Conning Inc. Takes Position in Greenhill & Co., Inc. (GHL)
Conning Inc. bought a new stake in shares of Greenhill & Co., Inc. (NYSE:GHL) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 24,900 shares of the financial services provider’s stock, valued at approximately $312,000. Conning Inc. owned about 0.08% of Greenhill & Co. as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Marshall Wace North America L.P. purchased a new position in shares of Greenhill & Co. during the second quarter valued at approximately $1,274,000. Adirondack Research & Management Inc. boosted its position in shares of Greenhill & Co. by 6.8% during the second quarter. Adirondack Research & Management Inc. now owns 187,865 shares of the financial services provider’s stock valued at $3,776,000 after buying an additional 12,000 shares during the last quarter. Royce & Associates LP purchased a new position in shares of Greenhill & Co. during the second quarter valued at approximately $19,952,000. Goldman Sachs Group Inc. boosted its position in shares of Greenhill & Co. by 109.4% during the first quarter. Goldman Sachs Group Inc. now owns 408,814 shares of the financial services provider’s stock valued at $11,978,000 after buying an additional 213,581 shares during the last quarter. Finally, SG Americas Securities LLC boosted its position in shares of Greenhill & Co. by 338.7% during the second quarter. SG Americas Securities LLC now owns 24,916 shares of the financial services provider’s stock valued at $501,000 after buying an additional 19,236 shares during the last quarter. 96.66% of the stock is currently owned by institutional investors.
Greenhill & Co. (NYSE:GHL) last released its quarterly earnings results on Wednesday, October 18th. The financial services provider reported ($0.18) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.25). The firm had revenue of $48.09 million for the quarter, compared to the consensus estimate of $38.33 million. Greenhill & Co. had a net margin of 8.49% and a return on equity of 8.96%. Greenhill & Co.’s quarterly revenue was down 37.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.41 earnings per share.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Wednesday, December 6th will be issued a dividend of $0.05 per share. The ex-dividend date is Tuesday, December 5th. This represents a $0.20 annualized dividend and a dividend yield of 1.09%. Greenhill & Co.’s payout ratio is 243.24%.
Greenhill & Co. declared that its board has authorized a stock repurchase plan on Monday, September 25th that permits the company to buyback $235.00 million in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 55.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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Several brokerages recently issued reports on GHL. ValuEngine raised Greenhill & Co. from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 6th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $21.00 target price on shares of Greenhill & Co. in a research report on Friday, July 14th. Bank of America Corporation cut their target price on Greenhill & Co. from $13.00 to $12.00 and set an “underperform” rating on the stock in a research report on Thursday, October 19th. Sandler O’Neill cut Greenhill & Co. from a “buy” rating to a “hold” rating and cut their target price for the company from $25.00 to $18.00 in a research report on Tuesday, October 10th. Finally, UBS AG reaffirmed a “sell” rating and set a $9.00 target price (down previously from $17.00) on shares of Greenhill & Co. in a research report on Monday, August 21st. Six investment analysts have rated the stock with a sell rating and four have given a hold rating to the stock. The stock has a consensus rating of “Sell” and an average price target of $16.67.
About Greenhill & Co.
Greenhill & Co, Inc is an investment bank. The Company provides financial and strategic advice on domestic and cross-border mergers and acquisitions, divestitures, restructurings, financings, capital raising and other transactions to a diverse client base, including corporations, partnerships, institutions and governments globally.
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