M&T Bank Corp Reduces Stock Position in Bentley Systems, Incorporated (NASDAQ:BSY)

M&T Bank Corp trimmed its holdings in Bentley Systems, Incorporated (NASDAQ:BSY) by 6.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 49,888 shares of the company’s stock after selling 3,422 shares during the period. M&T Bank Corp’s holdings in Bentley Systems were worth $2,535,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in BSY. MML Investors Services LLC boosted its stake in Bentley Systems by 2.8% during the 3rd quarter. MML Investors Services LLC now owns 26,991 shares of the company’s stock valued at $1,371,000 after acquiring an additional 741 shares during the last quarter. XTX Topco Ltd lifted its position in shares of Bentley Systems by 37.9% during the third quarter. XTX Topco Ltd now owns 43,104 shares of the company’s stock worth $2,190,000 after purchasing an additional 11,851 shares during the last quarter. Weiss Asset Management LP bought a new position in shares of Bentley Systems during the third quarter worth about $10,501,000. Stifel Financial Corp grew its stake in Bentley Systems by 0.9% in the third quarter. Stifel Financial Corp now owns 465,334 shares of the company’s stock worth $23,644,000 after purchasing an additional 4,030 shares in the last quarter. Finally, Quantinno Capital Management LP bought a new stake in Bentley Systems in the third quarter valued at about $249,000. 44.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, Director Barry J. Bentley sold 34,987 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $48.37, for a total value of $1,692,321.19. Following the completion of the sale, the director now owns 12,213,248 shares of the company’s stock, valued at $590,754,805.76. This represents a 0.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold 234,987 shares of company stock valued at $11,667,821 in the last three months. 21.12% of the stock is currently owned by corporate insiders.

Bentley Systems Trading Down 2.3 %

NASDAQ:BSY opened at $47.13 on Friday. Bentley Systems, Incorporated has a 12-month low of $43.82 and a 12-month 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 business has a 50 day simple moving average of $48.97 and a 200 day simple moving average of $49.40. The firm has a market capitalization of $13.70 billion, a P/E ratio of 42.46, a P/E/G ratio of 4.04 and a beta of 1.03.

Bentley Systems (NASDAQ:BSY) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.24 EPS for the quarter, hitting the consensus estimate of $0.24. The business had revenue of $335.17 million during the quarter, compared to analyst estimates of $340.36 million. Bentley Systems had a net margin of 27.73% and a return on equity of 29.50%. The company’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.18 earnings per share. Equities research analysts predict that Bentley Systems, Incorporated will post 0.88 EPS for the current year.

Bentley Systems Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Tuesday, December 3rd were issued a dividend of $0.06 per share. The ex-dividend date was Tuesday, December 3rd. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.51%. Bentley Systems’s dividend payout ratio (DPR) is presently 21.62%.

About Bentley Systems

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.