Engineers Gate Manager LP lowered its position in shares of TriNet Group, Inc. (NYSE:TNET – Free Report) by 71.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 38,726 shares of the business services provider’s stock after selling 96,661 shares during the period. Engineers Gate Manager LP’s holdings in TriNet Group were worth $1,917,000 as of its most recent filing with the SEC.
A number of other large investors have also modified their holdings of the company. BlackRock Inc. bought a new stake in TriNet Group in the 2nd quarter valued at about $128,161,000. Northwestern Mutual Wealth Management Co. grew its position in TriNet Group by 5,911,158.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 709,351 shares of the business services provider’s stock worth $41,944,000 after purchasing an additional 709,339 shares during the last quarter. Norges Bank acquired a new stake in shares of TriNet Group in the fourth quarter valued at approximately $28,266,000. Bank of America Corp DE increased its stake in shares of TriNet Group by 89.4% in the first quarter. Bank of America Corp DE now owns 314,528 shares of the business services provider’s stock valued at $11,458,000 after purchasing an additional 148,451 shares during the period. Finally, Man Group plc bought a new stake in shares of TriNet Group during the second quarter valued at approximately $13,753,000. Institutional investors and hedge funds own 96.81% of the company’s stock.
TriNet Group Price Performance
NYSE TNET opened at $69.25 on Wednesday. TriNet Group, Inc. has a 12 month low of $33.60 and a 12 month high of $73.07. The firm has a market capitalization of $3.18 billion, a PE ratio of 18.52 and a beta of 0.94. The company’s 50 day simple moving average is $65.87 and its 200 day simple moving average is $50.43. The company has a debt-to-equity ratio of 7.17, a current ratio of 1.13 and a quick ratio of 1.13.
TriNet Group Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, October 26th. Investors of record on Thursday, October 1st will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $1.16 annualized dividend and a yield of 1.7%. TriNet Group’s dividend payout ratio (DPR) is currently 31.02%.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on TNET. TD Cowen increased their price objective on TriNet Group from $46.00 to $49.00 and gave the stock a “hold” rating in a report on Friday, June 26th. Truist Financial boosted their price target on TriNet Group from $50.00 to $62.00 and gave the stock a “hold” rating in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. increased their price target on TriNet Group from $45.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, July 31st. Zacks Research lowered TriNet Group from a “strong-buy” rating to a “hold” rating in a report on Friday, July 3rd. Finally, Weiss Ratings upgraded shares of TriNet Group from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, August 25th. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, TriNet Group currently has an average rating of “Hold” and an average price target of $56.80.
Get Our Latest Stock Analysis on TNET
Insider Buying and Selling at TriNet Group
In related news, SVP Sidney A. Majalya sold 775 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $68.53, for a total value of $53,110.75. Following the sale, the senior vice president directly owned 53,212 shares in the company, valued at $3,646,618.36. The trade was a 1.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Wayne B. Lowell sold 5,773 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $68.71, for a total transaction of $396,662.83. Following the sale, the director directly owned 86,449 shares of the company’s stock, valued at approximately $5,939,910.79. This represents a 6.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 10,016 shares of company stock valued at $691,600 in the last ninety days. 40.00% of the stock is owned by insiders.
About TriNet Group
TriNet Group, Inc is a professional employer organization and human resources services company that helps small and midsize businesses manage employment-related administrative, regulatory and operational responsibilities. Through its co-employment model, TriNet can support clients with payroll administration, employee benefits, human capital management and risk mitigation services.
The company provides cloud-based tools and services covering payroll and tax administration, time and attendance, recruiting, onboarding, performance management and employee engagement.
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