DigitalBridge Group (NYSE:DBRG) Trading 8.7% Higher - Here's What Happened

Key Points

• DigitalBridge Group's shares surged 8.7% during trading on Thursday, reaching a high of $12.14, compared to the previous close of $11.17.
• Analysts have upgraded the stock, with a consensus rating of "Buy" and a price target of $16.14, showcasing increasing confidence in the company's performance.
• The firm recently announced a quarterly dividend of $0.01, resulting in a dividend yield of 0.3%, amidst a dividend payout ratio of -100.00%.

Shares of DigitalBridge Group, Inc. (NYSE:DBRG - Get Free Report) traded up 8.7% during trading on Thursday . The stock traded as high as $12.14 and last traded at $12.14. 2,373,654 shares changed hands during trading, a decline of 8% from the average session volume of 2,573,656 shares. The stock had previously closed at $11.17.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Wall Street Zen upgraded shares of DigitalBridge Group from a "sell" rating to a "hold" rating in a research report on Friday, September 5th. Keefe, Bruyette & Woods raised their price objective on shares of DigitalBridge Group from $10.50 to $11.00 and gave the company a "market perform" rating in a research report on Tuesday, August 12th. Truist Financial raised their price objective on shares of DigitalBridge Group from $15.00 to $16.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Finally, JMP Securities restated a "market outperform" rating and set a $16.00 price objective on shares of DigitalBridge Group in a research report on Friday, May 16th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $16.14.

DigitalBridge Group Trading Up 10.2%

The firm has a market capitalization of $2.24 billion, a PE ratio of -307.75 and a beta of 1.63. The business's 50 day simple moving average is $10.95 and its 200 day simple moving average is $10.09.

DigitalBridge Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Tuesday, September 30th. DigitalBridge Group's dividend payout ratio (DPR) is presently -100.00%.

Hedge Funds Weigh In On DigitalBridge Group

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Osaic Holdings Inc. boosted its stake in shares of DigitalBridge Group by 18.2% during the 2nd quarter. Osaic Holdings Inc. now owns 14,883 shares of the company's stock worth $154,000 after purchasing an additional 2,294 shares during the period. State of Wyoming boosted its stake in shares of DigitalBridge Group by 62.1% during the 2nd quarter. State of Wyoming now owns 15,616 shares of the company's stock worth $162,000 after purchasing an additional 5,983 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of DigitalBridge Group by 398.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 22,613 shares of the company's stock worth $234,000 after purchasing an additional 18,080 shares during the period. Corient Private Wealth LLC purchased a new position in shares of DigitalBridge Group during the 2nd quarter worth about $134,000. Finally, Captrust Financial Advisors purchased a new position in shares of DigitalBridge Group during the 2nd quarter worth about $109,000. 92.69% of the stock is owned by hedge funds and other institutional investors.

About DigitalBridge Group

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.

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