Blackstone Group (NYSE:BX) Hits New 52-Week High at $55.21

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Blackstone Group LP (NYSE:BX) shares reached a new 52-week high during trading on Thursday . The stock traded as high as $55.21 and last traded at $54.75, with a volume of 563730 shares. The stock had previously closed at $54.92.

BX has been the subject of several analyst reports. Morgan Stanley reissued an “overweight” rating and set a $60.00 target price (up from $57.00) on shares of Blackstone Group in a research note on Friday, October 25th. Wells Fargo & Co began coverage on Blackstone Group in a research note on Tuesday, October 1st. They set an “outperform” rating and a $60.00 target price for the company. BMO Capital Markets began coverage on Blackstone Group in a research report on Monday, October 7th. They set a “market perform” rating and a $44.00 price objective for the company. ValuEngine cut Blackstone Group from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Oppenheimer cut 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. Nine analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Blackstone Group presently has an average rating of “Hold” and an average target price of $53.38.

The company has a 50-day moving average price of $52.76 and a 200-day moving average price of $48.35. The firm has a market capitalization of $35.70 billion, a price-to-earnings ratio of 24.12, a PEG ratio of 1.68 and a beta of 1.44. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.05 and a current ratio of 1.05.

Blackstone Group (NYSE:BX) last released its quarterly earnings data 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. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Blackstone Group had a return on equity of 7.61% and a net margin of 27.05%. The business’s quarterly revenue was down 9.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.63 EPS. On average, research analysts expect that Blackstone Group LP will post 2.28 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Monday, November 4th were given a dividend of $0.49 per share. This is a boost from Blackstone Group’s previous quarterly dividend of $0.48. This represents a $1.96 annualized dividend and a dividend yield of 3.60%. The ex-dividend date was Friday, November 1st. Blackstone Group’s dividend payout ratio is currently 86.73%.

In other news, major shareholder Blackstone Group Inc sold 8,875,211 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $2.50, for a total value of $22,188,027.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joan Solotar sold 25,000 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $53.83, for a total value of $1,345,750.00. Following the completion of the sale, the insider now directly owns 235,803 shares of the company’s stock, valued at $12,693,275.49. The disclosure for this sale can be found here. Insiders sold a total of 25,763,069 shares of company stock valued at $611,503,428 over the last three months. Company insiders own 1.00% of the company’s stock.

Several institutional investors have recently bought and sold shares of BX. Institutional & Family Asset Management LLC raised its stake in Blackstone Group by 11.8% during the 3rd quarter. Institutional & Family Asset Management LLC now owns 1,848 shares of the asset manager’s stock valued at $90,000 after acquiring an additional 195 shares during the last quarter. Arrow Financial Corp raised its stake in Blackstone Group by 26.0% during the 3rd quarter. Arrow Financial Corp now owns 1,008 shares of the asset manager’s stock valued at $49,000 after acquiring an additional 208 shares during the last quarter. Strategic Wealth Management Group LLC raised its stake in Blackstone Group by 2.4% during the 3rd quarter. Strategic Wealth Management Group LLC now owns 9,241 shares of the asset manager’s stock valued at $451,000 after acquiring an additional 213 shares during the last quarter. Cornerstone Wealth Management LLC raised its stake in Blackstone Group by 0.4% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 58,076 shares of the asset manager’s stock valued at $2,836,000 after acquiring an additional 222 shares during the last quarter. Finally, Traverso Chambers Private Wealth Management LLC raised its stake in Blackstone Group by 2.2% during the 3rd quarter. Traverso Chambers Private Wealth Management LLC now owns 10,323 shares of the asset manager’s stock valued at $504,000 after acquiring an additional 226 shares during the last quarter. 53.47% of the stock is owned by institutional investors and hedge funds.

About Blackstone Group (NYSE:BX)

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: Why Net Income is Important to Investors

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