Bank of America Corp DE Invests $79.44 Million in Carlyle Group Inc. $CG

Key Points

• Bank of America acquired 1.89 million Carlyle Group shares worth approximately $79.44 million, representing a 0.53% stake. Institutional investors collectively own 55.88% of Carlyle’s stock.
• Analyst sentiment is mixed but leans positive, with seven Buy, seven Hold, and one Sell rating; the consensus rating is Hold with an average price target of $59.31.
• Carlyle exceeded quarterly earnings expectations, reporting $1.07 EPS and $1.11 billion in revenue, while paying a quarterly dividend of $0.35, equivalent to a 3.5% annualized yield.

Bank of America Corp DE purchased a new stake in Carlyle Group Inc. (NASDAQ:CG - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,886,490 shares of the financial services provider's stock, valued at approximately $79,440,000. Bank of America Corp DE owned 0.53% of Carlyle Group as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Man Group plc acquired a new stake in shares of Carlyle Group during the 2nd quarter valued at $4,115,000. Miller Value Partners LLC acquired a new stake in shares of Carlyle Group during the 2nd quarter valued at about $1,684,000. Jupiter Topco LLC bought a new stake in shares of Carlyle Group in the 2nd quarter valued at approximately $723,000. Hsbc Holdings PLC acquired a new position in Carlyle Group in the second quarter worth approximately $11,914,000. Finally, Legal & General Group Plc acquired a new position in shares of Carlyle Group during the 2nd quarter worth $162,984,000. Institutional investors and hedge funds own 55.88% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CG shares. Citigroup restated an "outperform" rating on shares of Carlyle Group in a report on Thursday, August 6th. Citizens Jmp increased their price objective on Carlyle Group from $70.00 to $73.00 and gave the company a "market outperform" rating in a report on Thursday, August 6th. Weiss Ratings upgraded Carlyle Group from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 11th. UBS Group increased their price target on Carlyle Group from $63.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Finally, Wall Street Zen raised shares of Carlyle Group from a "sell" rating to a "hold" rating in a research report on Saturday, August 29th. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $59.31.

Insider Activity

In other Carlyle Group news, Director David Rubenstein sold 400,000 shares of the company's stock in a transaction on Friday, September 11th. The stock was sold at an average price of $42.74, for a total transaction of $17,096,000.00. Following the transaction, the director owned 26,899,644 shares of the company's stock, valued at approximately $1,149,690,784.56. This represents a 1.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 25.40% of the company's stock.

Carlyle Group Trading Down 0.2%

Shares of Carlyle Group stock opened at $40.10 on Friday. Carlyle Group Inc. has a 52-week low of $39.16 and a 52-week high of $69.85. The company has a debt-to-equity ratio of 1.91, a current ratio of 2.35 and a quick ratio of 2.35. The firm has a market capitalization of $14.29 billion, a PE ratio of 41.77, a price-to-earnings-growth ratio of 1.25 and a beta of 1.84. The company's fifty day moving average price is $46.47 and its two-hundred day moving average price is $46.71.

Carlyle Group (NASDAQ:CG - Get Free Report) last issued its earnings results on Tuesday, August 4th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.16. The business had revenue of $1.11 billion during 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%.Carlyle Group's quarterly revenue was down 28.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.87 EPS. On average, analysts expect that Carlyle Group Inc. will post 3.61 EPS for the current year.

Carlyle Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Shareholders of record on Monday, August 17th were paid a $0.35 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.5%. Carlyle Group's payout ratio is currently 145.83%.

About Carlyle Group

The Carlyle Group Inc NASDAQ: CG is a global investment firm that manages alternative assets for institutional investors, private wealth clients and other investors. The company invests across private equity, global credit and investment solutions, with strategies spanning corporate, real estate and infrastructure investments.

Carlyle's investment activities include acquiring and supporting companies through its corporate private equity platform, providing loans and other financing through its credit business, and managing portfolios of private market investments through its investment solutions platform.

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