Corebridge Financial Inc. Sells 10,263 Shares of Genpact Limited (NYSE:G)

Corebridge Financial Inc. cut its stake in Genpact Limited (NYSE:G) by 5.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 183,671 shares of the business services provider’s stock after selling 10,263 shares during the period. Corebridge Financial Inc.’s holdings in Genpact were worth $7,889,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. SRH Advisors LLC acquired a new stake in Genpact during the 4th quarter worth $26,000. Manchester Capital Management LLC acquired a new stake in shares of Genpact during the fourth quarter worth about $38,000. Smartleaf Asset Management LLC lifted its holdings in shares of Genpact by 416.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 971 shares of the business services provider’s stock valued at $41,000 after purchasing an additional 783 shares in the last quarter. UMB Bank n.a. grew its position in shares of Genpact by 55.7% in the 4th quarter. UMB Bank n.a. now owns 1,210 shares of the business services provider’s stock valued at $52,000 after purchasing an additional 433 shares during the period. Finally, J.Safra Asset Management Corp increased its stake in Genpact by 38.8% during the 4th quarter. J.Safra Asset Management Corp now owns 1,622 shares of the business services provider’s stock worth $69,000 after purchasing an additional 453 shares in the last quarter. 96.03% of the stock is currently owned by institutional investors and hedge funds.

Genpact Trading Up 0.8 %

Shares of NYSE:G opened at $50.76 on Friday. The company’s 50-day moving average price is $50.74 and its two-hundred day moving average price is $44.94. Genpact Limited has a one year low of $30.23 and a one year high of $56.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.16 and a quick ratio of 1.85. The stock has a market capitalization of $8.92 billion, a PE ratio of 17.87, a price-to-earnings-growth ratio of 1.84 and a beta of 1.16.

Genpact (NYSE:G) last released its earnings results on Thursday, February 6th. The business services provider reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.04). Genpact had a net margin of 10.77% and a return on equity of 22.50%. On average, equities analysts forecast that Genpact Limited will post 3.21 EPS for the current fiscal year.

Genpact Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Investors of record on Tuesday, March 11th were paid a $0.17 dividend. The ex-dividend date of this dividend was Tuesday, March 11th. This is a boost from Genpact’s previous quarterly dividend of $0.15. This represents a $0.68 annualized dividend and a dividend yield of 1.34%. Genpact’s dividend payout ratio (DPR) is currently 23.94%.

Insider Buying and Selling

In other news, CEO Balkrishan Kalra sold 13,600 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $48.89, for a total value of $664,904.00. Following the completion of the sale, the chief executive officer now directly owns 310,246 shares of the company’s stock, valued at $15,167,926.94. This trade represents a 4.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Piyush Mehta sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $42.83, for a total value of $513,960.00. Following the transaction, the senior vice president now directly owns 151,182 shares in the company, valued at $6,475,125.06. The trade was a 7.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on G. Needham & Company LLC lifted their price target on shares of Genpact from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, February 7th. TD Cowen upgraded shares of Genpact from a “hold” rating to a “buy” rating and raised their price objective for the stock from $45.00 to $60.00 in a report on Friday, February 7th. Jefferies Financial Group raised shares of Genpact from a “hold” rating to a “buy” rating and upped their target price for the stock from $44.00 to $55.00 in a research note on Tuesday, January 21st. Finally, Mizuho lifted their price target on Genpact from $45.00 to $55.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $48.44.

About Genpact

Genpact Limited provides business process outsourcing and information technology services in India, rest of Asia, North and Latin America, and Europe. It operates through three segments: Financial services; Consumer and Healthcare; and High Tech and Manufacturing. The Financial Services segment offers retail customer onboarding, customer service, collections, card servicing operations, loan and payment operations, commercial loan, equipment and auto loan, mortgage origination, compliance services, reporting and monitoring, and wealth management operations support; financial crime and risk management services; and underwriting support, new business processing, policy administration, claims management, catastrophe modeling and actuarial services, as well as property and casualty claims.