Principal Financial Group Inc. Reduces Stake in Genpact Limited (NYSE:G)

Principal Financial Group Inc. reduced its stake in Genpact Limited (NYSE:G) by 31.1% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 380,210 shares of the business services provider’s stock after selling 171,926 shares during the period. Principal Financial Group Inc.’s holdings in Genpact were worth $14,908,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Leeward Investments LLC MA grew its holdings in shares of Genpact by 1.9% during the 3rd quarter. Leeward Investments LLC MA now owns 294,802 shares of the business services provider’s stock worth $11,559,000 after purchasing an additional 5,571 shares during the period. Concurrent Investment Advisors LLC purchased a new position in shares of Genpact during the 3rd quarter worth $278,000. QRG Capital Management Inc. grew its holdings in shares of Genpact by 16.9% during the 3rd quarter. QRG Capital Management Inc. now owns 79,893 shares of the business services provider’s stock worth $3,133,000 after purchasing an additional 11,550 shares during the period. Stephens Inc. AR purchased a new position in shares of Genpact during the 3rd quarter worth $511,000. Finally, State of Alaska Department of Revenue grew its holdings in shares of Genpact by 0.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 336,682 shares of the business services provider’s stock worth $13,200,000 after purchasing an additional 1,015 shares during the period. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

Genpact Price Performance

G stock opened at $44.76 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.85 and a quick ratio of 1.89. The firm has a market capitalization of $7.98 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.63 and a beta of 1.13. The business’s 50-day moving average is $39.74 and its two-hundred day moving average is $36.02. Genpact Limited has a 1 year low of $30.23 and a 1 year high of $47.98.

Genpact Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Monday, December 9th will be given a $0.1525 dividend. This represents a $0.61 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date is Monday, December 9th. Genpact’s dividend payout ratio is currently 16.76%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on G. Needham & Company LLC increased their price target on Genpact from $42.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, November 11th. TD Cowen increased their target price on Genpact from $40.00 to $45.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Robert W. Baird increased their target price on Genpact from $44.00 to $48.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. BMO Capital Markets increased their target price on Genpact from $38.00 to $42.00 and gave the stock a “market perform” rating in a research note on Monday, August 12th. Finally, JPMorgan Chase & Co. increased their target price on Genpact from $35.00 to $43.00 and gave the stock a “neutral” rating in a research note on Friday, September 6th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Genpact currently has an average rating of “Hold” and an average price target of $42.33.

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.