Principal Financial Group Reduces Stake in DigitalBridge Group, Inc.

Principal Financial Group Inc. has reduced its ownership of shares in DigitalBridge Group, Inc. (NYSE:DBRG – Free Report) by 29.7% during the third quarter, according to a report from Holdings Channel. After selling 5,096 shares during this period, the fund now holds 12,053 shares of DigitalBridge Group. As of the latest reporting period, these shares are valued at approximately $170,000.

In addition to Principal Financial Group, other institutional investors and hedge funds have also adjusted their positions in DigitalBridge Group recently. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake by 24.9% during the same quarter. This firm now owns 1,364,524 shares worth around $19,281,000 after acquiring an additional 271,853 shares.

Geode Capital Management LLC raised its holdings in DigitalBridge Group by 8.3% and now possesses 4,167,413 shares valued at $58,895,000 following a purchase of 317,776 additional shares. Another firm, UBS AM, part of UBS ASSET MANAGEMENT AMERICAS LLC, significantly boosted its stake by 101.9%, bringing its total to 314,557 shares worth about $4,445,000 after buying an extra 158,790 shares.

Furthermore, Horizon Kinetics Asset Management LLC entered the market by purchasing a new stake in DigitalBridge Group valued at $6,538,000 during the third quarter. Rockefeller Capital Management L.P. also expanded its holdings dramatically by 482.6%, now owning 144,772 shares worth $2,046,000 after acquiring 119,922 additional shares.

Notably, hedge funds and other institutional investors now represent 92.69% of DigitalBridge Group's total stock ownership.

Current Stock Performance of DigitalBridge Group

As of now, DigitalBridge Group stock is trading at $10.96, experiencing a decline of 3.4%. The company has a 52-week low of $10.55 and a high of $20.99. Its 50-day moving average stands at $12.29, whereas the 200-day moving average is $13.26. The market capitalization of DigitalBridge Group is $1.91 billion, with a price-to-earnings ratio of 15.01 and a price-to-earnings-growth ratio of 13.76.

Recent Dividend Announcement

DigitalBridge Group has also announced a quarterly dividend, set to be paid on Wednesday, January 15th. Shareholders who are on record as of Tuesday, December 31st will receive a dividend of $0.01 per share. The ex-dividend date is likewise Tuesday, December 31st. This dividend translates to an annualized figure of $0.04, with a yield of 0.36%. The company’s dividend payout ratio is reported as 5.48%.

Analyst Ratings Changes

Several research firms have recently provided updates on their outlook for DigitalBridge Group. B. Riley has reduced its target price for the stock from $24.00 to $20.00, maintaining a “buy” rating. Additionally, Raymond James has adjusted its price objective from $19.00 to $16.00 while labeling the stock as a “strong-buy.” Wells Fargo & Company also lowered its target from $18.00 to $16.00, designating the firm as “overweight.” Keefe, Bruyette & Woods changed its rating from “outperform” to “market perform,” with a new price target of $14.00, down from $17.75.

Truist Financial has further lowered its price target from $17.00 to $15.00 while maintaining a “buy” rating. Overall, one analyst has given the stock a hold rating, six analysts have rated it as a buy, and one has assigned a strong buy rating. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $17.38.

Profile of DigitalBridge Group

DigitalBridge Group is an infrastructure investment firm focusing on digital infrastructure assets. The company provides services to institutional investors and primarily invests in data centers, cell towers, fiber networks, small cells, and edge infrastructure. Founded in 1991, DigitalBridge Group is headquartered in Boca Raton, Florida, with additional offices located in Los Angeles, California, and New York City.

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