State Street Corp Cuts Stock Position in BrightSphere Investment Group Inc. (NYSE:BSIG)

State Street Corp lessened its holdings in shares of BrightSphere Investment Group Inc. (NYSE:BSIG) by 1.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,313,653 shares of the company’s stock after selling 19,157 shares during the period. State Street Corp’s holdings in BrightSphere Investment Group were worth $33,367,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of BrightSphere Investment Group by 67.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,802 shares of the company’s stock worth $195,000 after acquiring an additional 3,561 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of BrightSphere Investment Group during the 2nd quarter valued at $147,000. American Century Companies Inc. raised its holdings in BrightSphere Investment Group by 5.6% in the second quarter. American Century Companies Inc. now owns 50,729 shares of the company’s stock valued at $1,125,000 after buying an additional 2,693 shares during the period. Dimensional Fund Advisors LP lifted its position in BrightSphere Investment Group by 0.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,126,772 shares of the company’s stock valued at $24,980,000 after buying an additional 4,399 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in BrightSphere Investment Group by 297.9% during the second quarter. Renaissance Technologies LLC now owns 154,000 shares of the company’s stock worth $3,414,000 after buying an additional 115,300 shares during the period. Hedge funds and other institutional investors own 98.69% of the company’s stock.

BrightSphere Investment Group Price Performance

Shares of BrightSphere Investment Group stock opened at $27.01 on Friday. The stock has a 50-day simple moving average of $28.97 and a 200-day simple moving average of $25.48. BrightSphere Investment Group Inc. has a 52-week low of $18.09 and a 52-week high of $31.52. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of 16.37 and a beta of 1.45.

BrightSphere Investment Group (NYSE:BSIG) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.07. BrightSphere Investment Group had a return on equity of 7,606.72% and a net margin of 13.92%. The company had revenue of $123.10 million during the quarter, compared to analyst estimates of $114.95 million. During the same period in the previous year, the company earned $0.45 earnings per share. As a group, equities research analysts predict that BrightSphere Investment Group Inc. will post 2.59 earnings per share for the current year.

BrightSphere Investment Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be paid a $0.01 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.04 annualized dividend and a dividend yield of 0.15%. BrightSphere Investment Group’s dividend payout ratio is presently 2.42%.

Wall Street Analyst Weigh In

BSIG has been the subject of a number of analyst reports. Morgan Stanley decreased their price target on BrightSphere Investment Group from $26.00 to $25.00 and set an “underweight” rating for the company in a report on Friday. BMO Capital Markets reaffirmed a “sector perform” rating and set a $33.00 price target (up previously from $30.00) on shares of BrightSphere Investment Group in a report on Tuesday, December 10th. Royal Bank of Canada cut shares of BrightSphere Investment Group from an “outperform” rating to a “sector perform” rating and increased their price objective for the company from $30.00 to $33.00 in a report on Tuesday, December 10th. StockNews.com raised shares of BrightSphere Investment Group from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Finally, Evercore ISI lifted their price target on shares of BrightSphere Investment Group from $28.00 to $31.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $30.50.

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.