Janney Montgomery Scott LLC cut its holdings in shares of Blackstone Group LP (NYSE:BX) by 1.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 381,500 shares of the asset manager’s stock after selling 7,559 shares during the period. Janney Montgomery Scott LLC’s holdings in Blackstone Group were worth $14,528,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also bought and sold shares of BX. Bank of Montreal Can increased its holdings in Blackstone Group by 60.7% in the third 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 holdings in Blackstone Group by 3,337.0% in the second 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 holdings in Blackstone Group by 94.5% in the third 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 holdings in Blackstone Group by 354.3% in the third 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 purchased a new position in Blackstone Group in the second quarter valued at $19,598,000. Institutional investors own 48.75% of the company’s stock.
A number of research analysts have weighed in on the stock. Zacks Investment Research raised shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Wednesday, October 17th. Oppenheimer set a $44.00 price objective on shares of Blackstone Group and gave the company a “buy” rating in a report on Tuesday, October 16th. ValuEngine cut shares of Blackstone Group from a “buy” rating to a “hold” rating in a report on Thursday, October 4th. Argus lifted their price objective on shares of Blackstone Group from $39.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, September 25th. Finally, Bank of America boosted their target price on shares of Blackstone Group from $40.00 to $46.00 and gave the stock a “buy” rating in a research note on Monday, September 24th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $43.45.
BX stock opened at $33.99 on Friday. The stock has a market cap of $23.46 billion, a PE ratio of 12.10, a P/E/G ratio of 1.18 and a beta of 1.39. 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 52 week low of $29.57 and a 52 week high of $40.60.
Blackstone Group (NYSE:BX) last released its earnings results 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 business had revenue of $1.83 billion during the quarter, compared to analysts’ expectations of $1.79 billion. Blackstone Group had a net margin of 22.34% and a return on equity of 22.99%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.69 earnings per share. As a group, equities analysts anticipate that Blackstone Group LP will post 2.87 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, November 5th. Stockholders of record on Monday, October 29th were paid a dividend of $0.64 per share. The ex-dividend date of this dividend was Friday, October 26th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 7.53%. This is a boost from Blackstone Group’s previous quarterly dividend of $0.58. Blackstone Group’s payout ratio is currently 91.10%.
Blackstone Group 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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