The Manufacturers Life Insurance Company Has $246,000 Position in BrightSphere Investment Group Inc. (NYSE:BSIG)

The Manufacturers Life Insurance Company reduced its stake in shares of BrightSphere Investment Group Inc. (NYSE:BSIG) by 7.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,107 shares of the company’s stock after selling 916 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in BrightSphere Investment Group were worth $246,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Jacobs Levy Equity Management Inc. acquired a new position in shares of BrightSphere Investment Group in the 1st quarter valued at approximately $853,000. Denali Advisors LLC grew its position in shares of BrightSphere Investment Group by 99.5% in the 1st quarter. Denali Advisors LLC now owns 157,091 shares of the company’s stock valued at $3,588,000 after purchasing an additional 78,347 shares during the period. Jennison Associates LLC grew its position in shares of BrightSphere Investment Group by 29.4% in the 1st quarter. Jennison Associates LLC now owns 759,391 shares of the company’s stock valued at $17,344,000 after purchasing an additional 172,318 shares during the period. Renaissance Technologies LLC grew its position in shares of BrightSphere Investment Group by 297.9% in the 2nd quarter. Renaissance Technologies LLC now owns 154,000 shares of the company’s stock valued at $3,414,000 after purchasing an additional 115,300 shares during the period. Finally, Maverick Capital Ltd. acquired a new position in shares of BrightSphere Investment Group in the 2nd quarter valued at approximately $1,204,000. 98.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BSIG. Morgan Stanley lowered BrightSphere Investment Group from an “equal weight” rating to an “underweight” rating and boosted their price objective for the company from $23.00 to $26.00 in a research report on Friday. StockNews.com cut BrightSphere Investment Group from a “buy” rating to a “hold” rating in a research note on Monday, July 22nd. Finally, Royal Bank of Canada boosted their target price on BrightSphere Investment Group from $26.00 to $28.00 and gave the company an “outperform” rating in a research note on Friday, October 11th.

BrightSphere Investment Group Stock Performance

NYSE BSIG opened at $27.10 on Friday. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of 16.33 and a beta of 1.41. The stock’s 50 day moving average price is $24.38 and its two-hundred day moving average price is $23.45. BrightSphere Investment Group Inc. has a 52 week low of $15.23 and a 52 week high of $27.33.

BrightSphere Investment Group (NYSE:BSIG) last released its earnings results on Thursday, August 1st. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.43 by $0.02. The firm had revenue of $109.00 million for the quarter, compared to analysts’ expectations of $104.72 million. BrightSphere Investment Group had a return on equity of 871.33% and a net margin of 15.00%. During the same quarter in the previous year, the business posted $0.28 EPS. On average, equities research analysts forecast that BrightSphere Investment Group Inc. will post 2.31 EPS for the current year.

BrightSphere Investment Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.15%. The ex-dividend date of this dividend was Friday, September 13th. BrightSphere Investment Group’s dividend payout ratio is currently 2.41%.

BrightSphere Investment Group Profile

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.