Punch & Associates Investment Management Inc. Sells 28,985 Shares of Diamond Hill Investment Group, Inc. $DHIL

Key Points

• Punch & Associates Investment Management Inc. reduced its stake in Diamond Hill Investment Group by 42%, selling 28,985 shares, bringing their total holdings to 39,955 shares valued at approximately $5.7 million.
• Diamond Hill Investment Group announced a quarterly dividend of $1.50 per share, resulting in a 4.2% annualized dividend yield set to be paid on September 12th.
• Institutional investors now control 65.50% of Diamond Hill's stock, with several firms markedly increasing their positions in the first quarter, indicating growing interest in the asset manager.

Punch & Associates Investment Management Inc. reduced its position in Diamond Hill Investment Group, Inc. (NASDAQ:DHIL - Free Report) by 42.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,955 shares of the asset manager's stock after selling 28,985 shares during the quarter. Punch & Associates Investment Management Inc. owned about 1.43% of Diamond Hill Investment Group worth $5,707,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in DHIL. Signaturefd LLC boosted its holdings in shares of Diamond Hill Investment Group by 68.5% in the 1st quarter. Signaturefd LLC now owns 273 shares of the asset manager's stock valued at $39,000 after purchasing an additional 111 shares in the last quarter. State of Wyoming acquired a new position in Diamond Hill Investment Group during the 1st quarter worth approximately $54,000. Tower Research Capital LLC TRC lifted its stake in Diamond Hill Investment Group by 300.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 425 shares of the asset manager's stock valued at $66,000 after purchasing an additional 319 shares during the last quarter. CWM LLC boosted its position in Diamond Hill Investment Group by 969.6% in the first quarter. CWM LLC now owns 599 shares of the asset manager's stock valued at $86,000 after buying an additional 543 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in Diamond Hill Investment Group in the fourth quarter valued at approximately $109,000. 65.50% of the stock is currently owned by institutional investors.

Diamond Hill Investment Group Trading Down 1.1%

DHIL traded down $1.54 during trading on Tuesday, reaching $139.93. 16,491 shares of the company's stock were exchanged, compared to its average volume of 22,767. Diamond Hill Investment Group, Inc. has a one year low of $122.32 and a one year high of $173.25. The firm has a fifty day moving average price of $147.46 and a two-hundred day moving average price of $142.49. The stock has a market capitalization of $382.01 million, a PE ratio of 7.96 and a beta of 0.80.

Diamond Hill Investment Group (NASDAQ:DHIL - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The asset manager reported $2.86 EPS for the quarter. The company had revenue of $36.03 million for the quarter. Diamond Hill Investment Group had a net margin of 31.71% and a return on equity of 21.38%.

Diamond Hill Investment Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Friday, August 29th. Diamond Hill Investment Group's payout ratio is 34.13%.

Insider Activity

In related news, Director Paula R. Meyer sold 350 shares of the company's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $141.80, for a total value of $49,630.00. Following the sale, the director directly owned 3,763 shares in the company, valued at $533,593.40. This represents a 8.51% 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, insider Jo Ann Quinif bought 2,750 shares of the firm's stock in a transaction on Friday, June 13th. The shares were purchased at an average cost of $144.01 per share, with a total value of $396,027.50. Following the transaction, the insider directly owned 25,763 shares in the company, valued at approximately $3,710,129.63. This trade represents a 11.95% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 4.60% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of Diamond Hill Investment Group from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd.

Diamond Hill Investment Group Company Profile

Diamond Hill Investment Group, Inc, through its subsidiary, Diamond Hill Capital Management, Inc, provides investment advisory and fund administration services in the United States. It offers investment advisory and related services to clients through pooled vehicles, such as private fund; separately managed accounts; collective investment trusts; and other pooled vehicles, including sub-advised funds and model delivery programs.