Clear Harbor Asset Management LLC Buys 12,438 Shares of Bentley Systems, Incorporated $BSY

Key Points

• Clear Harbor Asset Management LLC increased its holdings in Bentley Systems by 22.6%, acquiring an additional 12,438 shares, bringing their total to 67,553 shares valued at approximately $3.65 million.
• Insider sales included David R. Shaman selling 19,348 shares and Keith A. Bentley selling 150,000 shares, reducing their ownership by 2.90% and 3.74%, respectively.
• Bentley Systems recently declared a quarterly dividend of $0.07 per share, indicating a 0.5% annualized dividend yield, with a payout ratio of 35.44%.

Clear Harbor Asset Management LLC lifted its stake in Bentley Systems, Incorporated (NASDAQ:BSY - Free Report) by 22.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 67,553 shares of the company's stock after buying an additional 12,438 shares during the period. Clear Harbor Asset Management LLC's holdings in Bentley Systems were worth $3,646,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in BSY. City Holding Co. bought a new stake in shares of Bentley Systems in the first quarter valued at about $26,000. Geneos Wealth Management Inc. lifted its stake in shares of Bentley Systems by 1,529.3% in the first quarter. Geneos Wealth Management Inc. now owns 668 shares of the company's stock valued at $26,000 after buying an additional 627 shares during the period. Twin Tree Management LP lifted its stake in shares of Bentley Systems by 361.9% in the first quarter. Twin Tree Management LP now owns 739 shares of the company's stock valued at $29,000 after buying an additional 579 shares during the period. Larson Financial Group LLC lifted its stake in shares of Bentley Systems by 1,707.1% in the first quarter. Larson Financial Group LLC now owns 759 shares of the company's stock valued at $30,000 after buying an additional 717 shares during the period. Finally, Fifth Third Bancorp lifted its stake in shares of Bentley Systems by 106.6% in the first quarter. Fifth Third Bancorp now owns 843 shares of the company's stock valued at $33,000 after buying an additional 435 shares during the period. Institutional investors own 44.16% of the company's stock.

Insiders Place Their Bets

In related news, insider David R. Shaman sold 19,348 shares of the firm's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $56.96, for a total transaction of $1,102,062.08. Following the sale, the insider directly owned 647,609 shares in the company, valued at $36,887,808.64. This trade represents a 2.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Keith A. Bentley sold 150,000 shares of the firm's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $55.54, for a total transaction of $8,331,000.00. Following the sale, the director owned 3,859,327 shares in the company, valued at approximately $214,347,021.58. The trade was a 3.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 189,869 shares of company stock worth $10,564,887. Insiders own 20.56% of the company's stock.

Bentley Systems Price Performance

BSY opened at $52.82 on Monday. Bentley Systems, Incorporated has a one year low of $36.51 and a one year high of $59.25. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.51 and a quick ratio of 0.51. The company's 50 day simple moving average is $55.04 and its 200-day simple moving average is $49.30. The stock has a market capitalization of $15.43 billion, a P/E ratio of 66.86, a price-to-earnings-growth ratio of 4.26 and a beta of 1.09.

Bentley Systems (NASDAQ:BSY - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.29 by $0.03. Bentley Systems had a net margin of 17.91% and a return on equity of 28.41%. The business had revenue of $364.11 million for the quarter, compared to analysts' expectations of $363.51 million. During the same period in the prior year, the firm earned $0.31 earnings per share. Bentley Systems's revenue was up 10.2% compared to the same quarter last year. Sell-side analysts anticipate that Bentley Systems, Incorporated will post 0.88 earnings per share for the current fiscal year.

Bentley Systems Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 23rd will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 23rd. Bentley Systems's dividend payout ratio (DPR) is currently 35.44%.

Analysts Set New Price Targets

Several research firms recently weighed in on BSY. Rosenblatt Securities cut shares of Bentley Systems from a "buy" rating to a "neutral" rating and increased their target price for the company from $53.00 to $58.00 in a research note on Thursday, August 7th. Oppenheimer increased their price target on shares of Bentley Systems from $59.00 to $65.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Piper Sandler increased their price target on shares of Bentley Systems from $57.00 to $63.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Wall Street Zen lowered shares of Bentley Systems from a "buy" rating to a "hold" rating in a research report on Wednesday, July 16th. Finally, The Goldman Sachs Group increased their price target on shares of Bentley Systems from $42.00 to $47.00 and gave the stock a "sell" rating in a research report on Thursday, August 7th. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $56.60.

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.

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