Diamond Hill Investment Group (NASDAQ:DHIL) Downgraded by StockNews.com

StockNews.com lowered shares of Diamond Hill Investment Group (NASDAQ:DHIL) from a strong-buy rating to a buy rating in a report released on Thursday.

Diamond Hill Investment Group Price Performance

Shares of DHIL stock opened at $152.41 on Thursday. Diamond Hill Investment Group has a 1-year low of $145.86 and a 1-year high of $196.00. The stock’s 50-day moving average is $163.01 and its 200 day moving average is $167.90. The company has a market cap of $448.09 million, a P/E ratio of 10.50 and a beta of 1.01.

Diamond Hill Investment Group (NASDAQ:DHIL) last issued its quarterly earnings results on Thursday, August 3rd. The asset manager reported $2.35 earnings per share for the quarter. The business had revenue of $33.35 million during the quarter. Diamond Hill Investment Group had a return on equity of 19.86% and a net margin of 31.55%.

Diamond Hill Investment Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Shareholders of record on Friday, November 24th will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 3.94%. The ex-dividend date of this dividend is Wednesday, November 22nd. Diamond Hill Investment Group’s dividend payout ratio is presently 41.35%.

Insiders Place Their Bets

In other Diamond Hill Investment Group news, Director Paula R. Meyer sold 500 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $171.31, for a total value of $85,655.00. Following the completion of the sale, the director now owns 2,764 shares of the company’s stock, valued at $473,500.84. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Abundance Wealth Counselors raised its stake in shares of Diamond Hill Investment Group by 11.6% in the third quarter. Abundance Wealth Counselors now owns 2,621 shares of the asset manager’s stock worth $442,000 after purchasing an additional 272 shares during the last quarter. Punch & Associates Investment Management Inc. raised its stake in shares of Diamond Hill Investment Group by 9.9% in the third quarter. Punch & Associates Investment Management Inc. now owns 24,500 shares of the asset manager’s stock worth $4,130,000 after purchasing an additional 2,200 shares during the last quarter. New York State Teachers Retirement System purchased a new position in shares of Diamond Hill Investment Group in the third quarter worth about $44,000. Bank of New York Mellon Corp raised its position in Diamond Hill Investment Group by 2.3% during the third quarter. Bank of New York Mellon Corp now owns 20,838 shares of the asset manager’s stock valued at $3,513,000 after acquiring an additional 466 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its position in Diamond Hill Investment Group by 9.1% during the third quarter. Commonwealth Equity Services LLC now owns 3,904 shares of the asset manager’s stock valued at $658,000 after acquiring an additional 325 shares in the last quarter. 65.50% of the stock is currently owned by hedge funds and other institutional investors.

About Diamond Hill Investment Group

Diamond Hill Investment Group, Inc, through its subsidiary, Diamond Hill Capital Management, Inc, provides investment advisory and fund administration services in the United States. It sponsors, distributes, and offers investment advisory and related services to its clients through pooled investment vehicles, including the Diamond Hill Funds, separately managed accounts, and model delivery programs.