Keybank National Association has significantly increased its stake in Moelis & Company, raising its holdings by 67.6% during the second quarter of 2023. According to HoldingsChannel, the fund acquired an additional 2,694 shares, bringing its total to 6,677 shares, valued at approximately $416,000 at the end of the quarter. This strategic move reflects growing institutional interest in the asset management firm.
Several other institutional investors have also adjusted their positions in Moelis & Company. Fulton Bank N.A. increased its holdings by 2.9%, now owning 6,581 shares valued at $410,000 after acquiring an additional 188 shares. Similarly, Palisades Investment Partners LLC and Choreo LLC raised their stakes by 0.3% and 5.1%, respectively, bringing their total shares to 76,730 and 5,075, valued at $4,478,000 and $296,000.
Market Performance and Dividend Announcement
Despite the positive institutional activity, Moelis & Company’s stock has experienced a slight decline, trading down 2.2% recently. On Wednesday, shares opened at $62.02, with a twelve-month range between $47.00 and $82.89. The firm currently has a market capitalization of $4.87 billion and a P/E ratio of 20.74.
In financial news, Moelis & Company announced a quarterly dividend of $0.65 per share, set to be paid on December 4, 2023. Shareholders on record as of November 10, 2023 will receive this payment, representing an annualized dividend of $2.60 and a yield of 4.2%. The company’s payout ratio stands at 86.96%.
Insider Transactions and Analyst Ratings
In related developments, Director Kenneth Shropshire sold 2,615 shares on August 22, 2023, at an average price of $72.52, totaling approximately $189,639.80. Post-transaction, he retains 7,109 shares valued at around $515,544.68. This sale represents a 26.89% decrease in his position. Currently, company insiders hold 6.40% of the stock.
Wall Street analysts have provided mixed reviews on Moelis & Company shares. Morgan Stanley raised its price target from $74.00 to $90.00, assigning an “overweight” rating. Deutsche Bank Aktiengesellschaft initiated coverage with a “buy” rating and a target of $80.00. Wells Fargo & Company set its price target at $64.00 with an “equal weight” rating, while BMO Capital Markets has a target of $74.00. Currently, the stock has an average rating of “Hold” with a target price of $71.57, according to data from MarketBeat.com.
Moelis & Company, operating as a holding company, offers financial advisory, capital raising, and asset management services to a diverse clientele, including corporations, governments, and financial sponsors. The firm’s focus encompasses large multinational corporations, middle-market private companies, and sovereign wealth funds.
For further insights into institutional holdings and insider trades regarding Moelis & Company, visit HoldingsChannel.com for the latest financial updates.
