The Manufacturers Life Insurance Company Sells 811,075 Shares of Bentley Systems, Incorporated (NASDAQ:BSY)

The Manufacturers Life Insurance Company reduced its position in shares of Bentley Systems, Incorporated (NASDAQ:BSY) by 98.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,116 shares of the company’s stock after selling 811,075 shares during the period. The Manufacturers Life Insurance Company’s holdings in Bentley Systems were worth $565,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its position in shares of Bentley Systems by 4,618.2% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 519 shares of the company’s stock worth $26,000 after purchasing an additional 508 shares during the last quarter. Blue Trust Inc. raised its position in Bentley Systems by 68,500.0% during the second quarter. Blue Trust Inc. now owns 686 shares of the company’s stock worth $36,000 after acquiring an additional 685 shares in the last quarter. Central Pacific Bank Trust Division increased its stake in shares of Bentley Systems by 57.1% during the 3rd quarter. Central Pacific Bank Trust Division now owns 759 shares of the company’s stock worth $39,000 after purchasing an additional 276 shares during the last quarter. Tortoise Investment Management LLC raised its holdings in shares of Bentley Systems by 75.4% in the 2nd quarter. Tortoise Investment Management LLC now owns 833 shares of the company’s stock valued at $41,000 after purchasing an additional 358 shares during the period. Finally, Acadian Asset Management LLC acquired a new stake in Bentley Systems in the 2nd quarter valued at about $43,000. Institutional investors and hedge funds own 44.16% of the company’s stock.

Bentley Systems Price Performance

BSY stock opened at $47.13 on Friday. Bentley Systems, Incorporated has a 1 year low of $43.82 and a 1 year high of $57.19. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a market cap of $13.70 billion, a price-to-earnings ratio of 42.46, a P/E/G ratio of 4.04 and a beta of 1.03. The company has a 50 day simple moving average of $48.97 and a 200 day simple moving average of $49.38.

Bentley Systems (NASDAQ:BSY) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.24 earnings per share for the quarter, meeting the consensus estimate of $0.24. Bentley Systems had a return on equity of 29.50% and a net margin of 27.73%. The company had revenue of $335.17 million for the quarter, compared to the consensus estimate of $340.36 million. During the same quarter last year, the business posted $0.18 EPS. Bentley Systems’s revenue for the quarter was up 9.3% on a year-over-year basis. Research analysts anticipate that Bentley Systems, Incorporated will post 0.88 EPS for the current fiscal year.

Bentley Systems Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Tuesday, December 3rd were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.51%. The ex-dividend date was Tuesday, December 3rd. Bentley Systems’s dividend payout ratio is currently 21.62%.

Insider Buying and Selling at Bentley Systems

In other Bentley Systems news, Director Barry J. Bentley sold 34,987 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $48.37, for a total value of $1,692,321.19. Following the transaction, the director now directly owns 12,213,248 shares of the company’s stock, valued at approximately $590,754,805.76. The trade was a 0.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders have sold 234,987 shares of company stock worth $11,667,821. Insiders own 21.12% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. JPMorgan Chase & Co. started coverage on Bentley Systems in a research note on Monday, December 9th. They issued a “neutral” rating and a $52.00 price objective on the stock. Piper Sandler raised their price target on Bentley Systems from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $62.00 price objective on shares of Bentley Systems in a report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $58.43.

Bentley Systems Company Profile

Bentley Systems, Incorporated, together with its subsidiaries, provides infrastructure engineering software solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company offers open modeling engineering applications, such as MicroStation, OpenBridge, OpenBuildings, OpenCities, OpenComms, OpenFlows, OpenPlant, OpenRail, OpenRoads, OpenSite, OpenTower, OpenTunnel, OpenUtilities, and OpenWindowPower; and open simulation engineering applications, including ADINA, AutoPIPE, CUBE, DYNAMEQ, EMME, LEGION, Power Line Systems, RAM, SACS, SPIDA, and STAAD; and geoprofessional applications for modeling and simulation of near and deep subsurface conditions, including AGS, Central, GeoStudio, Imago, Leapfrog, MX Deposit, Oasis montaj, OpenGround, and PLAXIS.