DigitalBridge Group (NYSE:DBRG) Trading 11.6% Higher Following Earnings Beat

DigitalBridge Group, Inc. (NYSE:DBRG) traded up 11.6% during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $12.09 and last traded at $12.00. 1,164,298 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 2,147,720 shares. The stock had previously closed at $10.75.

The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.08 by $0.03. DigitalBridge Group had a return on equity of 3.58% and a net margin of 21.42%.

Analysts Set New Price Targets

DBRG has been the subject of several recent analyst reports. Wells Fargo & Company cut their target price on DigitalBridge Group from $18.00 to $16.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. B. Riley cut their target price on DigitalBridge Group from $24.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Raymond James cut their target price on DigitalBridge Group from $19.00 to $16.00 and set a “strong-buy” rating for the company in a research note on Tuesday, November 5th. Truist Financial cut their target price on DigitalBridge Group from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, December 11th. Finally, JMP Securities initiated coverage on DigitalBridge Group in a research note on Monday, January 27th. They set an “outperform” rating and a $16.00 target price for the company. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, DigitalBridge Group presently has an average rating of “Buy” and a consensus price target of $16.67.

Institutional Investors Weigh In On DigitalBridge Group

A number of institutional investors have recently modified their holdings of the company. Frontier Capital Management Co. LLC grew its stake in shares of DigitalBridge Group by 28.0% in the fourth quarter. Frontier Capital Management Co. LLC now owns 5,575,225 shares of the company’s stock valued at $62,889,000 after buying an additional 1,218,901 shares in the last quarter. Horizon Kinetics Asset Management LLC boosted its holdings in DigitalBridge Group by 868.9% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 4,483,340 shares of the company’s stock valued at $50,572,000 after purchasing an additional 4,020,627 shares during the period. State Street Corp boosted its holdings in DigitalBridge Group by 12.0% in the third quarter. State Street Corp now owns 4,427,379 shares of the company’s stock valued at $62,603,000 after purchasing an additional 474,101 shares during the period. Geode Capital Management LLC boosted its holdings in DigitalBridge Group by 8.3% in the third quarter. Geode Capital Management LLC now owns 4,167,413 shares of the company’s stock valued at $58,895,000 after purchasing an additional 317,776 shares during the period. Finally, New South Capital Management Inc. boosted its holdings in DigitalBridge Group by 2.9% in the fourth quarter. New South Capital Management Inc. now owns 4,055,232 shares of the company’s stock valued at $45,743,000 after purchasing an additional 115,029 shares during the period. 92.69% of the stock is owned by institutional investors and hedge funds.

DigitalBridge Group Stock Up 14.2 %

The stock has a market capitalization of $2.14 billion, a PE ratio of 16.82, a price-to-earnings-growth ratio of 2.94 and a beta of 1.91. The stock has a fifty day moving average of $10.99 and a 200-day moving average of $12.62.

About DigitalBridge Group

DigitalBridge is an infrastructure investment firm specializing in digital infrastructure assets. They provide services to institutional investors. They primarily invest in data centers, cell towers, fiber networks, small cells, and edge infrastructure. DigitalBridge Group, Inc was founded in 1991 and is headquartered in Boca Raton, Florida with additional offices in Los Angles, California, and New York New York.