Westside Investment Management Inc. purchased a new stake in Blackstone Group LP (NYSE:BX) during the second quarter, according to its most recent 13F filing with the SEC. The firm purchased 37,795 shares of the asset manager’s stock, valued at approximately $1,678,000.
Several other large investors have also recently added to or reduced their stakes in the company. Northern Trust Corp boosted its holdings in shares of Blackstone Group by 3.1% in the 4th quarter. Northern Trust Corp now owns 353,285 shares of the asset manager’s stock valued at $10,532,000 after buying an additional 10,592 shares in the last quarter. Chesley Taft & Associates LLC boosted its stake in Blackstone Group by 2.5% in the 1st quarter. Chesley Taft & Associates LLC now owns 36,575 shares of the asset manager’s stock worth $1,279,000 after purchasing an additional 900 shares in the last quarter. Neville Rodie & Shaw Inc. boosted its stake in Blackstone Group by 30.3% in the 1st quarter. Neville Rodie & Shaw Inc. now owns 58,485 shares of the asset manager’s stock worth $2,045,000 after purchasing an additional 13,615 shares in the last quarter. Surevest Inc. boosted its stake in Blackstone Group by 125.2% in the 1st quarter. Surevest Inc. now owns 22,176 shares of the asset manager’s stock worth $775,000 after purchasing an additional 12,329 shares in the last quarter. Finally, Beech Hill Advisors Inc. boosted its stake in Blackstone Group by 23.4% in the 1st quarter. Beech Hill Advisors Inc. now owns 26,400 shares of the asset manager’s stock worth $923,000 after purchasing an additional 5,000 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.
NYSE BX traded down $0.20 on Friday, hitting $46.62. 8,955,516 shares of the company’s stock traded hands, compared to its average volume of 6,399,636. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.77. Blackstone Group LP has a 1-year low of $26.88 and a 1-year high of $49.81. The stock’s 50-day moving average price is $46.20. The firm has a market cap of $30.85 billion, a price-to-earnings ratio of 20.63, a PEG ratio of 1.03 and a beta of 1.47.
Blackstone Group (NYSE:BX) last announced its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.57 EPS for the quarter, beating the consensus estimate of $0.50 by $0.07. Blackstone Group had a net margin of 20.51% and a return on equity of 11.28%. The business had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the business posted $0.90 EPS. The business’s quarterly revenue was down 43.5% compared to the same quarter last year. As a group, equities research analysts forecast that Blackstone Group LP will post 2.32 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Monday, July 29th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 4.12%. The ex-dividend date of this dividend is Friday, July 26th. Blackstone Group’s payout ratio is 84.96%.
A number of analysts recently commented on the stock. Deutsche Bank lifted their target price on shares of Blackstone Group from $42.00 to $45.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. JMP Securities cut shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Monday, July 8th. ValuEngine upgraded shares of Blackstone Group from a “hold” rating to a “buy” rating in a research note on Friday, April 19th. Morgan Stanley lifted their target price on shares of Blackstone Group from $54.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Finally, Zacks Investment Research upgraded shares of Blackstone Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 25th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Blackstone Group presently has an average rating of “Buy” and an average price target of $47.22.
In other Blackstone Group news, major shareholder Holdings L.P. Blackstone III acquired 66,000 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was acquired at an average cost of $24.15 per share, for a total transaction of $1,593,900.00. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.00% of the company’s stock.
Blackstone Group 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.
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