Brightsphere Investment Group (BSIG) Cut to Sell at Zacks Investment Research
Zacks Investment Research downgraded 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. “
BSIG has been the subject of a number of other research reports. Citigroup reduced their price objective on Brightsphere Investment Group from $18.50 to $16.50 and set a buy rating for the company in a research report on Wednesday, November 21st. Keefe, Bruyette & Woods downgraded Brightsphere Investment Group from an outperform rating to a market perform rating and reduced their price objective for the stock from $15.25 to $13.00 in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $16.92.
Brightsphere Investment Group (NYSE:BSIG) last announced its quarterly earnings data on Thursday, November 1st. The company reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.01. Brightsphere Investment Group had a return on equity of 135.80% and a net margin of 6.71%. The company had revenue of $230.10 million during the quarter, compared to the consensus estimate of $227.95 million. During the same quarter last year, the company earned $0.43 EPS. The company’s quarterly revenue was up 3.1% on a year-over-year basis. On average, sell-side analysts anticipate that Brightsphere Investment Group will post 1.83 EPS for the current year.
The company also recently disclosed a dividend, which was paid on Friday, December 28th. Shareholders of record on Friday, December 14th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, December 13th. Brightsphere Investment Group’s dividend payout ratio is currently 5.56%.
In related news, major shareholder Hna Eagle Holdco Llc sold 4,598,566 shares of the firm’s stock in a transaction that occurred on Monday, November 19th. The stock was sold at an average price of $12.80, for a total transaction of $58,861,644.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.61% of the stock is currently owned by company insiders.
Several institutional investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its position in shares of Brightsphere Investment Group by 8.1% during the 3rd quarter. BlackRock Inc. now owns 4,896,528 shares of the company’s stock worth $60,715,000 after buying an additional 365,382 shares during the period. Jennison Associates LLC lifted its position in shares of Brightsphere Investment Group by 3.7% during the 3rd quarter. Jennison Associates LLC now owns 4,311,344 shares of the company’s stock worth $53,461,000 after buying an additional 153,206 shares during the period. William Blair Investment Management LLC lifted its position in shares of Brightsphere Investment Group by 5.4% during the 3rd quarter. William Blair Investment Management LLC now owns 3,978,643 shares of the company’s stock worth $49,335,000 after buying an additional 205,471 shares during the period. Point72 Asset Management L.P. lifted its position in shares of Brightsphere Investment Group by 383.2% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,091,824 shares of the company’s stock worth $25,939,000 after buying an additional 1,658,877 shares during the period. Finally, Philadelphia Financial Management of San Francisco LLC lifted its position in shares of Brightsphere Investment Group by 3.3% during the 3rd quarter. Philadelphia Financial Management of San Francisco LLC now owns 1,887,545 shares of the company’s stock worth $23,406,000 after buying an additional 61,118 shares during the period. Institutional investors and hedge funds 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.
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