GCM Grosvenor Inc (GCMG) stock soared 5.83% in pre-market trading on Monday, February 10th, following the company's strong fourth quarter 2024 earnings report.
The alternative asset management firm reported adjusted net income of $0.27 per diluted share for Q4, surpassing analysts' expectations of $0.23 per share. Total operating revenue for the quarter came in at $165.3 million, up 41.8% year-over-year and topping the $161.1 million consensus estimate.
The robust earnings beat and revenue growth appeared to drive investor optimism, as GCM Grosvenor also announced a maintained quarterly dividend of $0.11 per share and a $50 million increase to its existing share repurchase authorization. With the positive financial results, the company's Board of Directors expressed confidence in GCM Grosvenor's growth prospects and commitment to returning value to shareholders.
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