Corebridge Financial Inc. Has $2.78 Million Holdings in Moelis & Company (NYSE:MC)

Corebridge Financial Inc. lessened its position in shares of Moelis & Company (NYSE:MC) by 7.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 37,626 shares of the asset manager’s stock after selling 2,929 shares during the period. Corebridge Financial Inc.’s holdings in Moelis & Company were worth $2,780,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Edgestream Partners L.P. bought a new stake in Moelis & Company in the 4th quarter valued at $2,784,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Moelis & Company by 1.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 935,552 shares of the asset manager’s stock worth $69,119,000 after buying an additional 12,632 shares in the last quarter. Hodges Capital Management Inc. acquired a new stake in shares of Moelis & Company during the fourth quarter worth $9,149,000. Cerity Partners LLC boosted its position in shares of Moelis & Company by 129.8% in the third quarter. Cerity Partners LLC now owns 13,845 shares of the asset manager’s stock valued at $949,000 after acquiring an additional 7,819 shares during the period. Finally, Entropy Technologies LP acquired a new position in shares of Moelis & Company in the fourth quarter valued at about $412,000. Institutional investors and hedge funds own 91.53% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. The Goldman Sachs Group cut their price objective on shares of Moelis & Company from $86.00 to $75.00 and set a “neutral” rating for the company in a report on Friday, March 14th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $92.00 price target (up from $86.00) on shares of Moelis & Company in a research note on Thursday, February 6th. Wells Fargo & Company raised their price objective on Moelis & Company from $77.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. StockNews.com downgraded Moelis & Company from a “buy” rating to a “hold” rating in a research report on Thursday, March 13th. Finally, Morgan Stanley restated an “underweight” rating and issued a $70.00 price target (down previously from $100.00) on shares of Moelis & Company in a research report on Thursday, March 13th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Moelis & Company currently has a consensus rating of “Hold” and an average target price of $71.83.

Insider Activity

In other Moelis & Company news, CEO Kenneth Moelis sold 9,712 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $74.00, for a total value of $718,688.00. Following the completion of the transaction, the chief executive officer now owns 209,235 shares of the company’s stock, valued at $15,483,390. This represents a 4.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Osamu R. Watanabe sold 5,661 shares of Moelis & Company stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $74.00, for a total value of $418,914.00. Following the sale, the general counsel now directly owns 6,471 shares in the company, valued at $478,854. The trade was a 46.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,721 shares of company stock worth $1,677,017. Corporate insiders own 6.40% of the company’s stock.

Moelis & Company Price Performance

NYSE MC opened at $58.37 on Tuesday. The business has a fifty day moving average price of $69.78 and a two-hundred day moving average price of $71.44. The stock has a market capitalization of $4.37 billion, a PE ratio of 33.17 and a beta of 1.43. Moelis & Company has a fifty-two week low of $46.24 and a fifty-two week high of $82.89.

Moelis & Company (NYSE:MC) last posted its quarterly earnings results on Wednesday, February 5th. The asset manager reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.79. Moelis & Company had a return on equity of 38.49% and a net margin of 11.39%. As a group, sell-side analysts expect that Moelis & Company will post 2.97 earnings per share for the current year.

Moelis & Company Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Tuesday, February 18th were issued a $0.65 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 4.45%. This is a boost from Moelis & Company’s previous quarterly dividend of $0.60. Moelis & Company’s dividend payout ratio is 147.73%.

Moelis & Company Profile

Moelis & Co operates as a holding company. It engages in the provision of financial advisory, capital raising and asset management services to a client base including corporations, governments, sovereign wealth funds and financial sponsors. The firm focuses on clients including large public multinational corporations, middle market private companies, financial sponsors, entrepreneurs and governments.