Bank of New York Mellon Corp Purchases New Position in TPG Inc. $TPG

Key Points

• Bank of New York Mellon initiated a position in TPG, purchasing 690,822 shares valued at approximately $28 million, while institutional investors collectively own 94.03% of the company.
• TPG exceeded quarterly expectations, reporting earnings of $0.69 per share versus the $0.59 consensus estimate and revenue of $628.19 million, up 23.9% year over year.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $63.33; TPG also pays a quarterly dividend of $0.59, yielding about 4.4%.

Bank of New York Mellon Corp purchased a new position in TPG Inc. (NASDAQ:TPG - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 690,822 shares of the company's stock, valued at approximately $28,013,000. Bank of New York Mellon Corp owned approximately 0.18% of TPG at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Jennison Associates LLC bought a new position in TPG in the fourth quarter worth $13,630,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of TPG during the 1st quarter valued at $6,421,000. Frank Rimerman Advisors LLC boosted its holdings in shares of TPG by 173.8% during the 1st quarter. Frank Rimerman Advisors LLC now owns 42,533 shares of the company's stock valued at $1,723,000 after buying an additional 26,998 shares in the last quarter. Entropy Technologies LP purchased a new stake in shares of TPG in the 1st quarter worth about $1,961,000. Finally, Next Capital Management LLC purchased a new stake in shares of TPG in the 1st quarter worth about $1,052,000. 94.03% of the stock is owned by institutional investors.

TPG Trading Up 0.1%

Shares of NASDAQ TPG opened at $53.97 on Friday. The firm's 50 day moving average price is $45.74 and its 200-day moving average price is $43.82. The company has a market cap of $20.74 billion, a PE ratio of 81.77, a P/E/G ratio of 0.90 and a beta of 1.44. TPG Inc. has a 52-week low of $36.95 and a 52-week high of $70.38. 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 (NASDAQ:TPG - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. The company had revenue of $628.19 million during the quarter, compared to the consensus estimate of $596.79 million. TPG had a net margin of 4.67% and a return on equity of 28.10%. The firm's quarterly revenue was up 23.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.69 earnings per share. On average, equities research analysts expect that TPG Inc. will post 2.88 EPS for the current fiscal year.

TPG Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were paid a $0.59 dividend. The ex-dividend date was Friday, August 14th. This represents a $2.36 annualized dividend and a dividend yield of 4.4%. TPG's payout ratio is currently 357.58%.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of TPG from $53.00 to $57.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 5th. Citigroup reaffirmed an "outperform" rating on shares of TPG in a research note on Thursday, July 9th. Morgan Stanley lowered their target price on shares of TPG from $60.00 to $54.00 and set an "equal weight" rating for the company in a report on Tuesday, July 21st. Citizens Jmp dropped their price target on TPG from $75.00 to $68.00 and set a "market outperform" rating on the stock in a research report on Thursday, July 9th. Finally, Evercore set a $50.00 price target on TPG in a research note on Wednesday, August 5th. Thirteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $63.33.

TPG Profile

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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