Punch & Associates Investment Management Inc. Has $5.71 Million Stock Holdings in 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. lessened its holdings 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 fund owned 39,955 shares of the asset manager's stock after selling 28,985 shares during the period. Punch & Associates Investment Management Inc. owned approximately 1.43% of Diamond Hill Investment Group worth $5,707,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in DHIL. Vanguard Group Inc. increased its position in shares of Diamond Hill Investment Group by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 171,378 shares of the asset manager's stock valued at $24,480,000 after purchasing an additional 5,832 shares during the last quarter. Royce & Associates LP increased its position in Diamond Hill Investment Group by 1.5% during the first quarter. Royce & Associates LP now owns 169,256 shares of the asset manager's stock worth $24,177,000 after buying an additional 2,563 shares during the period. Dimensional Fund Advisors LP grew its position in Diamond Hill Investment Group by 0.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 79,638 shares of the asset manager's stock worth $12,352,000 after purchasing an additional 532 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Diamond Hill Investment Group by 23.5% in the first quarter. American Century Companies Inc. now owns 51,297 shares of the asset manager's stock valued at $7,327,000 after purchasing an additional 9,770 shares during the period. Finally, Millennium Management LLC boosted its holdings in shares of Diamond Hill Investment Group by 69.4% in the first quarter. Millennium Management LLC now owns 48,739 shares of the asset manager's stock valued at $6,962,000 after acquiring an additional 19,962 shares in the last quarter. Hedge funds and other institutional investors own 65.50% of the company's stock.

Insider Transactions at Diamond Hill Investment Group

In other news, insider Jo Ann Quinif acquired 2,750 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was purchased at an average price of $144.01 per share, for a total transaction of $396,027.50. Following the completion of the acquisition, the insider owned 25,763 shares in the company, valued at $3,710,129.63. This trade represents a 11.95% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Paula R. Meyer sold 350 shares of the company's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $141.80, for a total transaction of $49,630.00. Following the completion of the transaction, the director directly owned 3,763 shares of the company's stock, valued at approximately $533,593.40. The trade was a 8.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.60% of the company's stock.

Diamond Hill Investment Group Price Performance

Shares of DHIL traded up $3.20 during trading hours on Thursday, reaching $145.36. 24,705 shares of the company's stock traded hands, compared to its average volume of 25,842. The firm has a market capitalization of $396.83 million, a price-to-earnings ratio of 8.27 and a beta of 0.80. The business's fifty day simple moving average is $147.21 and its two-hundred day simple moving average is $142.49. Diamond Hill Investment Group, Inc. has a twelve month low of $122.32 and a twelve month high of $173.25.

Diamond Hill Investment Group (NASDAQ:DHIL - Get Free Report) last released its earnings results on Tuesday, July 29th. The asset manager reported $2.86 EPS for the quarter. The business had revenue of $36.03 million during 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 29th will be given a dividend of $1.50 per share. The ex-dividend date is Friday, August 29th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 4.1%. Diamond Hill Investment Group's payout ratio is currently 34.13%.

Analyst Ratings Changes

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

About Diamond Hill Investment Group

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.