Bank of America Lowers Brightsphere Investment Group (BSIG) to Underperform

Bank of America cut shares of Brightsphere Investment Group (NYSE:BSIG) from a buy rating to an underperform rating in a research report released on Friday, Benzinga’s Daily Ratings Newsletter reports. The analysts noted that the move was a valuation call.

Other research analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods cut shares of Brightsphere Investment Group from an outperform rating to a market perform rating and dropped their target price for the company from $15.25 to $13.00 in a research note on Tuesday, January 8th. Zacks Investment Research cut shares of Brightsphere Investment Group from a buy rating to a sell rating in a research note on Tuesday, January 8th. Morgan Stanley set a $12.00 target price on shares of Brightsphere Investment Group and gave the company a hold rating in a research note on Friday, February 8th. Citigroup cut shares of Brightsphere Investment Group from a buy rating to a neutral rating in a research note on Monday, January 14th. Finally, Royal Bank of Canada set a $16.00 target price on shares of Brightsphere Investment Group and gave the company a buy rating in a research note on Friday, February 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $16.25.

Shares of BSIG stock opened at $14.40 on Friday. Brightsphere Investment Group has a 52-week low of $10.04 and a 52-week high of $16.34. The stock has a market capitalization of $1.60 billion and a price-to-earnings ratio of 7.74.

Brightsphere Investment Group (NYSE:BSIG) last issued its quarterly earnings data on Thursday, February 7th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.05. Brightsphere Investment Group had a net margin of 14.69% and a return on equity of 141.96%. The business had revenue of $214.50 million during the quarter, compared to the consensus estimate of $212.23 million. The firm’s revenue was down 13.9% compared to the same quarter last year. On average, equities analysts predict that Brightsphere Investment Group will post 1.82 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date was Thursday, March 14th. Brightsphere Investment Group’s payout ratio is 21.51%.

In related news, EVP Aidan J. Riordan sold 5,738 shares of the company’s stock in a transaction that occurred on Thursday, February 14th. The shares were sold at an average price of $14.03, for a total transaction of $80,504.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Hna Eagle Holdco Llc sold 22,776,663 shares of the company’s stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of $13.94, for a total transaction of $317,506,682.22. The disclosure for this sale can be found here. Over the last quarter, insiders sold 22,792,535 shares of company stock worth $317,725,199. Corporate insiders own 0.61% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Caz Investments LP purchased a new stake in shares of Brightsphere Investment Group during the 4th quarter valued at approximately $85,000. Amalgamated Bank purchased a new stake in shares of Brightsphere Investment Group during the 4th quarter valued at approximately $126,000. Jane Street Group LLC purchased a new stake in shares of Brightsphere Investment Group during the 4th quarter valued at approximately $231,000. SG Americas Securities LLC lifted its stake in shares of Brightsphere Investment Group by 38.5% during the 3rd quarter. SG Americas Securities LLC now owns 21,735 shares of the company’s stock valued at $270,000 after buying an additional 6,041 shares in the last quarter. Finally, Brown Advisory Inc. lifted its stake in Brightsphere Investment Group by 27.4% in the 3rd quarter. Brown Advisory Inc. now owns 28,190 shares of the company’s stock worth $350,000 after purchasing an additional 6,060 shares in the last quarter. Institutional investors own 0.74% 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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