Moelis & Company (NYSE:MC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in Moelis & Company (NYSE:MC) by 1.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 639,573 shares of the asset manager’s stock after selling 11,617 shares during the period. Bank of New York Mellon Corp owned approximately 0.85% of Moelis & Company worth $37,325,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in Moelis & Company during the fourth quarter worth about $52,610,000. Balyasny Asset Management L.P. lifted its position in Moelis & Company by 215.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 723,384 shares of the asset manager’s stock worth $53,444,000 after buying an additional 494,123 shares during the period. Raymond James Financial Inc. purchased a new position in Moelis & Company during the fourth quarter worth about $27,855,000. Capital Research Global Investors purchased a new position in Moelis & Company during the fourth quarter worth about $20,720,000. Finally, Fred Alger Management LLC purchased a new position in Moelis & Company during the fourth quarter worth about $16,396,000. Institutional investors and hedge funds own 91.53% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on MC. Keefe, Bruyette & Woods raised their price objective on Moelis & Company from $69.00 to $89.00 and gave the stock an “outperform” rating in a report on Monday. Morgan Stanley upgraded Moelis & Company from an “underweight” rating to an “overweight” rating and raised their price objective for the stock from $42.00 to $68.00 in a report on Monday, June 23rd. Wells Fargo & Company raised their price objective on Moelis & Company from $50.00 to $64.00 and gave the stock an “equal weight” rating in a report on Friday. JMP Securities reiterated a “market perform” rating on shares of Moelis & Company in a research note on Thursday, April 24th. Finally, The Goldman Sachs Group increased their target price on Moelis & Company from $56.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Moelis & Company has a consensus rating of “Hold” and a consensus price target of $66.00.

Moelis & Company Stock Up 2.0%

Shares of NYSE MC opened at $70.83 on Tuesday. The stock has a market capitalization of $5.56 billion, a price-to-earnings ratio of 32.49 and a beta of 1.64. The stock’s fifty day simple moving average is $59.67 and its 200 day simple moving average is $63.65. Moelis & Company has a 52-week low of $47.00 and a 52-week high of $82.89.

Moelis & Company (NYSE:MC) last issued its quarterly earnings results on Wednesday, April 23rd. The asset manager reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.07. Moelis & Company had a return on equity of 40.89% and a net margin of 13.22%. The business had revenue of $306.59 million for the quarter, compared to the consensus estimate of $309.67 million. During the same quarter in the previous year, the company posted $0.22 earnings per share. Moelis & Company’s revenue for the quarter was up 41.0% compared to the same quarter last year. As a group, analysts anticipate that Moelis & Company will post 2.97 earnings per share for the current year.

Moelis & Company Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Monday, May 5th were paid a dividend of $0.65 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $2.60 annualized dividend and a yield of 3.67%. Moelis & Company’s dividend payout ratio is 119.27%.

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.