Principle Wealth Partners LLC bought a new stake in shares of Blackstone Group LP (NYSE:BX) during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 13,250 shares of the asset manager’s stock, valued at approximately $647,000.
A number of other large investors also recently made changes to their positions in the business. Marshall Wace LLP acquired a new position in shares of Blackstone Group in the 1st quarter worth approximately $50,000. Centaurus Financial Inc. lifted its position in shares of Blackstone Group by 194.0% during the 1st quarter. Centaurus Financial Inc. now owns 1,035 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 683 shares during the period. Neville Rodie & Shaw Inc. lifted its position in shares of Blackstone Group by 4.3% during the 2nd quarter. Neville Rodie & Shaw Inc. now owns 61,005 shares of the asset manager’s stock valued at $2,710,000 after acquiring an additional 2,520 shares during the period. Private Trust Co. NA lifted its position in shares of Blackstone Group by 1.2% during the 2nd quarter. Private Trust Co. NA now owns 63,145 shares of the asset manager’s stock valued at $2,804,000 after acquiring an additional 735 shares during the period. Finally, Douglas Lane & Associates LLC lifted its position in shares of Blackstone Group by 2.5% during the 2nd quarter. Douglas Lane & Associates LLC now owns 1,298,655 shares of the asset manager’s stock valued at $57,686,000 after acquiring an additional 31,338 shares during the period. Hedge funds and other institutional investors own 47.88% of the company’s stock.
Several research analysts have weighed in on BX shares. Barclays set a $53.00 price objective on shares of Blackstone Group and gave the stock a “buy” rating in a report on Friday, October 11th. Oppenheimer downgraded shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 24th. They noted that the move was a valuation call. S&P Equity Research downgraded shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 24th. Deutsche Bank upped their price objective on shares of Blackstone Group from $42.00 to $45.00 and gave the stock a “hold” rating in a report on Friday, July 19th. Finally, Citigroup downgraded shares of Blackstone Group from a “buy” rating to a “neutral” rating and set a $52.00 price objective on the stock. in a report on Wednesday, September 18th. They noted that the move was a valuation call. Nine research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $52.63.
Blackstone Group (NYSE:BX) last posted its earnings results on Wednesday, October 23rd. The asset manager reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.05. Blackstone Group had a net margin of 27.05% and a return on equity of 7.71%. The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the business posted $0.63 EPS. The business’s revenue was down 9.9% compared to the same quarter last year. On average, equities analysts expect that Blackstone Group LP will post 2.28 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 12th. Stockholders of record on Monday, November 4th will be paid a $0.49 dividend. This is a positive change from Blackstone Group’s previous quarterly dividend of $0.48. The ex-dividend date is Friday, November 1st. This represents a $1.96 annualized dividend and a dividend yield of 3.80%. Blackstone Group’s dividend payout ratio is presently 86.73%.
In other news, major shareholder Blackstone Group Inc bought 79,368 shares of Blackstone Group stock in a transaction dated Wednesday, August 14th. The stock was purchased at an average price of $7.07 per share, for a total transaction of $561,131.76. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Vice Chairman Hamilton E. James sold 280,046 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $51.73, for a total transaction of $14,486,779.58. The disclosure for this sale can be found here. In the last quarter, insiders bought 629,611 shares of company stock valued at $5,075,527 and sold 16,299,557 shares valued at $558,804,845. Corporate insiders own 1.00% of the company’s stock.
About Blackstone Group
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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