GCM Grosvenor Inc. (NASDAQ:GCMG) to Issue Quarterly Dividend of $0.11

GCM Grosvenor Inc. (NASDAQ:GCMG) announced a quarterly dividend on Wednesday, November 13th,Wall Street Journal reports. Stockholders 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 dividend yield of 3.79%. The ex-dividend date of this dividend is Monday, December 2nd.

GCM Grosvenor has a payout ratio of 54.3% meaning its dividend is sufficiently covered by earnings. Research 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 Stock Performance

GCM Grosvenor stock traded down $0.24 during mid-day trading on Wednesday, hitting $11.62. The company’s stock had a trading volume of 345,703 shares, compared to its average volume of 181,019. The business has a 50 day moving average price of $11.39 and a 200-day moving average price of $10.61. GCM Grosvenor has a 12 month low of $7.75 and a 12 month high of $12.43.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other GCM Grosvenor news, insider Kathleen Patricia Sullivan sold 5,000 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $10.73, for a total value of $53,650.00. Following the completion of the transaction, the insider now owns 47,307 shares in the company, valued at approximately $507,604.11. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 77.30% of the company’s stock.

About GCM Grosvenor

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.