Zacks Downgrades Fortress Investment Group to Neutral (FIG)
Fortress Investment Group (NYSE:FIG) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Monday. They currently have a $8.80 price objective on the stock. Zacks‘s price target would suggest a potential upside of 20.38% from the company’s current price.
Fortress Investment Group (NYSE:FIG) traded up 2.33% during mid-day trading on Monday, hitting $7.48. The stock had a trading volume of 326,044 shares. Fortress Investment Group has a 1-year low of $6.58 and a 1-year high of $9.16. The stock has a 50-day moving average of $7.48 and a 200-day moving average of $7.65. The company has a market cap of $1.554 billion and a price-to-earnings ratio of 8.03.
Fortress Investment Group (NYSE:FIG) last announced its earnings results on Thursday, July 31st. The company reported $0.39 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.31 by $0.08. The company had revenue of $427.00 million for the quarter, compared to the consensus estimate of $221.60 million. During the same quarter in the prior year, the company posted $0.30 earnings per share. The company’s quarterly revenue was up 91.5% on a year-over-year basis. On average, analysts predict that Fortress Investment Group will post $0.85 earnings per share for the current fiscal year.
The company also recently declared a special dividend, which is scheduled for Friday, August 15th. Shareholders of record on Tuesday, August 12th will be given a dividend of $0.18 per share. This represents a yield of 4.25%. The ex-dividend date of this dividend is Friday, August 8th.
FIG has been the subject of a number of other recent research reports. Analysts at Keefe, Bruyette & Woods cut their price target on shares of Fortress Investment Group from $9.75 to $8.50 in a research note on Monday, July 14th. Analysts at RBC Capital raised their price target on shares of Fortress Investment Group from $11.00 to $12.00 in a research note on Monday, June 23rd. They now have an “outperform” rating on the stock. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $9.97.
Fortress Investment Group LLC (NYSE:FIG), is a global investment management firm.
To view Zacks’ full report, visit Zacks’ official website.
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