Bank of America Corp DE Decreases Stock Holdings in TPG Inc. $TPG

Key Points

• Bank of America sharply reduced its TPG stake by 85.1% in the first quarter, selling 10.4 million shares and retaining 1.82 million shares worth about $73.8 million. Institutional investors collectively own 94.03% of TPG.
• TPG reported quarterly earnings of $0.69 per share, exceeding estimates of $0.59, while revenue rose 23.9% year over year to $628.2 million. The company also declared a $0.59 quarterly dividend, implying a 4.8% annualized yield.
• Analyst sentiment is broadly positive: 13 analysts rate TPG a Buy, with a consensus “Moderate Buy” rating and an average price target of $63.33, above the reported share price of $48.99.

Bank of America Corp DE lowered its holdings in TPG Inc. (NASDAQ:TPG - Free Report) by 85.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,821,349 shares of the company's stock after selling 10,365,845 shares during the period. Bank of America Corp DE owned approximately 0.47% of TPG worth $73,783,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Darlington Partners Capital Management LP acquired a new position in shares of TPG during the 2nd quarter valued at $258,581,000. Millennium Management LLC lifted its stake in shares of TPG by 66.9% during the fourth 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 shares of TPG in the fourth quarter worth about $106,755,000. Temasek Holdings Private Ltd boosted its position in shares of TPG by 14.1% in the first quarter. Temasek Holdings Private Ltd now owns 10,028,107 shares of the company's stock worth $406,239,000 after buying an additional 1,236,526 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of TPG in the second quarter valued at about $54,088,000. Hedge funds and other institutional investors own 94.03% of the company's stock.

TPG Price Performance

Shares of NASDAQ TPG opened at $48.99 on Monday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.31 and a current ratio of 0.31. TPG Inc. has a 1 year low of $36.95 and a 1 year high of $70.38. The stock's 50-day simple moving average is $42.74 and its 200-day simple moving average is $44.41. The firm has a market cap of $18.83 billion, a price-to-earnings ratio of 74.23, a PEG ratio of 0.86 and a beta of 1.44.

TPG (NASDAQ:TPG - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.10. TPG had a return on equity of 28.10% and a net margin of 4.67%.The firm had revenue of $628.19 million during the quarter, compared to the consensus estimate of $596.79 million. During the same quarter in the prior year, the business posted $0.69 earnings per share. TPG's revenue for the quarter was up 23.9% on a year-over-year basis. As a group, equities analysts anticipate that TPG Inc. will post 2.85 earnings per share for the current fiscal year.

TPG Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Friday, August 14th. TPG's dividend payout ratio is presently 357.58%.

Analysts Set New Price Targets

TPG has been the topic of several analyst reports. UBS Group raised their target price on TPG from $59.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday. TD Cowen upgraded TPG from a "hold" rating to a "buy" rating and set a $64.00 price target for the company in a report on Thursday. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $62.00 price objective on shares of TPG in a research report on Wednesday. The Goldman Sachs Group reiterated a "buy" rating and set a $61.00 price objective on shares of TPG in a research note on Tuesday, May 5th. Finally, Citigroup reissued an "outperform" rating on shares of TPG in a research report on Thursday, July 9th. Thirteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $63.33.

About TPG

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.

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