Needham & Company Reiterates Hold Rating on Manning & Napier (MN) Following Q4 Results

Needham & Company analyst Mayank Tandon maintains Hold rating on Manning & Napier (NYSE: MN), despite the company reporting fourth quarter revenue below consensus, while beating on EPS.

Tandon comments, "Manning & Napier reported 4Q results that were slightly below consensus on revenue but above on EPS. AUM levels were down 11% Y/Y and 9% sequentially, due to both outflows and market depreciation. It was noted that investment performance suffered during 4Q due to underexposure to cyclicals in the rally following the election, eroding MN's performance advantage achieved through the first three quarters. It was also disclosed that MN received a cancellation notice from its largest client, which will lead to a $2.4 billion outflow at the end of 1Q. Despite signs of improved performance and AUM levels through January, we believe AUM will remain pressured going forward."

For an analyst ratings summary and ratings history on Manning & Napier click here. For more ratings news on Manning & Napier click here.

Shares of Manning & Napier closed at $6.35 yesterday.

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