Portside Wealth Group LLC Buys New Holdings in Moelis & Company (NYSE:MC)

Portside Wealth Group LLC bought a new stake in Moelis & Company (NYSE:MC) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,834 shares of the asset manager’s stock, valued at approximately $165,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Moelis & Company by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 8,147,315 shares of the asset manager’s stock valued at $601,924,000 after acquiring an additional 99,766 shares during the last quarter. Madison Investment Advisors LLC acquired a new position in shares of Moelis & Company during the fourth quarter worth about $86,062,000. Charles Schwab Investment Management Inc. lifted its stake 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 purchasing an additional 12,632 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Moelis & Company by 4.5% during the fourth quarter. Northern Trust Corp now owns 860,125 shares of the asset manager’s stock worth $63,546,000 after purchasing an additional 36,736 shares in the last quarter. Finally, Balyasny Asset Management L.P. lifted its stake in shares of 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 purchasing an additional 494,123 shares in the last quarter. Institutional investors and hedge funds own 91.53% of the company’s stock.

Wall Street Analyst Weigh In

MC has been the topic of a number of recent research reports. JMP Securities restated a “market perform” rating on shares of Moelis & Company in a research note on Thursday, April 24th. The Goldman Sachs Group boosted their price objective on Moelis & Company from $56.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, May 15th. JPMorgan Chase & Co. reduced their price objective on Moelis & Company from $55.00 to $52.00 and set a “neutral” rating on the stock in a research note on Thursday, April 24th. Wall Street Zen cut Moelis & Company from a “buy” rating to a “hold” rating in a research note on Thursday, March 13th. Finally, Morgan Stanley lowered their price objective on Moelis & Company from $70.00 to $42.00 and set an “underweight” rating for the company in a research note on Monday, April 7th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Moelis & Company presently has an average rating of “Hold” and an average price target of $59.83.

Moelis & Company Stock Up 3.2%

NYSE:MC opened at $59.12 on Friday. The business’s 50 day moving average is $54.91 and its two-hundred day moving average is $66.08. Moelis & Company has a 52 week low of $47.00 and a 52 week high of $82.89. The company has a market cap of $4.64 billion, a PE ratio of 33.59 and a beta of 1.64.

Moelis & Company (NYSE:MC) last released its earnings results on Wednesday, April 23rd. The asset manager reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.07. The company had revenue of $306.59 million for the quarter, compared to the consensus estimate of $309.67 million. Moelis & Company had a return on equity of 38.49% and a net margin of 11.39%. Moelis & Company’s quarterly revenue was up 41.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.22 EPS. As a group, sell-side analysts expect that Moelis & Company will post 2.97 EPS for the current fiscal year.

Moelis & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Monday, May 5th will be issued a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 4.40%. The ex-dividend date of this dividend is Monday, May 5th. Moelis & Company’s dividend payout ratio (DPR) is 119.27%.

About Moelis & Company

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.