DigitalBridge Group (NYSE: DBRG) received a significant boost to its price target, which was raised from $13.50 to $16.00 by Keefe, Bruyette & Woods in a research report issued to investors on Tuesday. The firm currently rates the stock as “market perform.” This upward revision reflects a growing confidence among analysts regarding the company’s future performance.
Several other analysts have also recently adjusted their ratings for DigitalBridge Group. B. Riley upgraded the stock to a “strong-buy” rating, while Zacks Research elevated its rating from “strong sell” to “hold” in a report released on November 5. Additionally, Wall Street Zen changed its assessment from “sell” to “hold” on September 13. Conversely, Citizens Jmp downgraded the stock from “market outperform” to “hold,” maintaining the new target price of $16.00. Royal Bank of Canada similarly revised its rating, lowering it from “outperform” to “sector perform” and aligning its price target with those of other analysts.
Currently, four research analysts have assigned a “buy” rating to DigitalBridge Group, while six have given it a “hold” rating, and one has issued a “sell” rating. According to MarketBeat.com data, the stock holds an average rating of “hold” with a consensus target price of $16.22.
Recent Performance and Financials
DigitalBridge Group’s stock demonstrated a slight increase of 0.5% following the latest analyst updates. The company last reported its quarterly earnings on March 21, 2024, revealing an earnings per share (EPS) of ($0.07) alongside revenue of $232.83 million. Analysts project that the company will achieve an EPS of $0.17 for the current fiscal year.
In addition to its financial performance, DigitalBridge Group announced a quarterly dividend of $0.01, scheduled for distribution on January 15, 2024. Shareholders on record as of December 31, 2023, will qualify for this payment, resulting in an annualized dividend of $0.04 and a yield of 0.3%. The company’s current dividend payout ratio stands at 66.67%.
Institutional Investor Activity
Recent changes in institutional trading have also affected DigitalBridge Group’s stock. Notably, the State of Alaska Department of Revenue acquired a new position valued at approximately $84,000 in the third quarter. Other significant investors, including NEOS Investment Management LLC and Captrust Financial Advisors, have made similar moves, with investments valued at $117,000 and $109,000, respectively. Russell Investments Group Ltd. increased its stake significantly by 239.4% during the second quarter, now holding 11,373 shares worth around $118,000. Overall, institutional investors and hedge funds now control 92.69% of the company’s stock.
DigitalBridge Group operates as a specialized global investment firm focusing exclusively on digital infrastructure. Its portfolio includes data centers, cell towers, fiber networks, and related services. The firm aims to generate sustainable, long-term returns by investing in high-growth sectors driven by increasing data consumption, the deployment of 5G technology, and cloud adoption.
As the market continues to react to these developments, the analysts’ upgrades and the company’s strategic moves, including recent acquisitions, may position DigitalBridge Group for further growth in the evolving digital economy.
