Investment Centers of America Inc. Increases Stake in The Blackstone Group L.P. (BX)

Investment Centers of America Inc. increased its stake in The Blackstone Group L.P. (NYSE:BX) by 15.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 32,879 shares of the asset manager’s stock after buying an additional 4,394 shares during the period. Investment Centers of America Inc.’s holdings in The Blackstone Group L.P. were worth $978,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of BX. Pioneer Investment Management Inc. bought a new position in shares of The Blackstone Group L.P. during the first quarter valued at approximately $4,771,000. Perkins Capital Management Inc. bought a new position in shares of The Blackstone Group L.P. during the first quarter valued at approximately $480,000. Envestnet Asset Management Inc. increased its position in shares of The Blackstone Group L.P. by 52.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 7,663 shares of the asset manager’s stock valued at $208,000 after buying an additional 2,623 shares in the last quarter. NEXT Financial Group Inc increased its stake in shares of The Blackstone Group L.P. by 42.4% in the first quarter. NEXT Financial Group Inc now owns 14,016 shares of the asset manager’s stock worth $432,000 after buying an additional 4,173 shares during the period. Finally, River & Mercantile Asset Management LLP acquired a new stake in shares of The Blackstone Group L.P. during the fourth quarter worth about $2,826,000. Institutional investors and hedge funds own 49.04% of the company’s stock.

Shares of The Blackstone Group L.P. (BX) traded up 1.357% during trading on Wednesday, hitting $33.985. The company had a trading volume of 1,018,570 shares. The firm’s 50 day moving average is $32.32 and its 200-day moving average is $30.47. The Blackstone Group L.P. has a 52 week low of $23.33 and a 52 week high of $34.09. The stock has a market capitalization of $21.98 billion, a P/E ratio of 16.783 and a beta of 1.32.

The Blackstone Group L.P. (NYSE:BX) last posted its quarterly earnings data on Thursday, April 20th. The asset manager reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.13. The Blackstone Group L.P. had a return on equity of 17.90% and a net margin of 21.87%. The business had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same period last year, the company earned $0.31 EPS. The company’s revenue for the quarter was up 108.1% on a year-over-year basis. Equities research analysts anticipate that The Blackstone Group L.P. will post $2.91 EPS for the current fiscal year.

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BX has been the subject of a number of research analyst reports. Vetr downgraded The Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $33.18 price target for the company. in a research report on Wednesday, April 19th. Citigroup Inc. upgraded The Blackstone Group L.P. from a “neutral” rating to a “buy” rating and lifted their price target for the company from $32.00 to $40.00 in a research report on Monday, May 22nd. Jefferies Group LLC lifted their price target on The Blackstone Group L.P. from $35.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, May 23rd. Zacks Investment Research downgraded The Blackstone Group L.P. from a “hold” rating to a “sell” rating in a research report on Friday, April 7th. Finally, Credit Suisse Group lifted their price target on The Blackstone Group L.P. from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, May 23rd. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $37.57.

In other The Blackstone Group L.P. news, insider Joan Solotar sold 30,500 shares of the stock in a transaction on Monday, June 5th. The stock was sold at an average price of $33.31, for a total transaction of $1,015,955.00. Following the sale, the insider now owns 150,281 shares of the company’s stock, valued at approximately $5,005,860.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John G. Finley sold 20,000 shares of the firm’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $32.53, for a total value of $650,600.00. Following the completion of the sale, the insider now directly owns 121,556 shares of the company’s stock, valued at approximately $3,954,216.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,050,500 shares of company stock worth $392,416,555. Company insiders own 1.00% of the company’s stock.

About The Blackstone Group L.P.

The Blackstone Group L.P. is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, non-investment grade credit, secondary private equity funds of funds and multi-asset class strategies. It operates through four segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit.

Institutional Ownership by Quarter for The Blackstone Group L.P. (NYSE:BX)

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