The Manufacturers Life Insurance Company Has $565,000 Stock Position in Bentley Systems, Incorporated (NASDAQ:BSY)

The Manufacturers Life Insurance Company lessened its position in Bentley Systems, Incorporated (NASDAQ:BSY) by 98.6% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 11,116 shares of the company’s stock after selling 811,075 shares during the period. The Manufacturers Life Insurance Company’s holdings in Bentley Systems were worth $565,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of Bentley Systems by 4,618.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 519 shares of the company’s stock valued at $26,000 after purchasing an additional 508 shares in the last quarter. Blue Trust Inc. raised its position in Bentley Systems by 68,500.0% in the 2nd quarter. Blue Trust Inc. now owns 686 shares of the company’s stock valued at $36,000 after buying an additional 685 shares during the last quarter. Central Pacific Bank Trust Division raised its position in Bentley Systems by 57.1% in the 3rd quarter. Central Pacific Bank Trust Division now owns 759 shares of the company’s stock valued at $39,000 after buying an additional 276 shares during the last quarter. Tortoise Investment Management LLC lifted its stake in Bentley Systems by 75.4% during the 2nd quarter. Tortoise Investment Management LLC now owns 833 shares of the company’s stock valued at $41,000 after acquiring an additional 358 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new position in Bentley Systems during the 2nd quarter worth $43,000. Institutional investors own 44.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Rosenblatt Securities restated a “buy” rating and set a $62.00 price target on shares of Bentley Systems in a report on Friday, November 8th. JPMorgan Chase & Co. assumed coverage on Bentley Systems in a research note on Monday, December 9th. They issued a “neutral” rating and a $52.00 target price on the stock. Finally, Piper Sandler increased their price target on Bentley Systems from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $58.43.

Insiders Place Their Bets

In related news, Director Barry J. Bentley sold 34,987 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $48.37, for a total transaction of $1,692,321.19. Following the completion of the transaction, the director now owns 12,213,248 shares of the company’s stock, valued at approximately $590,754,805.76. The trade was a 0.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 234,987 shares of company stock worth $11,667,821 over the last quarter. 21.12% of the stock is currently owned by company insiders.

Bentley Systems Trading Down 2.3 %

Shares of BSY stock opened at $47.13 on Friday. Bentley Systems, Incorporated has a 12-month low of $43.82 and a 12-month high of $57.19. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 1.37. The company has a 50 day moving average of $48.97 and a 200-day moving average of $49.38. The firm has a market cap of $13.70 billion, a P/E ratio of 42.46, a PEG ratio of 4.04 and a beta of 1.03.

Bentley Systems (NASDAQ:BSY) last issued its earnings results on Thursday, November 7th. The company reported $0.24 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.24. The firm had revenue of $335.17 million for the quarter, compared to analyst estimates of $340.36 million. Bentley Systems had a return on equity of 29.50% and a net margin of 27.73%. The business’s revenue was up 9.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 earnings per share. Sell-side analysts anticipate that Bentley Systems, Incorporated will post 0.88 earnings per share for the current year.

Bentley Systems Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Tuesday, December 3rd were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.51%. The ex-dividend date was Tuesday, December 3rd. Bentley Systems’s dividend payout ratio (DPR) is presently 21.62%.

About Bentley Systems

Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers open modeling engineering applications, such as MicroStation, OpenBridge, OpenBuildings, OpenCities, OpenComms, OpenFlows, OpenPlant, OpenRail, OpenRoads, OpenSite, OpenTower, OpenTunnel, OpenUtilities, and OpenWindowPower; and open simulation engineering applications, including ADINA, AutoPIPE, CUBE, DYNAMEQ, EMME, LEGION, Power Line Systems, RAM, SACS, SPIDA, and STAAD; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including AGS, Central, GeoStudio, Imago, Leapfrog, MX Deposit, Oasis montaj, OpenGround, and PLAXIS.