GCM Grosvenor (NASDAQ:GCMG) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research downgraded shares of GCM Grosvenor (NASDAQ:GCMG) from a buy rating to a hold rating in a research note published on Tuesday morning, Zacks.com reports.

According to Zacks, “GCM Grosvenor is an alternative asset management solutions provider with assets under management across private equity, infrastructure, real estate, credit and absolute return investment strategies. It operates principally in New York, Los Angeles, London, Tokyo, Hong Kong, and Seoul. GCM Grosvenor, formerly known as CF Finance Acquisition Corp., is headquartered in Chicago. “

Separately, Oppenheimer assumed coverage on GCM Grosvenor in a research report on Tuesday, August 31st. They set an outperform rating and a $14.00 target price for the company.

GCM Grosvenor stock opened at $11.55 on Tuesday. The stock has a 50-day simple moving average of $10.93 and a 200 day simple moving average of $11.49. GCM Grosvenor has a 12-month low of $9.00 and a 12-month high of $15.36. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of 23.57 and a beta of 0.06.

GCM Grosvenor (NASDAQ:GCMG) last announced its quarterly earnings data on Tuesday, August 10th. The company reported $0.10 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.10. The firm had revenue of $119.70 million during the quarter, compared to analyst estimates of $102.96 million. Equities analysts predict that GCM Grosvenor will post 0.57 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 15th. Investors of record on Wednesday, September 1st were paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date was Tuesday, August 31st. This is a boost from GCM Grosvenor’s previous quarterly dividend of $0.08. GCM Grosvenor’s dividend payout ratio is 73.47%.

Hedge funds and other institutional investors have recently modified their holdings of the business. Penserra Capital Management LLC grew its holdings in shares of GCM Grosvenor by 40.3% during the 2nd quarter. Penserra Capital Management LLC now owns 7,812 shares of the company’s stock worth $81,000 after purchasing an additional 2,242 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new stake in shares of GCM Grosvenor during the 2nd quarter worth $27,000. Legal & General Group Plc bought a new stake in shares of GCM Grosvenor during the 2nd quarter worth $35,000. Pinz Capital Management LP bought a new stake in shares of GCM Grosvenor during the 2nd quarter worth $86,000. Finally, Taylor Frigon Capital Management LLC lifted its position in shares of GCM Grosvenor by 10.2% during the 2nd quarter. Taylor Frigon Capital Management LLC now owns 101,263 shares of the company’s stock worth $1,055,000 after buying an additional 9,407 shares during the last quarter. 21.50% of the stock is currently owned by hedge funds and other institutional investors.

About GCM Grosvenor

GCM Grosvenor, Inc provides global alternative asset management solutions. The firm invests on behalf of clients who seek allocations to alternative investments, such as private equity, infrastructure, real estate, credit, and absolute return strategies. It specializes in developing customized portfolios for clients who want an active role in the development of their alternatives programs and also offers multi-client portfolios for investors who desire a turn-key solution for accessing alternative investments.

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