Wednesday, August 14, 2024

Is This Asset Manager's Dividend as Dangerous as It Looks?

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Is The Carlyle Group's Dividend as Dangerous as It Looks?

Marc Lichtenfeld, Chief Income Strategist, The Oxford Club

Marc Lichtenfeld

The Carlyle Group (Nasdaq: CG) is a massive investment firm with $435 billion in assets under management.

It pays a $0.35 per share quarterly dividend, which gives the stock a yield of 3.5%.

The company has a stellar reputation as an investment manager... but how trustworthy is its dividend?

As always, we'll start by looking at cash flow. The measure of cash flow that Carlyle reports is distributable income.

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Over the past few years, the company's distributable income has fallen sharply, declining from $2.2 billion in 2021 to $1.9 billion in 2022 to just $1.4 billion last year. But this year, it's expected to bump back up to $1.6 billion.

Chart:
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Carlyle paid out $498 million in dividends in 2023 for a low payout ratio of just 35%. This year, it will likely pay shareholders around $528 million, which would drop the payout ratio to 33%.

That means the company can easily afford its dividend, as it is only paying out $1 for every $3 it earns.

However, when we look back at the company's dividend history, we see something extremely concerning...

Is it really as bad as it appears?

Click Here to Find Out

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