Shares of Blackstone Group LP (NYSE:BX) were up 7.5% during mid-day trading on Friday after the company announced a dividend. The company traded as high as $39.35 and last traded at $38.62. Approximately 28,119,346 shares traded hands during trading, an increase of 710% from the average daily volume of 3,473,650 shares. The stock had previously closed at $35.93.
The newly announced dividend which will be paid on Monday, May 6th. Stockholders of record on Monday, April 29th will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.83%. Blackstone Group’s payout ratio is currently 102.65%.
Several research analysts have recently weighed in on BX shares. ValuEngine upgraded shares of Blackstone Group from a “hold” rating to a “buy” rating in a report on Friday. Zacks Investment Research upgraded shares of Blackstone Group from a “sell” rating to a “hold” rating in a report on Wednesday, January 2nd. Finally, Morgan Stanley cut their price objective on shares of Blackstone Group from $42.00 to $36.00 and set an “overweight” rating on the stock in a report on Friday, January 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $42.54.
The stock has a market capitalization of $25.43 billion, a PE ratio of 17.09, a P/E/G ratio of 3.63 and a beta of 1.43. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.04 and a current ratio of 1.04.
Blackstone Group (NYSE:BX) last posted its earnings results on Thursday, April 18th. The asset manager reported $0.44 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.08). The business had revenue of $2.02 billion for the quarter, compared to analyst estimates of $1.48 billion. Blackstone Group had a return on equity of 16.48% and a net margin of 22.56%. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the company posted $0.53 EPS. As a group, research analysts anticipate that Blackstone Group LP will post 2.45 earnings per share for the current year.
In other Blackstone Group news, major shareholder Holdings L.P. Blackstone III bought 2,720 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was purchased at an average price of $24.49 per share, with a total value of $66,612.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last three months, insiders have purchased 570,036 shares of company stock valued at $13,650,550. Corporate insiders own 1.00% of the company’s stock.
Large investors have recently modified their holdings of the business. Sound Income Strategies LLC grew its position in Blackstone Group by 69.4% in the first quarter. Sound Income Strategies LLC now owns 732 shares of the asset manager’s stock valued at $26,000 after acquiring an additional 300 shares in the last quarter. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in shares of Blackstone Group during the 4th quarter valued at approximately $26,000. Essex Savings Bank purchased a new position in shares of Blackstone Group during the 4th quarter valued at approximately $30,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Blackstone Group during the 4th quarter valued at approximately $32,000. Finally, MCF Advisors LLC boosted its stake in shares of Blackstone Group by 200.0% during the 4th quarter. MCF Advisors LLC now owns 1,500 shares of the asset manager’s stock valued at $45,000 after buying an additional 1,000 shares during the last quarter. 50.27% of the stock is owned by institutional investors.
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Blackstone Group Company Profile (NYSE:BX)
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.
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