DigitalBridge Group (NYSE:DBRG) Stock Price Up 6.3% After Analyst Upgrade

DigitalBridge Group, Inc. (NYSE:DBRG) shares rose 6.3% during trading on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $22.00 to $23.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. DigitalBridge Group traded as high as $14.67 and last traded at $14.63. Approximately 749,452 shares changed hands during trading, a decline of 67% from the average daily volume of 2,241,833 shares. The stock had previously closed at $13.76.

A number of other analysts have also commented on the company. Truist Financial decreased their price objective on DigitalBridge Group from $19.00 to $17.00 and set a “buy” rating for the company in a report on Wednesday, August 21st. Keefe, Bruyette & Woods decreased their price objective on DigitalBridge Group from $18.50 to $17.75 and set an “outperform” rating for the company in a report on Tuesday, June 18th. Royal Bank of Canada reissued an “outperform” rating and set a $19.00 price objective on shares of DigitalBridge Group in a report on Wednesday, July 3rd. Deutsche Bank Aktiengesellschaft reduced their target price on DigitalBridge Group from $17.00 to $16.00 and set a “buy” rating for the company in a report on Thursday, August 15th. Finally, Raymond James reduced their target price on DigitalBridge Group from $22.00 to $19.00 and set a “strong-buy” rating for the company in a report on Thursday, August 8th. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $19.22.

Institutional Investors Weigh In On DigitalBridge Group

Several institutional investors have recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA purchased a new stake in shares of DigitalBridge Group in the second quarter worth $39,033,000. New South Capital Management Inc. raised its position in shares of DigitalBridge Group by 40.1% in the second quarter. New South Capital Management Inc. now owns 3,929,762 shares of the company’s stock worth $53,838,000 after buying an additional 1,125,549 shares in the last quarter. Wafra Inc. raised its position in shares of DigitalBridge Group by 7.1% in the second quarter. Wafra Inc. now owns 15,455,808 shares of the company’s stock worth $211,745,000 after buying an additional 1,020,409 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of DigitalBridge Group by 54.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,686,145 shares of the company’s stock worth $36,797,000 after buying an additional 952,408 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its position in shares of DigitalBridge Group by 125.4% in the second quarter. Point72 Asset Management L.P. now owns 1,629,197 shares of the company’s stock worth $22,320,000 after buying an additional 906,297 shares in the last quarter. Hedge funds and other institutional investors own 92.69% of the company’s stock.

DigitalBridge Group Stock Up 6.3 %

The company has a market cap of $2.54 billion, a PE ratio of 9.44, a P/E/G ratio of 2.59 and a beta of 1.96. The stock has a 50-day moving average of $13.11 and a 200-day moving average of $14.45.

DigitalBridge Group (NYSE:DBRG) last released its earnings results on Wednesday, August 7th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). The firm had revenue of $390.34 million during the quarter, compared to the consensus estimate of $97.05 million. DigitalBridge Group had a net margin of 35.10% and a return on equity of 4.49%. Research analysts expect that DigitalBridge Group, Inc. will post 0.16 EPS for the current year.

DigitalBridge Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.01 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.04 dividend on an annualized basis and a yield of 0.27%. DigitalBridge Group’s dividend payout ratio is presently 2.58%.

DigitalBridge Group Company Profile

DigitalBridge is an infrastructure investment firm specializing in digital infrastructure assets. They provide services to institutional investors. They primarily invest in data centers, cell towers, fiber networks, small cells, and edge infrastructure. DigitalBridge Group, Inc was founded in 1991 and is headquartered in Boca Raton, Florida with additional offices in Los Angles, California, and New York New York.