Delta Investment Management LLC lowered its position in Blackstone Group LP (NYSE:BX) by 20.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,029 shares of the asset manager’s stock after selling 10,941 shares during the period. Delta Investment Management LLC’s holdings in Blackstone Group were worth $2,101,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of the company. Cypress Capital Management LLC WY bought a new position in Blackstone Group in the 2nd quarter worth approximately $25,000. Burt Wealth Advisors bought a new position in Blackstone Group in the 3rd quarter worth approximately $26,000. Lenox Wealth Advisors LLC bought a new position in Blackstone Group in the 3rd quarter worth approximately $28,000. Centaurus Financial Inc. raised its position in Blackstone Group by 194.0% in the 1st quarter. Centaurus Financial Inc. now owns 1,035 shares of the asset manager’s stock worth $30,000 after purchasing an additional 683 shares during the last quarter. Finally, Hartford Financial Management Inc. bought a new position in Blackstone Group in the 3rd quarter worth approximately $30,000. Institutional investors own 47.88% of the company’s stock.
BX opened at $51.53 on Friday. The company has a fifty day moving average price of $50.10 and a two-hundred day moving average price of $46.28. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.89 and a current ratio of 0.89. Blackstone Group LP has a 52 week low of $26.88 and a 52 week high of $55.17. The firm has a market capitalization of $34.92 billion, a PE ratio of 22.80, a P/E/G ratio of 1.64 and a beta of 1.47.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 12th. Shareholders of record on Monday, November 4th will be issued a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a yield of 3.80%. The ex-dividend date is Friday, November 1st. This is a positive change from Blackstone Group’s previous quarterly dividend of $0.48. Blackstone Group’s payout ratio is currently 86.73%.
In other Blackstone Group news, Vice Chairman Hamilton E. James sold 280,046 shares of Blackstone Group stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $51.73, for a total transaction of $14,486,779.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joan Solotar sold 25,000 shares of Blackstone Group stock in a transaction on Friday, September 13th. The stock was sold at an average price of $53.83, for a total transaction of $1,345,750.00. Following the sale, the insider now directly owns 235,803 shares of the company’s stock, valued at approximately $12,693,275.49. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 629,611 shares of company stock valued at $5,075,527 and have sold 16,299,557 shares valued at $558,804,845. 1.00% of the stock is currently owned by insiders.
BX has been the subject of several research analyst reports. Deutsche Bank boosted their price objective on shares of Blackstone Group from $42.00 to $45.00 and gave the stock a “hold” rating in a research report on Friday, July 19th. BMO Capital Markets boosted their price objective on shares of Blackstone Group from $44.00 to $47.00 and gave the stock a “market perform” rating in a research report on Thursday, October 24th. Barclays set a $53.00 price objective on shares of Blackstone Group and gave the stock a “buy” rating in a research report on Friday, October 11th. Oppenheimer cut shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 24th. They noted that the move was a valuation call. Finally, Citigroup cut shares of Blackstone Group from a “buy” rating to a “neutral” rating and set a $52.00 price objective for the company. in a research report on Wednesday, September 18th. They noted that the move was a valuation call. Nine investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $52.63.
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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