Blackbaud Inc. (BLKB) Stake Boosted by PineBridge Investments L.P.
PineBridge Investments L.P. increased its position in Blackbaud Inc. (NASDAQ:BLKB) by 4.9% during the second quarter, Holdings Channel reports. The institutional investor owned 6,023 shares of the company’s stock after buying an additional 283 shares during the period. PineBridge Investments L.P.’s holdings in Blackbaud were worth $409,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Blackbaud by 1.7% in the second quarter. Vanguard Group Inc. now owns 3,772,504 shares of the company’s stock worth $256,154,000 after buying an additional 61,918 shares in the last quarter. Principal Financial Group Inc. raised its stake in Blackbaud by 0.5% in the second quarter. Principal Financial Group Inc. now owns 667,523 shares of the company’s stock worth $45,325,000 after buying an additional 3,635 shares during the last quarter. Brown Advisory Inc. raised its stake in Blackbaud by 2.9% in the second quarter. Brown Advisory Inc. now owns 541,766 shares of the company’s stock worth $36,786,000 after buying an additional 15,324 shares during the last quarter. Prudential Financial Inc. raised its stake in Blackbaud by 1.2% in the second quarter. Prudential Financial Inc. now owns 143,759 shares of the company’s stock worth $9,761,000 after buying an additional 1,770 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its stake in Blackbaud by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,556 shares of the company’s stock worth $445,000 after buying an additional 795 shares during the last quarter.
Shares of Blackbaud Inc. (NASDAQ:BLKB) opened at 65.19 on Tuesday. Blackbaud Inc. has a 1-year low of $49.89 and a 1-year high of $71.76. The firm has a market capitalization of $3.00 billion, a PE ratio of 112.40 and a beta of 1.20. The firm has a 50-day moving average of $67.22 and a 200-day moving average of $64.62.
Blackbaud (NASDAQ:BLKB) last posted its earnings results on Monday, August 1st. The company reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.50 by $0.04. Blackbaud had a return on equity of 27.31% and a net margin of 3.97%. The firm had revenue of $180.20 million for the quarter, compared to analyst estimates of $182.05 million. During the same period in the prior year, the business posted $0.41 EPS. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. On average, equities research analysts anticipate that Blackbaud Inc. will post $1.92 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Friday, August 26th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date of this dividend was Wednesday, August 24th. Blackbaud’s dividend payout ratio is currently 81.36%.
Several analysts recently weighed in on the stock. B. Riley reiterated a “buy” rating and issued a $77.00 price objective on shares of Blackbaud in a research report on Wednesday, August 3rd. Wunderlich boosted their price target on shares of Blackbaud from $69.00 to $78.00 and gave the stock a “buy” rating in a research report on Tuesday, August 2nd. Stifel Nicolaus boosted their price target on shares of Blackbaud from $70.00 to $73.00 and gave the stock a “buy” rating in a research report on Thursday, June 30th. Evercore Partners Inc. began coverage on shares of Blackbaud in a research report on Monday, June 27th. They issued a “hold” rating on the stock. Finally, Evercore ISI began coverage on shares of Blackbaud in a research report on Monday, June 27th. They issued a “hold” rating and a $70.00 target price on the stock. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $70.90.
In related news, Director Joyce Nelson sold 600 shares of the firm’s stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $68.11, for a total value of $40,866.00. Following the transaction, the director now owns 15,254 shares in the company, valued at $1,038,949.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael P. Gianoni sold 11,500 shares of the firm’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $66.84, for a total value of $768,660.00. Following the completion of the transaction, the insider now owns 254,429 shares in the company, valued at approximately $17,006,034.36. The disclosure for this sale can be found here. Insiders own 2.74% of the company’s stock.
Blackbaud, Inc is a provider of software and services for the global philanthropic community. The Company’s segments include the General Markets Business Unit (the GMBU), the Enterprise Customer Business Unit (the ECBU) and the International Business Unit (the IBU). The GMBU is focused on marketing, sales, delivery and support to all emerging and mid-sized prospects and customers in North America.
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