GCM Grosvenor Inc. (NASDAQ:GCMG) Declares $0.11 Quarterly Dividend

GCM Grosvenor Inc. (NASDAQ:GCMG) declared a quarterly dividend on Thursday, November 7th,Wall Street Journal reports. Shareholders of record on Monday, December 2nd will be paid a dividend of 0.11 per share on Monday, December 16th. This represents a $0.44 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date is Monday, December 2nd.

GCM Grosvenor has a payout ratio of 54.3% indicating that its dividend is sufficiently covered by earnings. Analysts expect GCM Grosvenor to earn $0.64 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 68.8%.

GCM Grosvenor Price Performance

Shares of GCMG stock opened at $12.41 on Friday. The business’s 50-day moving average price is $11.69 and its 200-day moving average price is $10.83. GCM Grosvenor has a 12 month low of $8.04 and a 12 month high of $12.58.

Insider Activity

In other news, insider Kathleen Patricia Sullivan sold 5,000 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $10.73, for a total transaction of $53,650.00. Following the transaction, the insider now owns 47,307 shares of the company’s stock, valued at $507,604.11. This represents a 9.56 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 77.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GCMG. JPMorgan Chase & Co. reduced their target price on shares of GCM Grosvenor from $10.50 to $10.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Piper Sandler boosted their price objective on shares of GCM Grosvenor from $10.50 to $11.50 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Oppenheimer raised their target price on GCM Grosvenor from $14.00 to $18.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. TD Cowen downgraded GCM Grosvenor from a “buy” rating to a “hold” rating and cut their target price for the stock from $13.50 to $12.50 in a report on Monday, November 11th. Finally, UBS Group increased their price target on GCM Grosvenor from $9.50 to $12.00 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, GCM Grosvenor has a consensus rating of “Hold” and a consensus price target of $12.80.

GCM Grosvenor Company Profile

GCM Grosvenor Inc is global alternative asset management solutions provider. The firm primarily provides its services to pooled investment vehicles. It also provides its services to investment companies, high net worth individuals, pension and profit sharing plans and state or municipal government entities.