Zacks Investment Research Upgrades Bridgepoint Education (BPI) to “Buy”
Bridgepoint Education (NYSE:BPI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $9.50 price target on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.83% from the stock’s previous close.
According to Zacks, “Bridgepoint Education, Inc. provides postsecondary education services. It offers associate’s, bachelor’s, master’s, and doctoral programs in the disciplines of business, education, psychology, social sciences, and health sciences. The Company delivers its programs online, as well as at its traditional campuses located in Clinton, Iowa and Colorado Springs, Colorado. Headquartered in San Diego, California, the company was founded on the principle that those who are academically prepared deserve access to an affordable higher education without sacrificing quality, transferability of credits, accessibility and academic standards. “
BPI has been the topic of several other reports. ValuEngine raised shares of Bridgepoint Education from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Piper Jaffray Companies reissued a “hold” rating and set a $13.00 price target on shares of Bridgepoint Education in a research note on Friday, October 27th.
Bridgepoint Education (NYSE:BPI) last issued its quarterly earnings data on Wednesday, October 25th. The company reported $0.25 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.01. The firm had revenue of $119.40 million for the quarter, compared to analysts’ expectations of $121.95 million. Bridgepoint Education had a net margin of 0.49% and a return on equity of 12.78%. The company’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.09 earnings per share. research analysts anticipate that Bridgepoint Education will post 0.61 earnings per share for the current fiscal year.
Bridgepoint Education declared that its Board of Directors has authorized a stock buyback plan on Friday, November 17th that allows the company to repurchase 2,100,000 outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through a private placement purchase. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
In related news, CEO Andrew S. Clark sold 54,075 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $9.10, for a total value of $492,082.50. Following the transaction, the chief executive officer now directly owns 146,806 shares in the company, valued at $1,335,934.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Pincus Private Equity Warburg sold 7,562,890 shares of the stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $7.90, for a total transaction of $59,746,831.00. The disclosure for this sale can be found here. Corporate insiders own 41.50% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Macquarie Group Ltd. acquired a new stake in Bridgepoint Education in the third quarter worth $108,000. Alliancebernstein L.P. acquired a new stake in Bridgepoint Education in the second quarter worth $176,000. Highbridge Capital Management LLC acquired a new stake in Bridgepoint Education in the third quarter worth $122,000. The Manufacturers Life Insurance Company raised its holdings in Bridgepoint Education by 7.0% in the second quarter. The Manufacturers Life Insurance Company now owns 16,403 shares of the company’s stock worth $242,000 after purchasing an additional 1,071 shares during the period. Finally, Wedge Capital Management L L P NC raised its holdings in Bridgepoint Education by 60.5% in the third quarter. Wedge Capital Management L L P NC now owns 17,525 shares of the company’s stock worth $168,000 after purchasing an additional 6,606 shares during the period. Institutional investors own 88.39% of the company’s stock.
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About Bridgepoint Education
Bridgepoint Education, Inc (Bridgepoint) is a provider of postsecondary education services. The Company’s academic institutions include Ashford University and University of the Rockies. Bridgepoint’s institutions conduct ongoing faculty and student assessment processes, and provide a range of student services.
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