Shares of Hamilton Lane Inc surged 5.23% during intraday trading on Thursday, as investors reacted positively to the company's latest financial results and shareholder-friendly announcements.

The private markets asset manager reported fourth-quarter adjusted earnings per share of $1.49, beating the consensus estimate of $1.43. The company also declared a quarterly dividend of $0.60 per share, with a target full-year dividend of $2.40, representing an 11% increase from the prior fiscal year. Additionally, Hamilton Lane's board approved an increase in the company's stock repurchase authorization to $100 million.

Other positive factors from the earnings release included a 31% year-over-year increase in net income attributable to shareholders to $66.17 million, and growth in both total assets under management and fee-earning assets under management. Wall Street analysts maintain a "buy" rating on the shares with a median 12-month price target significantly above recent trading levels.