Summit Global Investments Acquires New Stake in BrightSphere Investment Group Inc. (NYSE:BSIG)

Summit Global Investments bought a new position in BrightSphere Investment Group Inc. (NYSE:BSIG) during the 4th quarter, Holdings Channel reports. The institutional investor bought 17,928 shares of the company’s stock, valued at approximately $344,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of BrightSphere Investment Group by 48.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,790 shares of the company’s stock valued at $170,000 after buying an additional 2,886 shares during the period. Federated Hermes Inc. boosted its position in BrightSphere Investment Group by 16.3% in the third quarter. Federated Hermes Inc. now owns 9,846 shares of the company’s stock worth $191,000 after purchasing an additional 1,383 shares during the last quarter. Linden Thomas Advisory Services LLC grew its stake in shares of BrightSphere Investment Group by 20.8% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 12,600 shares of the company’s stock valued at $241,000 after purchasing an additional 2,171 shares during the period. New York State Teachers Retirement System increased its position in shares of BrightSphere Investment Group by 22.9% during the 3rd quarter. New York State Teachers Retirement System now owns 15,079 shares of the company’s stock valued at $292,000 after purchasing an additional 2,813 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in BrightSphere Investment Group during the third quarter valued at approximately $304,000. 98.69% of the stock is currently owned by institutional investors.

BrightSphere Investment Group Price Performance

Shares of NYSE BSIG opened at $22.56 on Monday. The stock has a market cap of $854.12 million, a PE ratio of 13.76 and a beta of 1.47. BrightSphere Investment Group Inc. has a 1 year low of $15.23 and a 1 year high of $23.63. The firm has a fifty day moving average price of $22.70 and a 200-day moving average price of $20.30.

BrightSphere Investment Group (NYSE:BSIG) last issued its quarterly earnings results on Thursday, February 1st. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.19. BrightSphere Investment Group had a return on equity of 438.16% and a net margin of 15.53%. The business had revenue of $131.20 million during the quarter, compared to analyst estimates of $127.57 million. On average, research analysts expect that BrightSphere Investment Group Inc. will post 2.18 EPS for the current year.

BrightSphere Investment Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.18%. The ex-dividend date of this dividend is Friday, June 14th. BrightSphere Investment Group’s dividend payout ratio is currently 2.44%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BSIG shares. Morgan Stanley increased their price target on shares of BrightSphere Investment Group from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, January 19th. StockNews.com raised BrightSphere Investment Group from a “hold” rating to a “buy” rating in a report on Friday. TheStreet raised BrightSphere Investment Group from a “d+” rating to a “c-” rating in a report on Thursday, January 25th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $24.00 price objective on shares of BrightSphere Investment Group in a research note on Friday, February 2nd.

Insider Buying and Selling

In other news, CEO Suren Rana sold 109,960 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $20.74, for a total value of $2,280,570.40. Following the transaction, the chief executive officer now owns 130,967 shares of the company’s stock, valued at $2,716,255.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 24.90% of the stock is owned by insiders.

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.