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DigitalBridge Group, Inc. (DBRG) stock has reached a new 52-week low, dipping to $10.55, as investors navigate a tumultuous market environment. According to InvestingPro data, the stock currently trades 49% below its 52-week high of $20.99, though analysis suggests the stock may be undervalued at current levels. This latest price point marks a significant downturn for the company, which has seen its value decrease by over 40% in the past year. The 1-year change data for Northstar Asset Management, a key player in the industry, underscores the broader sector's struggles with a staggering -40.01% decline. This trend reflects the challenges faced by real estate investment trusts and asset management firms amidst economic uncertainty and shifting investor sentiment. Despite these challenges, InvestingPro analysis reveals the company maintains a "GOOD" overall financial health score, with analysts setting price targets ranging from $14 to $20. Get deeper insights with InvestingPro's comprehensive research report, available for DBRG and 1,400+ other US stocks.
In other recent news, DigitalBridge Group, Inc. reported impressive growth in its Q3 2024 earnings call, showcasing a 42% year-on-year increase in fee-related earnings (FRE) and a 34% FRE margin. The company successfully raised $6.1 billion of its $7 billion annual fundraising target. DigitalBridge is also making strategic investments in data centers and tower verticals, including DataBank, Vertical Bridge, Yondr, and JTOWER, and anticipates strong fundraising momentum in the fourth quarter.
Q3 fee revenue for the company was $77 million with a $26 million FRE. DigitalBridge revised its 2024 fee revenue target to between $305 million and $320 million, predicting a 14% to 20% increase over 2023. The company maintains a robust balance sheet with $1.4 billion invested alongside partners and $127 million in available cash.
However, the firm revised its FEEUM target down to $35-$37 billion due to a higher proportion of co-invest capital. Despite this, optimism remains for the Japanese tower market through JTOWER and data center growth with Yondr. These are the latest developments in DigitalBridge's ongoing strategic investments and financial performance.
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