Lincoln Capital Corp purchased a new stake in Blackstone Group LP (NYSE:BX) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 8,670 shares of the asset manager’s stock, valued at approximately $423,000.
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A number of other large investors have also recently added to or reduced their stakes in BX. Janus Henderson Group PLC lifted its holdings in Blackstone Group by 127.5% in the second quarter. Janus Henderson Group PLC now owns 16,212,003 shares of the asset manager’s stock valued at $720,137,000 after buying an additional 9,085,152 shares during the period. Nuveen Asset Management LLC bought a new stake in shares of Blackstone Group during the second quarter worth $234,576,000. CIBC Private Wealth Group LLC increased its position in shares of Blackstone Group by 2,994.1% during the third quarter. CIBC Private Wealth Group LLC now owns 4,099,714 shares of the asset manager’s stock worth $200,230,000 after acquiring an additional 3,967,214 shares in the last quarter. GVO Asset Management Ltd acquired a new position in Blackstone Group during the third quarter worth $90,783,000. Finally, USS Investment Management Ltd acquired a new position in Blackstone Group during the third quarter worth $74,284,000. Hedge funds and other institutional investors own 48.40% of the company’s stock.
A number of brokerages have commented on BX. Barclays set a $53.00 price target on shares of Blackstone Group and gave the company a “buy” rating in a research note on Friday, October 11th. Oppenheimer lowered 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. Morgan Stanley reaffirmed an “overweight” rating and set a $60.00 price target (up from $57.00) on shares of Blackstone Group in a research report on Friday, October 25th. BMO Capital Markets raised their target price on shares of Blackstone Group from $44.00 to $47.00 and gave the company a “market perform” rating in a report on Thursday, October 24th. Finally, Wells Fargo & Co assumed coverage on shares of Blackstone Group in a report on Tuesday, October 1st. They issued an “outperform” rating and a $60.00 target price on the stock. Nine equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $52.63.
In other Blackstone Group news, major shareholder Blackstone Group Inc purchased 77,743 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were purchased at an average cost of $7.80 per share, with a total value of $606,395.40. The purchase 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 completion of the transaction, the insider now directly owns 235,803 shares in the company, valued at $12,693,275.49. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 653,743 shares of company stock valued at $6,349,325 and have sold 16,887,858 shares valued at $589,315,400. Insiders own 1.00% of the company’s stock.
Shares of NYSE BX traded down $0.11 during trading on Friday, hitting $52.52. The stock had a trading volume of 2,213,282 shares, compared to its average volume of 4,162,420. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.05 and a quick ratio of 0.89. The firm has a fifty day moving average of $50.00 and a two-hundred day moving average of $46.66. Blackstone Group LP has a 12 month low of $26.88 and a 12 month high of $55.17. The company has a market capitalization of $34.70 billion, a PE ratio of 23.24, a PEG ratio of 1.63 and a beta of 1.47.
Blackstone Group (NYSE:BX) last announced its quarterly earnings data on Wednesday, October 23rd. The asset manager reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. The company had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.31 billion. Blackstone Group had a return on equity of 7.61% and a net margin of 27.05%. The firm’s revenue for the quarter was down 9.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.63 EPS. On average, equities analysts expect that Blackstone Group LP will post 2.28 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Shareholders of record on Monday, November 4th were given a dividend of $0.49 per share. The ex-dividend date of this dividend was Friday, November 1st. This is a positive change from Blackstone Group’s previous quarterly dividend of $0.48. This represents a $1.96 annualized dividend and a yield of 3.73%. Blackstone Group’s payout ratio is presently 86.73%.
Blackstone Group Company 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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