BNP Paribas Arbitrage SA lowered its position in shares of Fortress Investment Group LLC (NYSE:FIG) by 22.6% during the third quarter, according to its most recent filing with the SEC. The fund owned 1,075,460 shares of the company’s stock after selling 314,740 shares during the period. BNP Paribas Arbitrage SA’s holdings in Fortress Investment Group were worth $5,313,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC boosted its stake in Fortress Investment Group by 37.2% in the second quarter. Tower Research Capital LLC TRC now owns 24,029 shares of the company’s stock worth $106,000 after buying an additional 6,514 shares in the last quarter. National Asset Management Inc. boosted its stake in Fortress Investment Group by 25.8% in the second quarter. National Asset Management Inc. now owns 24,900 shares of the company’s stock worth $111,000 after buying an additional 5,100 shares in the last quarter. Stifel Financial Corp purchased a new stake in Fortress Investment Group during the second quarter worth about $149,000. Acrospire Investment Management LLC boosted its stake in Fortress Investment Group by 781.9% in the second quarter. Acrospire Investment Management LLC now owns 34,401 shares of the company’s stock worth $152,000 after buying an additional 30,500 shares in the last quarter. Finally, Williams Jones & Associates LLC purchased a new stake in Fortress Investment Group during the second quarter worth about $159,000.
Shares of Fortress Investment Group LLC (NYSE:FIG) traded up 0.96% during mid-day trading on Friday, hitting $5.25. The stock had a trading volume of 248,040 shares. Fortress Investment Group LLC has a 52 week low of $3.87 and a 52 week high of $5.62. The stock has a 50 day moving average price of $5.05 and a 200 day moving average price of $4.92. The firm has a market cap of $1.14 billion, a PE ratio of 26.38 and a beta of 1.89.
Fortress Investment Group (NYSE:FIG) last released its quarterly earnings results on Thursday, November 3rd. The company reported $0.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.04. The firm had revenue of $261 million for the quarter, compared to analyst estimates of $249.25 million. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.15 earnings per share. Equities research analysts expect that Fortress Investment Group LLC will post $0.72 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, November 18th. Investors of record on Monday, November 14th were issued a dividend of $0.09 per share. The ex-dividend date was Wednesday, November 9th. This represents a $0.36 annualized dividend and a yield of 6.86%.
A number of analysts have weighed in on FIG shares. FIG Partners reiterated a “hold” rating on shares of Fortress Investment Group in a research report on Friday, November 4th. Keefe, Bruyette & Woods set a $6.00 price target on Fortress Investment Group and gave the company a “hold” rating in a research report on Saturday, October 15th. Finally, Zacks Investment Research cut Fortress Investment Group from a “hold” rating to a “sell” rating in a research report on Thursday, October 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $6.71.
About Fortress Investment Group
Fortress Investment Group LLC (Fortress) is an investment management firm with approximately $70.5 billion in assets under management (AUM). The Company operates through segments, including private equity funds, permanent capital vehicles, credit hedge funds, credit PE funds, liquid hedge funds and Logan Circle.