PZN - PZN STOCK NEWS

Pzena Investment Management, Inc. (PZN) announced that its stockholders approved a take-private transaction with Pzena Investment Management, LLC. At a special meeting, approximately 10.8 million Class A shares voted in favor, while 1.1 million voted against. Following the transaction, PZN shareholders will receive $9.60 per share in cash. The deal is expected to close on October 31, 2022, after satisfying all closing conditions, and PZN will no longer be publicly traded.

Pzena Investment Management reported a third quarter 2022 diluted EPS of $0.15. Assets under management ended the quarter at $42.0 billion, down 12% year-over-year. Revenue decreased to $45.2 million, a 12.4% decline from Q3 2021. Basic and diluted net income for the quarter were $2.7 million and $12.8 million, respectively. The company has announced a transition to a private entity, with a special stockholder meeting scheduled for October 27, 2022 to approve the transaction.

Pzena Investment Management, Inc. (NYSE: PZN) has received all regulatory approvals for its proposed merger, initially announced on July 26, 2022. A virtual special meeting for stockholders is set for October 27, 2022, to vote on this transaction. If approved, PZN will become a private company, with stockholders receiving $9.60 per share in cash. The Board recommends voting in favor of the merger agreement and related proposals. This transaction is positioned to close in the fourth quarter of 2022, pending stockholder approval and customary conditions.

Pzena Investment Management reported preliminary assets under management (AUM) of $42.0 billion as of September 30, 2022, down from $47.5 billion in August 2022 and $50.8 billion a year ago. Key figures include Separately Managed Accounts at $14.0 billion, Sub-Advised Accounts at $25.6 billion, and Pzena Funds at $2.4 billion. Total inflows for the third quarter were $3.8 billion, while market depreciation accounted for $(4.3 billion). The decline in AUM reflects outflows and market challenges affecting the firm’s performance.

Pzena Investment Management, Inc. (NYSE: PZN) reported its preliminary assets under management (AUM) for August 2022, totaling $47.5 billion, compared to $47.2 billion in July 2022 and $53.1 billion in August 2021. The breakdown is as follows: Separately Managed Accounts at $16.0 billion, Sub-Advised Accounts at $28.9 billion, and Pzena Funds at $2.6 billion. The AUM has shown a decline year-over-year, indicating potential challenges. Pzena is a value-oriented investment management firm with a diverse global client base.

Pzena Investment Management (NYSE: PZN) reported its preliminary assets under management (AUM) as of July 31, 2022, totaling $47.2 billion, a $2.2 billion increase from the prior month’s $45.0 billion but a decline from $52.5 billion a year earlier. Separately Managed Accounts grew from $16.4 billion in June to $16.5 billion, while Sub-Advised Accounts rose to $28.1 billion. The firm anticipates ongoing challenges with market conditions impacting future performance. More information can be found on their website.

Labaton Sucharow announces an investigation into Pzena Investment Management Inc. (NYSE: PZN) for potential violations of securities laws affecting shareholders. Investors who have suffered losses are encouraged to participate in the investigation. Labaton Sucharow is a leading complex litigation firm known for representing clients in various legal matters, including securities and shareholder rights. The firm is dedicated to protecting investors and has a strong reputation in the industry.

Pzena Investment Management (NYSE: PZN) announced an agreement to become a private company, offering shareholders $9.60 per share in cash, a 49% premium from the closing price on July 26, 2022. The transaction implies an enterprise value of approximately $795 million and is expected to close in Q4 2022, pending stockholder and regulatory approvals. The company reported Q2 2022 diluted EPS of $0.15, down from $0.25 in Q2 2021, with revenues of $48.7 million, a 7.7% decrease from Q1 2022. PZN will maintain its regular quarterly dividend of $0.03 per share.

Pzena Investment Management (NYSE: PZN) announced a conference call scheduled for 10:00 a.m. ET on July 27, 2022, to discuss the company's financial results and outlook. This public call aims to provide insights into Pzena's performance and future direction. Interested participants can join the call via a listen-only webcast accessible through the Investor Relations section of the company's website. A replay will be available until August 10, 2022. Founded in 1995, Pzena focuses on value-oriented investment management with a global client base.