GCM Grosvenor (NASDAQ:GCMG) Shares Gap Down After Insider Selling

Key Points

• Shares of GCM Grosvenor (NASDAQ:GCMG) gapped down to $12.32 after insider Kathleen Patricia Sullivan sold 6,000 shares at $13.02 each, resulting in a 9.06% decrease in ownership.
• Analysts at Piper Sandler and Oppenheimer maintain positive outlooks, setting a price target of $15.00 and reaffirming an "outperform" rating respectively.
• The company plans to pay a quarterly dividend of $0.11 on September 16th, representing a 3.4% yield, despite a high dividend payout ratio of 293.33%.

GCM Grosvenor Inc. (NASDAQ:GCMG - Get Free Report) shares gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $13.00, but opened at $12.32. GCM Grosvenor shares last traded at $12.93, with a volume of 22,257 shares trading hands.

Specifically, insider Kathleen Patricia Sullivan sold 6,000 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $13.02, for a total transaction of $78,120.00. Following the completion of the sale, the insider owned 60,195 shares of the company's stock, valued at $783,738.90. This represents a 9.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

GCMG has been the topic of a number of research analyst reports. Piper Sandler set a $15.00 target price on shares of GCM Grosvenor and gave the company an "overweight" rating in a research report on Friday, August 8th. Oppenheimer reaffirmed an "outperform" rating on shares of GCM Grosvenor in a research note on Friday, August 8th.

GCM Grosvenor Trading Down 0.8%

The stock has a market capitalization of $2.50 billion, a P/E ratio of 86.07 and a beta of 0.72. The stock's 50-day moving average price is $11.92 and its two-hundred day moving average price is $12.64.

GCM Grosvenor Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, September 2nd will be paid a $0.11 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.44 annualized dividend and a yield of 3.4%. GCM Grosvenor's dividend payout ratio is currently 293.33%.

Institutional Trading of GCM Grosvenor

Several institutional investors and hedge funds have recently bought and sold shares of GCMG. Legal & General Group Plc increased its holdings in shares of GCM Grosvenor by 96.8% in the 2nd quarter. Legal & General Group Plc now owns 8,638 shares of the company's stock worth $100,000 after buying an additional 4,249 shares during the last quarter. ProShare Advisors LLC bought a new stake in shares of GCM Grosvenor during the 4th quarter valued at about $147,000. R Squared Ltd boosted its stake in shares of GCM Grosvenor by 161.4% during the 1st quarter. R Squared Ltd now owns 12,206 shares of the company's stock valued at $161,000 after purchasing an additional 7,536 shares in the last quarter. Argent Trust Co purchased a new position in GCM Grosvenor during the 1st quarter valued at about $172,000. Finally, Jefferies Financial Group Inc. purchased a new position in GCM Grosvenor during the 2nd quarter valued at about $173,000. 99.95% of the stock is currently owned by hedge funds and other institutional investors.

GCM Grosvenor Company Profile

GCM Grosvenor Inc is global alternative asset management solutions provider. The firm primarily provides its services to pooled investment vehicles. It also provides its services to investment companies, high net worth individuals, pension and profit sharing plans and state or municipal government entities.

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