Jacobi Capital Management LLC increased its stake in shares of Blackstone Group LP (NYSE:BX) by 39.2% in the third quarter, HoldingsChannel.com reports. The firm owned 6,950 shares of the asset manager’s stock after buying an additional 1,958 shares during the period. Jacobi Capital Management LLC’s holdings in Blackstone Group were worth $265,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the stock. Lido Advisors LLC acquired a new stake in Blackstone Group during the 3rd quarter worth $201,000. Evercore Wealth Management LLC grew its position in Blackstone Group by 1.4% during the 3rd quarter. Evercore Wealth Management LLC now owns 1,581,890 shares of the asset manager’s stock worth $60,238,000 after purchasing an additional 21,880 shares during the last quarter. First Republic Investment Management Inc. grew its position in Blackstone Group by 40.6% during the 3rd quarter. First Republic Investment Management Inc. now owns 1,188,206 shares of the asset manager’s stock worth $45,247,000 after purchasing an additional 342,814 shares during the last quarter. Wedbush Securities Inc. grew its position in Blackstone Group by 11.7% during the 3rd quarter. Wedbush Securities Inc. now owns 27,173 shares of the asset manager’s stock worth $1,035,000 after purchasing an additional 2,843 shares during the last quarter. Finally, Wealthsource Partners LLC grew its position in Blackstone Group by 36.4% during the 3rd quarter. Wealthsource Partners LLC now owns 18,148 shares of the asset manager’s stock worth $691,000 after purchasing an additional 4,844 shares during the last quarter. 50.12% of the stock is owned by hedge funds and other institutional investors.
Several analysts have recently weighed in on BX shares. Zacks Investment Research raised shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a report on Thursday, August 16th. Bank of America lifted their target price on shares of Blackstone Group from $40.00 to $46.00 and gave the company a “buy” rating in a report on Monday, September 24th. JPMorgan Chase & Co. set a $45.00 target price on shares of Blackstone Group and gave the company a “buy” rating in a report on Thursday, September 20th. Morgan Stanley lifted their target price on shares of Blackstone Group from $40.00 to $42.00 and gave the company an “overweight” rating in a report on Tuesday, August 14th. Finally, ValuEngine raised shares of Blackstone Group from a “hold” rating to a “buy” rating in a report on Saturday, September 22nd. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $42.27.
In related news, major shareholder Blackstone Bgsl Holdings Llc acquired 192,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 6th. The shares were purchased at an average price of $25.00 per share, with a total value of $4,800,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.00% of the stock is currently owned by insiders.
Shares of NYSE:BX opened at $32.10 on Friday. The stock has a market capitalization of $21.66 billion, a PE ratio of 11.42, a PEG ratio of 1.06 and a beta of 1.37. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.71. Blackstone Group LP has a fifty-two week low of $30.08 and a fifty-two week high of $40.60.
Blackstone Group (NYSE:BX) last released its quarterly earnings data on Thursday, October 18th. The asset manager reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.02. The firm had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.79 billion. Blackstone Group had a net margin of 22.34% and a return on equity of 22.67%. The firm’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.69 earnings per share. On average, equities analysts predict that Blackstone Group LP will post 2.96 earnings per share for the current fiscal year.
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Blackstone Group Company Profile
The Blackstone Group L.P. is a publicly owned alternative asset manager. The firm also provides capital markets 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.
See Also: Diversification
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