Fortress Investment Group LLC (NYSE:FIG) announced a quarterly dividend on Monday, May 8th, RTT News reports. Stockholders of record on Monday, May 22nd will be paid a dividend of 0.09 per share by the asset manager on Friday, May 26th. This represents a $0.36 annualized dividend and a dividend yield of 4.49%. The ex-dividend date is Thursday, May 18th.
Fortress Investment Group has increased its dividend by an average of 13.4% per year over the last three years. Fortress Investment Group has a dividend payout ratio of 36.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Fortress Investment Group to earn $0.78 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 46.2%.
Shares of Fortress Investment Group (NYSE FIG) traded up 0.25% during midday trading on Friday, hitting $8.01. 929,854 shares of the stock traded hands. Fortress Investment Group has a 12-month low of $4.23 and a 12-month high of $8.05. The company’s 50 day moving average price is $8.00 and its 200-day moving average price is $6.95. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 20.70 and a beta of 1.96.
Fortress Investment Group (NYSE:FIG) last issued its quarterly earnings data on Monday, May 8th. The asset manager reported $0.19 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.19. The firm had revenue of $232.23 million for the quarter, compared to analyst estimates of $258.70 million. Fortress Investment Group had a net margin of 8.26% and a return on equity of 41.94%. On average, equities research analysts expect that Fortress Investment Group will post $0.78 EPS for the current year.
A number of hedge funds have recently modified their holdings of the company. Geode Capital Management LLC acquired a new stake in shares of Fortress Investment Group during the first quarter worth about $198,000. Vanguard Group Inc. acquired a new stake in shares of Fortress Investment Group during the first quarter worth about $1,699,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Fortress Investment Group during the first quarter worth about $343,000. Institutional investors own 43.56% of the company’s stock.
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A number of brokerages have issued reports on FIG. JMP Securities lowered shares of Fortress Investment Group from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 8th. Zacks Investment Research upgraded shares of Fortress Investment Group from a “sell” rating to a “hold” rating in a research note on Friday, March 10th. Five analysts have rated the stock with a hold rating, Fortress Investment Group has a consensus rating of “Hold” and an average price target of $5.83.
Fortress Investment Group Company Profile
Fortress Investment Group LLC (Fortress) is an investment management firm. The Company operates through segments, including private equity funds, permanent capital vehicles, credit hedge funds, credit PE funds, liquid hedge funds and Logan Circle. Its business is to sponsor the formation of, and provide investment management services for, various investment funds, permanent capital vehicles and related managed accounts (the Fortress Funds).
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