Bank of America Corp DE Cuts Stake in Carlyle Group Inc. $CG

Key Points

• Bank of America reduced its Carlyle Group stake by 10.2% in the first quarter, selling 151,757 shares and retaining 1.34 million shares valued at approximately $64.8 million. Institutional investors collectively own 55.88% of the company.
• Carlyle reported quarterly earnings of $1.07 per share, exceeding the $0.91 consensus estimate, while revenue reached $1.11 billion; however, revenue declined 28.6% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $59.79. Carlyle also declared a quarterly dividend of $0.35 per share, implying a 2.9% yield.

Bank of America Corp DE lowered its stake in shares of Carlyle Group Inc. (NASDAQ:CG - Free Report) by 10.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,338,807 shares of the financial services provider's stock after selling 151,757 shares during the quarter. Bank of America Corp DE owned approximately 0.37% of Carlyle Group worth $64,785,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CG. WFA of San Diego LLC bought a new position in shares of Carlyle Group during the 2nd quarter valued at approximately $26,000. Quarry LP bought a new stake in shares of Carlyle Group in the 3rd quarter worth approximately $33,000. Main Street Group LTD purchased a new position in Carlyle Group in the first quarter valued at approximately $27,000. Brown Brothers Harriman & Co. bought a new position in Carlyle Group during the third quarter valued at $41,000. Finally, Geneos Wealth Management Inc. increased its position in Carlyle Group by 755.3% in the first quarter. Geneos Wealth Management Inc. now owns 650 shares of the financial services provider's stock worth $28,000 after buying an additional 574 shares during the last quarter. 55.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CG. Barclays upped their price target on Carlyle Group from $57.00 to $64.00 and gave the company an "overweight" rating in a research report on Thursday. Citizens Jmp lifted their price objective on Carlyle Group from $70.00 to $73.00 and gave the stock a "market outperform" rating in a report on Thursday, August 6th. Keefe, Bruyette & Woods upped their price objective on shares of Carlyle Group from $47.00 to $50.00 and gave the company a "market perform" rating in a report on Thursday, August 6th. Wall Street Zen downgraded shares of Carlyle Group from a "hold" rating to a "sell" rating in a research note on Saturday, May 16th. Finally, Cfra lowered shares of Carlyle Group to a "sell" rating and set a $45.00 price target on the stock. in a research report on Friday, May 8th. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $59.79.

Carlyle Group Stock Performance

Shares of CG opened at $47.80 on Tuesday. The company has a debt-to-equity ratio of 1.91, a quick ratio of 2.55 and a current ratio of 2.35. The stock has a market capitalization of $17.21 billion, a price-to-earnings ratio of 49.79, a price-to-earnings-growth ratio of 1.77 and a beta of 1.82. Carlyle Group Inc. has a 52-week low of $39.60 and a 52-week high of $69.85. The stock's 50-day simple moving average is $44.84 and its 200 day simple moving average is $48.70.

Carlyle Group (NASDAQ:CG - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.16. The firm had revenue of $1.11 billion for the quarter, compared to analysts' expectations of $923.50 million. Carlyle Group had a return on equity of 22.52% and a net margin of 10.08%.The company's revenue was down 28.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.87 earnings per share. Research analysts forecast that Carlyle Group Inc. will post 3.65 EPS for the current fiscal year.

Carlyle Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Monday, August 17th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Monday, August 17th. Carlyle Group's dividend payout ratio (DPR) is presently 145.83%.

Carlyle Group Profile

The Carlyle Group NASDAQ: CG is a global alternative asset manager that invests across a range of strategies including private equity, real assets (such as real estate and infrastructure), global credit, and investment solutions. Founded in 1987 and headquartered in Washington, DC, Carlyle raises and manages investment funds that acquire, operate and exit companies and assets on behalf of institutional and private investors. The firm is publicly traded on the Nasdaq exchange and operates as an asset manager and investment advisor rather than as an operating company.

Carlyle's core activities include sourcing and executing private equity buyouts and growth investments, originating and managing credit and financing solutions, and acquiring and operating real asset portfolios.

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