Keybank National Association has significantly increased its investment in Moelis & Company (NYSE: MC) by an impressive 67.6% during the second quarter of 2023. According to HoldingsChannel, this move added 2,694 shares to Keybank’s portfolio, bringing the total number of shares owned to 6,677. By the end of the most recent quarter, these shares were valued at approximately $416,000.
Several other institutional investors have also adjusted their positions in Moelis & Company. Fulton Bank N.A. increased its stake by 2.9%, acquiring an additional 188 shares, thus owning 6,581 shares valued at $410,000. Palisades Investment Partners LLC and Choreo LLC made more modest increases, with Palisades growing its holdings by 0.3% and Choreo by 5.1%. Palisades now owns 76,730 shares valued at $4.48 million, while Choreo holds 5,075 shares worth $296,000. Peak Financial Advisors LLC also expanded its position by 2.9%, owning 8,814 shares valued at $549,000 after acquiring 247 additional shares.
As of the latest reports, institutional investors and hedge funds collectively own 91.53% of Moelis & Company’s shares.
Stock Performance and Market Insights
On October 9, 2023, Moelis & Company’s stock opened at $62.02. Over the past year, the share price has fluctuated, hitting a low of $47.00 and a high of $82.89. The company’s market capitalization stands at $4.87 billion, with a price-to-earnings (P/E) ratio of 20.74 and a beta of 1.77, indicating its volatility compared to the market.
Additionally, Moelis & Company has announced a quarterly dividend of $0.65 per share, scheduled for distribution on December 4, 2023. Shareholders of record on November 10, 2023 will receive this dividend, translating to an annualized dividend of $2.60 and a yield of 4.2%. The company’s payout ratio is currently 86.96%.
Insider Trading Activity
In related news, Director Kenneth Shropshire sold 2,615 shares of Moelis & Company stock on August 22, 2023, at an average price of $72.52, resulting in a total sale of approximately $189,639.80. Following this transaction, Shropshire holds 7,109 shares valued at about $515,544.68, representing a decrease of 26.89% in his position. Company insiders currently own 6.40% of the stock.
Analyst Ratings and Forecasts
Various analysts have recently provided their assessments of Moelis & Company. Notably, Morgan Stanley raised its price target from $74.00 to $90.00 and assigned an “overweight” rating. Deutsche Bank Aktiengesellschaft initiated coverage with a “buy” rating and a target of $80.00. Meanwhile, Wells Fargo & Company set its price target at $64.00 while maintaining an “equal weight” rating.
With one analyst rating the stock as a “Strong Buy,” three as a “Buy,” and seven as a “Hold,” the overall consensus gives Moelis & Company an average rating of “Hold,” with a target price around $71.57.
Moelis & Company operates as a holding company, providing financial advisory, capital raising, and asset management services to a diverse clientele. Its focus includes large public multinational corporations, middle-market private companies, and government entities. The firm’s strategic positioning in the financial services industry continues to attract the attention of institutional and retail investors alike.
