BrightSphere Investment Group (NYSE:BSIG) Given New $30.00 Price Target at Royal Bank of Canada

BrightSphere Investment Group (NYSE:BSIG) had its target price hoisted by analysts at Royal Bank of Canada from $28.00 to $30.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 10.54% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. StockNews.com cut BrightSphere Investment Group from a “buy” rating to a “hold” rating in a research report on Monday, July 22nd. Morgan Stanley cut BrightSphere Investment Group from an “equal weight” rating to an “underweight” rating and lifted their price target for the stock from $23.00 to $26.00 in a research report on Friday, October 18th.

BrightSphere Investment Group Stock Up 2.8 %

Shares of BrightSphere Investment Group stock traded up $0.75 during trading on Friday, reaching $27.14. The company’s stock had a trading volume of 40,042 shares, compared to its average volume of 258,183. The company has a market cap of $1.01 billion, a price-to-earnings ratio of 16.35 and a beta of 1.41. BrightSphere Investment Group has a 1-year low of $15.23 and a 1-year high of $27.58. The company has a 50-day simple moving average of $24.92 and a two-hundred day simple moving average of $23.66.

BrightSphere Investment Group (NYSE:BSIG) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. BrightSphere Investment Group had a return on equity of 871.33% and a net margin of 15.00%. The company had revenue of $109.00 million during the quarter, compared to analysts’ expectations of $104.72 million. During the same quarter in the previous year, the firm posted $0.28 EPS. As a group, analysts anticipate that BrightSphere Investment Group will post 2.4 earnings per share for the current year.

Hedge Funds Weigh In On BrightSphere Investment Group

A number of institutional investors have recently modified their holdings of BSIG. Jennison Associates LLC raised its stake in shares of BrightSphere Investment Group by 29.4% during the 1st quarter. Jennison Associates LLC now owns 759,391 shares of the company’s stock valued at $17,344,000 after buying an additional 172,318 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of BrightSphere Investment Group by 297.9% in the 2nd quarter. Renaissance Technologies LLC now owns 154,000 shares of the company’s stock valued at $3,414,000 after purchasing an additional 115,300 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of BrightSphere Investment Group in the 2nd quarter valued at about $1,870,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of BrightSphere Investment Group in the 1st quarter valued at about $1,292,000. Finally, Maverick Capital Ltd. purchased a new position in shares of BrightSphere Investment Group in the 2nd quarter valued at about $1,204,000. Hedge funds and other institutional investors own 98.69% of the company’s stock.

About BrightSphere Investment Group

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.