Graybill Bartz & Assoc Ltd. bought a new stake in Blackstone Group LP (NYSE:BX) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 5,500 shares of the asset manager’s stock, valued at approximately $244,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in BX. Community Bank & Trust Waco Texas increased its holdings in Blackstone Group by 3.3% in the first quarter. Community Bank & Trust Waco Texas now owns 86,842 shares of the asset manager’s stock worth $3,037,000 after buying an additional 2,739 shares during the last quarter. Belpointe Asset Management LLC grew its stake in shares of Blackstone Group by 43.5% in the first quarter. Belpointe Asset Management LLC now owns 31,832 shares of the asset manager’s stock worth $1,113,000 after acquiring an additional 9,645 shares during the last quarter. Hollencrest Capital Management grew its stake in shares of Blackstone Group by 5.2% in the first quarter. Hollencrest Capital Management now owns 62,978 shares of the asset manager’s stock worth $2,203,000 after acquiring an additional 3,096 shares during the last quarter. National Asset Management Inc. grew its stake in shares of Blackstone Group by 15.7% in the first quarter. National Asset Management Inc. now owns 27,818 shares of the asset manager’s stock worth $973,000 after acquiring an additional 3,775 shares during the last quarter. Finally, Dfpg Investments Inc. grew its stake in shares of Blackstone Group by 21.1% in the first quarter. Dfpg Investments Inc. now owns 15,562 shares of the asset manager’s stock worth $540,000 after acquiring an additional 2,711 shares during the last quarter. Hedge funds and other institutional investors own 46.85% of the company’s stock.
Several equities research analysts have recently issued reports on BX shares. 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. Deutsche Bank raised their price objective 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. Oppenheimer set a $52.00 price objective on shares of Blackstone Group and gave the stock a “buy” rating in a research note on Friday, July 19th. Barclays started coverage on shares of Blackstone Group in a research note on Monday. They issued an “overweight” rating and a $56.00 price objective on the stock. Finally, Morgan Stanley raised their price objective 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. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $48.10.
In other news, major shareholder Holdings L.P. Blackstone III bought 120,000 shares of Blackstone Group stock in a transaction that occurred on Wednesday, May 8th. The stock was purchased at an average cost of $24.22 per share, with a total value of $2,906,400.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is owned by company insiders.
BX stock traded down $1.28 during midday trading on Monday, hitting $45.34. The stock had a trading volume of 64,748 shares, compared to its average volume of 6,399,636. The firm has a market capitalization of $30.72 billion, a price-to-earnings ratio of 20.04, a price-to-earnings-growth ratio of 1.02 and a beta of 1.47. Blackstone Group LP has a 52 week low of $26.88 and a 52 week high of $49.81. The stock’s 50-day simple moving average is $46.20. 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 (NYSE:BX) last issued its earnings results on Thursday, July 18th. The asset manager reported $0.57 EPS for the quarter, topping the consensus estimate of $0.50 by $0.07. The firm had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Blackstone Group had a return on equity of 11.28% and a net margin of 20.51%. Blackstone Group’s quarterly revenue was down 43.5% compared to the same quarter last year. During the same period last year, the business earned $0.90 earnings per share. Equities analysts forecast that Blackstone Group LP will post 2.32 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 5th. Investors of record on Monday, July 29th will be given a $0.48 dividend. The ex-dividend date of this dividend is Friday, July 26th. This represents a $1.92 annualized dividend and a yield of 4.23%. Blackstone Group’s dividend payout ratio (DPR) is currently 84.96%.
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.
See Also: How to Use a Moving Average for Trading
Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Group LP (NYSE:BX).
Receive News & Ratings for Blackstone Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Blackstone Group and related companies with MarketBeat.com's FREE daily email newsletter.