1 Year | 6.6%-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 Year | 54.2%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
1 month ago | Simply Wall St
Pzena Investment Management's (NYSE:PZN) Stock Price Has Reduced 28% In The Past Three Years1 month ago | Simply Wall St
Consider This Before Buying Pzena Investment Management, Inc (NYSE:PZN) For The 8.5% Dividend2 months ago | Simply Wall St
Don't Race Out To Buy Pzena Investment Management, Inc (NYSE:PZN) Just Because It's Going Ex-DividendValuation
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
- Examine Pzena Investment Management's financial health to determine how well-positioned it is against times of financial stress by looking at its level of debt over time and how much cash it has left.
- Pzena Investment Management competitive advantages and company strategy can generally be found in its financial reports archived here.
- Explore growth companies in the Diversified Financials industry.
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
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | 13.67yrs | US$2.50m | 0.025% $ 150.0k | |
| President | 9.67yrs | US$3.41m | no data | |
| EVP and Co-Portfolio Manager of Global | 1.92yrs | US$6.17m | 1.36% $ 8.2m | |
| President | 9.67yrs | US$2.60m | 0.028% $ 167.6k | |
| CFO & Treasurer | 4.5yrs | US$323.80k | no data | |
| Chief Operating Officer | 0.83yr | no data | 0.020% $ 120.2k | |
| General Counsel & Corporate Secretary | no data | no data | no data | |
| Principal & Portfolio Manager | no data | no data | no data | |
| Principal | no data | no data | no data | |
| Principal & Portfolio Manager | 14yrs | no data | no data | |
| Principal & Senior Research Analyst of Pzena Investment Mgmt LLC | no data | no data | no data | |
| Director of Client & Portfolio Services - Pzena Investment Management LLC | no data | no data | no 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
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | 13.67yrs | US$2.50m | 0.025% $ 150.0k | |
| President | 9.67yrs | US$3.41m | no data | |
| President | 9.67yrs | US$2.60m | 0.028% $ 167.6k | |
| Independent Director | 13.25yrs | US$85.00k | 0.13% $ 800.9k | |
| Independent Director | 13.25yrs | US$90.00k | 0.14% $ 836.6k | |
| Independent Director | 13.25yrs | US$95.00k | 0.13% $ 800.9k | |
| Independent Director | 6.92yrs | US$90.00k | 0.24% $ 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
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| PZN | NYSE (New York Stock Exchange) | Yes | Class A Common Stock | US | USD | Oct 2007 |
| 3PZ1 | DB (Deutsche Boerse AG) | Yes | Class A Common Stock | DE | EUR | Oct 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
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/01/17 23:43 |
| End of Day Share Price | 2021/01/15 00:00 |
| Earnings | 2020/09/30 |
| Annual Earnings | 2019/12/31 |
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.