Zacks Investment Research lowered shares of Brightsphere Investment Group (NYSE:BSIG) from a buy rating to a sell rating in a research note issued to investors on Tuesday morning.
According to Zacks, “BrightSphere Investment Group plc is a diversified multi-boutique asset management company. The Company focuses on equities and fixed income portfolios, as well as investments in timber and real estate sectors. BrightSphere Investment Group plc, formerly known as OM Asset Management plc, is based in London, United Kingdom. “
A number of other brokerages have also issued reports on BSIG. Keefe, Bruyette & Woods lowered shares of Brightsphere Investment Group from an outperform rating to a market perform rating and cut their target price for the company from $15.25 to $13.00 in a research note on Tuesday. Citigroup cut their target price on shares of Brightsphere Investment Group from $17.50 to $16.50 and set a buy rating on the stock in a research note on Friday, November 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. Brightsphere Investment Group has a consensus rating of Hold and an average price target of $16.50.
Brightsphere Investment Group (NYSE:BSIG) last issued its earnings results on Thursday, November 1st. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. The business had revenue of $230.10 million for the quarter, compared to analyst estimates of $227.95 million. Brightsphere Investment Group had a net margin of 6.71% and a return on equity of 135.80%. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.43 EPS. As a group, equities research analysts expect that Brightsphere Investment Group will post 1.83 earnings per share for the current year.
The firm also recently disclosed a dividend, which was paid on Friday, December 28th. Investors of record on Friday, December 14th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, December 13th. Brightsphere Investment Group’s dividend payout ratio (DPR) is 5.56%.
In related news, major shareholder Hna Eagle Holdco Llc sold 4,598,566 shares of the stock in a transaction dated Monday, November 19th. The shares were sold at an average price of $12.80, for a total transaction of $58,861,644.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.61% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 Hong Kong Ltd grew its position in Brightsphere Investment Group by 10,714.7% in the 2nd quarter. Point72 Hong Kong Ltd now owns 7,354 shares of the company’s stock worth $105,000 after purchasing an additional 7,286 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in Brightsphere Investment Group in the 3rd quarter worth about $112,000. Jane Street Group LLC bought a new position in Brightsphere Investment Group in the 2nd quarter worth about $211,000. SG Americas Securities LLC grew its position in Brightsphere Investment Group by 131.1% in the 2nd quarter. SG Americas Securities LLC now owns 15,694 shares of the company’s stock worth $224,000 after purchasing an additional 8,903 shares during the last quarter. Finally, First Hawaiian Bank bought a new position in Brightsphere Investment Group in the 3rd quarter worth about $251,000. Hedge funds and other institutional investors own 0.03% of the company’s stock.
About Brightsphere Investment Group
BrightSphere Investment Group plc is a publically owned asset management holding company. The firm provides its services to individuals and institutions. It manages separate client focused portfolios through its subsidiaries. The firm also launches equity mutual funds for its clients. It invests in public equity, fixed income, and alternative investment markets through its subsidiaries.
See Also: Initial Public Offering (IPO)
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