BofA update shows where active managers are putting money
In a remarkable display of resilience, GCMG stock has soared to a 52-week high, reaching a price level of $12.9. With a market capitalization of $2.43 billion, the company has demonstrated impressive momentum, posting a 53% return over the past year and a robust 25% gain in the last six months. This peak comes amidst a broader market rally that has seen many stocks rebound from previous lows. Investors are taking note of GCMG's significant momentum, which is underscored by the impressive 1-year change data from its peer, CF Finance Acquisition, boasting a 46.5% increase. This surge in GCMG's stock price reflects a growing confidence among shareholders in the company's performance and potential for continued growth. According to InvestingPro analysis, GCMG appears slightly undervalued at current levels, with additional insights available in the comprehensive Pro Research Report, part of the coverage of 1,400+ US equities.
In other recent news, GCM Grosvenor has been making significant strides in its financial performance. The asset management firm reported an 18% year-to-date increase in fee-related earnings and a 24% rise in adjusted net income. The firm's assets under management (AUM) reached a record high of $80 billion, with fee-paying AUM also hitting a record at $64 billion.
Piper Sandler, a financial firm, has upgraded its rating on GCM Grosvenor from Neutral to Overweight and raised the price target to $14.00 from the previous $12.50. This upgrade reflects a more optimistic outlook on the firm's financial prospects, with the firm expecting GCM Grosvenor to experience a boost in fundraising efforts and growth in direct-oriented investments.
GCM Grosvenor's management aims to double fee-related earnings from 2023 to 2028 and anticipates exceeding $2 billion in fundraising in the second half of 2024. The firm also reported a 34% year-over-year increase in funds raised during the last quarter. These recent developments underline GCM Grosvenor's robust financial performance and its focus on growth through private market strategies.
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