Royal Bank of Canada Raises BrightSphere Investment Group (NYSE:BSIG) Price Target to $28.00

BrightSphere Investment Group (NYSE:BSIG) had its price target raised by Royal Bank of Canada from $26.00 to $28.00 in a research report report published on Friday, Benzinga reports. The firm currently has an outperform rating on the stock.

Separately, StockNews.com lowered BrightSphere Investment Group from a buy rating to a hold rating in a research report on Monday, July 22nd.

BrightSphere Investment Group Stock Performance

NYSE:BSIG opened at $26.60 on Friday. BrightSphere Investment Group has a fifty-two week low of $15.23 and a fifty-two week high of $26.78. The business has a 50 day moving average price of $23.98 and a 200-day moving average price of $23.34. The firm has a market cap of $1.00 billion, a PE ratio of 16.22 and a beta of 1.41.

BrightSphere Investment Group (NYSE:BSIG) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. The business had revenue of $109.00 million for the quarter, compared to analyst estimates of $104.72 million. BrightSphere Investment Group had a net margin of 15.00% and a return on equity of 871.33%. During the same quarter last year, the firm earned $0.28 EPS. Research analysts predict that BrightSphere Investment Group will post 2.31 EPS for the current year.

BrightSphere Investment Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a $0.01 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.04 annualized dividend and a dividend yield of 0.15%. BrightSphere Investment Group’s dividend payout ratio is 2.44%.

Institutional Trading of BrightSphere Investment Group

Several large investors have recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. bought a new position in shares of BrightSphere Investment Group in the 1st quarter worth approximately $853,000. Denali Advisors LLC raised its holdings in BrightSphere Investment Group by 99.5% in the first quarter. Denali Advisors LLC now owns 157,091 shares of the company’s stock worth $3,588,000 after purchasing an additional 78,347 shares in the last quarter. Jennison Associates LLC lifted its position in BrightSphere Investment Group by 29.4% during the first quarter. Jennison Associates LLC now owns 759,391 shares of the company’s stock valued at $17,344,000 after buying an additional 172,318 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of BrightSphere Investment Group by 297.9% during the 2nd quarter. Renaissance Technologies LLC now owns 154,000 shares of the company’s stock valued at $3,414,000 after buying an additional 115,300 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp grew its position in shares of BrightSphere Investment Group by 61.2% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 77,216 shares of the company’s stock worth $1,756,000 after buying an additional 29,302 shares during the period. 98.69% of the stock is owned by institutional investors.

About BrightSphere Investment Group

BrightSphere Investment Group Inc 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.