Birinyi Associates Inc. decreased its holdings in shares of Blackstone Group LP (NYSE:BX) by 8.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 21,275 shares of the asset manager’s stock after selling 2,000 shares during the period. Birinyi Associates Inc.’s holdings in Blackstone Group were worth $810,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the business. Bank of Montreal Can increased its position in shares of Blackstone Group by 60.7% in the 3rd quarter. Bank of Montreal Can now owns 8,904,588 shares of the asset manager’s stock valued at $339,088,000 after buying an additional 3,362,373 shares in the last quarter. Cornerstone Wealth Management LLC increased its position in shares of Blackstone Group by 3,337.0% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 1,846,134 shares of the asset manager’s stock valued at $55,672,000 after buying an additional 1,792,420 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Blackstone Group by 94.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,545,117 shares of the asset manager’s stock valued at $96,924,000 after buying an additional 1,236,519 shares in the last quarter. Vantage Investment Partners LLC increased its position in shares of Blackstone Group by 354.3% in the 3rd quarter. Vantage Investment Partners LLC now owns 914,583 shares of the asset manager’s stock valued at $34,827,000 after buying an additional 713,274 shares in the last quarter. Finally, ING Groep NV bought a new stake in shares of Blackstone Group in the 2nd quarter valued at $19,598,000. Institutional investors own 49.00% of the company’s stock.
In other news, Vice Chairman J Tomilson Hill sold 674,257 shares of the stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $36.48, for a total transaction of $24,596,895.36. Following the completion of the transaction, the insider now directly owns 928,884 shares in the company, valued at approximately $33,885,688.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider John G. Finley sold 10,000 shares of the stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $35.76, for a total transaction of $357,600.00. Following the transaction, the insider now owns 113,003 shares of the company’s stock, valued at $4,040,987.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 770,677 shares of company stock valued at $28,061,444. Company insiders own 1.00% of the company’s stock.
Shares of NYSE BX opened at $33.61 on Friday. The firm has a market capitalization of $21.18 billion, a P/E ratio of 11.96, a P/E/G ratio of 1.06 and a beta of 1.32. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.97 and a quick ratio of 0.97. Blackstone Group LP has a 1-year low of $29.57 and a 1-year high of $40.60.
Blackstone Group (NYSE:BX) last announced its earnings results on Thursday, October 18th. The asset manager reported $0.76 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.02. The firm had revenue of $1.83 billion during the quarter, compared to analyst estimates of $1.79 billion. Blackstone Group had a net margin of 22.34% and a return on equity of 22.99%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.69 EPS. Sell-side analysts expect that Blackstone Group LP will post 2.87 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 5th. Investors of record on Monday, October 29th will be paid a $0.64 dividend. The ex-dividend date of this dividend is Friday, October 26th. This is a positive change from Blackstone Group’s previous quarterly dividend of $0.58. This represents a $2.56 dividend on an annualized basis and a yield of 7.62%. Blackstone Group’s dividend payout ratio is presently 91.10%.
A number of analysts recently commented on BX shares. Zacks Investment Research upgraded shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research report on Thursday, August 16th. Morgan Stanley restated a “buy” rating on shares of Blackstone Group in a research report on Friday, September 14th. JPMorgan Chase & Co. set a $45.00 target price on shares of Blackstone Group and gave the stock a “buy” rating in a research note on Thursday, September 20th. ValuEngine raised shares of Blackstone Group from a “hold” rating to a “buy” rating in a research note on Saturday, September 22nd. Finally, Argus upped their target price on shares of Blackstone Group from $39.00 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday, September 25th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $43.45.
Blackstone Group Company Profile
The Blackstone Group L.P. is a publicly owned hedge fund sponsor. The firm also provides financial advisory services to its clients. It provides its services to public and corporate pension funds, academic, cultural, and charitable organizations, retirees, sovereign wealth funds, and institutional and individual investors.
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