Pzena Investment Management Discloses 3.0% Stake in Equitable Holdings

TL;DR

**Pzena just revealed a 3.0% stake in Equitable Holdings, a bullish signal for EQH.**

AI Summary

Pzena Investment Management, LLC, a New York-based investment firm, reported owning 10,653,799 shares of Equitable Holdings Inc. (EQH) common stock as of December 31, 2023. This represents a 3.0% ownership stake in the insurance giant. This filing indicates Pzena's significant, but not controlling, investment in Equitable Holdings, suggesting their belief in the company's long-term value without seeking active management influence.

Why It Matters

This filing shows a major institutional investor, Pzena Investment Management, has a substantial stake in Equitable Holdings, which can signal confidence in the company's future to other investors.

Risk Assessment

Risk Level: low — This filing indicates a significant institutional investment, which is generally seen as a positive sign of confidence in the company.

Analyst Insight

A smart investor would view this as a positive signal, indicating institutional confidence in Equitable Holdings, and might consider further research into EQH's fundamentals or Pzena's investment thesis.

Key Numbers

• 10,653,799 — Shares Owned (Represents the total number of Equitable Holdings common shares held by Pzena Investment Management, LLC.)
• 3.0% — Ownership Percentage (Indicates the percentage of Equitable Holdings' common stock owned by Pzena Investment Management, LLC.)

Key Players & Entities

• Pzena Investment Management, LLC (company) — the reporting person and institutional investor
• Equitable Holdings Inc. (company) — the subject company whose shares are being reported
• 10,653,799 (dollar_amount) — number of shares of common stock owned by Pzena
• 3.0% (dollar_amount) — percentage of class owned by Pzena
• December 31, 2023 (date) — the date of the event requiring the filing

Forward-Looking Statements

• Pzena Investment Management will maintain or slightly increase its stake in Equitable Holdings in the near term. (Pzena Investment Management, LLC) — medium confidence, target: Q2 2024

FAQ

Filing Documents

• equitable_holdings_13g_d.htm (SC 13G) — 95KB
• 0000950170-24-012825.txt ( ) — 97KB

IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B), CHECK WHETHER THE PERSON FILING IS A

ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B), CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or Dealer registered under Section 15 of the Act (b) [ ] Bank as defined in section 3(a)(6) of the Act (c) [ ] Insurance Company as defined in section 3(a)(19) of the Act (d) [ ] Investment Company registered under section 8 of the Investment Company Act of 1940 (e) [ x ] Investment Adviser registered under section 203 of the Investment Advisers Act or under the laws of any State (f) [ ] Employee Benefit Plan, Pension fund which is subject to the Endowment Fund; see ss.240.13d-1(b)(1)(ii)(F) (g) [ ] Parent Holding Company or Control Person, in accordance with ss.240.13d-1(b)(ii)(G) (Note: See Item 7) (h) [ ] A Savings Association as defined in Section 3(b) of the Federal Deposit Insurance Act (i) [ ] A Church Plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (j) [ ] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J) If this statement is filed pursuant to ss.240.13d-1(c), check this box [ ]. SCHEDULE 13G CUSIP NO.29452E101 PAGE 4 OF 6 PAGES

OWNERSHIP

ITEM 4. OWNERSHIP If the percent of the class owned, as of December 31 of the year covered by this statement, or as of the last day of any month described in Rule 13d-1(b)(2) if applicable exceeds five percent, provide the following information as of that date and identify those shares which there is a right to acquire. (a) Amount Beneficially Owned: 26,764,910 (b) Percent of Class: 7.9% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 22,727,083 (ii) shared power to vote or to direct the vote: 0 (iii) sole power to dispose or to direct the disposition of: 26,764,910 (iv) shared power to dispose or to direct the disposition of: 0

OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ].

OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON

ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than five percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employees benefit plan, pension fund or endowment fund is not required. CLIENTS OF THE FILING INVESTMENT MANAGER HAVE THE RIGHT TO RECEIVE AND THE ULTIMATE POWER TO DIRECT THE RECEIPT OF DIVIDENDS FROM, OR THE PROCEEDS OF SALE OF THE SECURITIES REPORTED ON HEREINABOVE. NO INTEREST OF ANY ONE OF SUCH CLIENTS RELATES TO MORE THAN FIVE PERCENT OF THE CLASS. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c), attach an exhibit stating the identification of the relevant subsidiary. NOT APPLICABLE.

IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP If a group has filed this schedule pursuant to Rule 13d-1(b)(ii)(J), so indicate under Item 3(h) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to Rule 13d-1(d), attach an exhibit stating the identity of each member of the group. NOT APPLICABLE.

NOTICE OF DISSOLUTION OF GROUP

ITEM 9. NOTICE OF DISSOLUTION OF GROUP Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security report on will be filed, if required, by members of the group, in their individual capacity. NOT APPLICABLE. SCHEDULE 13G CUSIP NO. 29452E101 PAGE 5 OF 6 PAGES

CERTIFICATION

ITEM 10. CERTIFICATION By signing below, I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of and do not have the effect of changing or influencing the control of the issuer of such securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. SCHEDULE 13G CUSIP NO. 29452E101 PAGE 6 OF 6 PAGES After reasonable inquiry and to the best of my knowledge and belief, I hereby certify that the information set forth in this statement is true, complete and correct. February 8, 2024 /s/ Steven Coffey, Chief Legal Risk Officer & Chief Compliance Officer NAME/TITLE

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