Bank of New York Mellon Corp Lowers Stake in TPG Inc. $TPG

Bank of New York Mellon Corp lessened its holdings in TPG Inc. (NASDAQ:TPG) by 6.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 685,125 shares of the company’s stock after selling 50,324 shares during the quarter. Bank of New York Mellon Corp owned about 0.18% of TPG worth $27,754,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Darlington Partners Capital Management LP bought a new stake in shares of TPG in the 2nd quarter worth approximately $258,581,000. Millennium Management LLC boosted its stake in TPG by 66.9% in the 4th quarter. Millennium Management LLC now owns 4,584,733 shares of the company’s stock worth $292,689,000 after purchasing an additional 1,837,799 shares in the last quarter. Norges Bank purchased a new stake in TPG during the 4th quarter valued at about $106,755,000. Bank of America Corp DE grew its position in TPG by 72.7% during the 3rd quarter. Bank of America Corp DE now owns 3,567,626 shares of the company’s stock valued at $204,960,000 after purchasing an additional 1,501,808 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new stake in TPG during the 2nd quarter valued at about $54,088,000. Institutional investors own 94.03% of the company’s stock.

TPG Price Performance

NASDAQ TPG opened at $42.96 on Tuesday. The stock has a market capitalization of $16.51 billion, a price-to-earnings ratio of 195.28, a PEG ratio of 0.79 and a beta of 1.45. TPG Inc. has a 1-year low of $36.95 and a 1-year high of $70.38. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.33 and a quick ratio of 0.33. The business’s fifty day moving average price is $41.95 and its 200-day moving average price is $45.71.

TPG (NASDAQ:TPG) last issued its quarterly earnings data on Friday, May 1st. The company reported $0.70 EPS for the quarter, topping the consensus estimate of $0.61 by $0.09. The company had revenue of $557.18 million during the quarter, compared to analyst estimates of $608.07 million. TPG had a return on equity of 28.13% and a net margin of 3.81%.TPG’s revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.48 earnings per share. On average, equities analysts predict that TPG Inc. will post 2.83 earnings per share for the current year.

TPG Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 26th. Stockholders of record on Monday, May 11th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 5.5%. The ex-dividend date was Monday, May 11th. TPG’s dividend payout ratio is 1,072.73%.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. TD Cowen decreased their target price on shares of TPG from $48.00 to $45.00 and set a “hold” rating for the company in a report on Monday, May 18th. Morgan Stanley cut their price target on shares of TPG from $60.00 to $54.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 21st. Citigroup reissued an “outperform” rating on shares of TPG in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft set a $55.00 price objective on shares of TPG in a report on Monday, May 4th. Finally, Citizens Jmp lowered their price objective on TPG from $75.00 to $68.00 and set a “market outperform” rating on the stock in a research report on Thursday, July 9th. Twelve research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, TPG has a consensus rating of “Moderate Buy” and a consensus price target of $61.00.

TPG Company Profile

TPG Inc (NASDAQ: TPG) is a global alternative asset management firm that invests across a range of strategies including private equity, growth equity, real assets, credit and hedge funds. Founded in 1992 as Texas Pacific Group, the firm has expanded its product set to serve a broad set of institutional and individual investors through commingled funds, separately managed accounts and other customized investment vehicles.

TPG operates investment platforms that target buyouts, growth-stage companies, real estate and credit opportunities, and it has developed dedicated thematic and impact vehicles such as the TPG Rise Fund to pursue social and environmental outcomes alongside financial returns.