DigitalBridge Group, Inc. (NYSE:DBRG), a company specializing in investment advice, announced on Monday that Jon Fosheim has resigned from its board of directors, including his roles on the audit and compensation committees. The company clarified that Fosheim's departure on July 8, 2024, was not due to any disagreements regarding operations, policies, or practices.
Following Fosheim's exit, DigitalBridge appointed Ian Schapiro as an independent board member, effective Wednesday. Schapiro brings a wealth of experience, having served as a Senior Advisor to Oaktree Capital Management since April 2024. His prior roles include portfolio manager and managing director at Oaktree's GFI Energy Group and co-portfolio manager of Oaktree’s Infrastructure Investing strategy.
Schapiro's extensive board experience includes positions at several prominent companies across various industries. His background also includes co-founding GFI Energy Ventures and holding significant positions in consulting and financial firms, emphasizing the energy sector.
Schapiro's appointment aligns with DigitalBridge's non-employee director compensation policy, and he will receive remuneration consistent with other non-employee directors, adjusted for his service commencement date.
Moreover, the company will enter into an indemnification agreement with Schapiro. The board has determined his independence according to New York Stock Exchange rules and he will also join the audit and compensation committees.
DigitalBridge's decision to bring Schapiro on board reflects the company's commitment to strong governance and expertise in the investment advisory industry. The company, headquartered in Boca Raton, Florida, is known for its previous names Colony Capital (NYSE:DBRG), Inc. and Colony NorthStar, Inc., marking a history of evolution and growth in the sector.
This news, sourced from a recent SEC filing, marks a significant change in DigitalBridge's leadership structure as it continues to navigate the complex investment advisory landscape.
In other recent news, DigitalBridge Group Inc. has seen several adjustments in its stock outlook from various firms. B.Riley reduced its price target to $24 from $27, maintaining a Buy rating. This followed a downward revision of the forward distributable earnings per share estimates.
Similarly, Keefe, Bruyette & Woods adjusted the price target to $17.75, maintaining an Outperform rating despite lowering second quarter estimates. Truist Securities revised its price target to $19.00, while RBC Capital also adjusted its outlook reducing the price target to $19.
These adjustments come in light of recent developments. DigitalBridge reported a 17% increase in fee-earning equity under management (FEEUM) to $32.5 billion and a 21% surge in fee revenues to $72.8 million in its first quarter earnings. The company's strategic focus on power solutions for data centers was highlighted with over 2 gigawatts under construction and a pipeline exceeding 5 gigawatts.
Analysts from B.Riley, Keefe, Bruyette & Woods, Truist Securities and RBC Capital anticipate a potential recovery for DigitalBridge, backed by expected earnings results in the coming quarters. Despite the revised estimates, these firms maintain a positive outlook on DigitalBridge's shares.
InvestingPro Insights
As DigitalBridge Group, Inc. (NYSE:DBRG) continues to refine its leadership team, investors may be keen to understand how the company's stock is valued in the current market.
According to real-time data from InvestingPro, DigitalBridge is trading at a low earnings multiple, with a P/E Ratio of 7.45, suggesting that the company's earnings are potentially undervalued compared to the broader market. The firm's strong revenue growth over the last twelve months, reported at 82.22%, indicates a robust expansion in its financial performance.
InvestingPro Tips highlight that while analysts anticipate a sales decline in the current year, DigitalBridge's cash flows can sufficiently cover interest payments, which is a positive sign for investors concerned about the company's financial health.
Furthermore, the company's stock price has experienced significant volatility, having fallen by nearly 28% over the last three months. This could present an opportunity for investors who believe in the company's fundamentals and are looking for entry points into the stock.
For those looking to delve deeper into DigitalBridge's valuation and performance metrics, InvestingPro offers additional insights. There are currently 12 more InvestingPro Tips available for DBRG, which can be accessed by visiting Investing.com/pro/DBRG. To enhance your investment research, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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