Philadelphia Financial Management of San Francisco LLC purchased a new position in Blackstone Group LP (NYSE:BX) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 219,653 shares of the asset manager’s stock, valued at approximately $7,033,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BX. Wealthcare Advisory Partners LLC bought a new position in Blackstone Group in the third quarter valued at $131,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in Blackstone Group in the fourth quarter valued at $160,000. James Hambro & Partners bought a new position in Blackstone Group in the fourth quarter valued at $183,000. New England Private Wealth Advisors LLC bought a new position in Blackstone Group in the third quarter valued at $200,000. Finally, Mutual Advisors LLC bought a new position in Blackstone Group in the fourth quarter valued at $201,000. 48.49% of the stock is currently owned by institutional investors and hedge funds.
Shares of Blackstone Group LP (BX) traded down $0.11 during trading hours on Wednesday, hitting $34.15. The stock had a trading volume of 365,539 shares, compared to its average volume of 5,868,194. Blackstone Group LP has a 52-week low of $28.85 and a 52-week high of $37.52. The company has a market capitalization of $42,050.00, a PE ratio of 9.66, a P/E/G ratio of 1.16 and a beta of 1.33. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 1.10.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 20th. Stockholders of record on Monday, February 12th were paid a dividend of $0.85 per share. This is a boost from Blackstone Group’s previous quarterly dividend of $0.44. This represents a $3.40 dividend on an annualized basis and a dividend yield of 9.96%. The ex-dividend date of this dividend was Friday, February 9th. Blackstone Group’s dividend payout ratio (DPR) is 96.05%.
BX has been the topic of a number of research analyst reports. Vetr cut Blackstone Group from a “strong-buy” rating to a “buy” rating and set a $35.50 target price on the stock. in a research note on Monday, November 20th. Credit Suisse Group reissued a “buy” rating and issued a $47.00 target price on shares of Blackstone Group in a research note on Thursday, January 11th. JPMorgan Chase & Co. raised Blackstone Group from a “neutral” rating to an “overweight” rating and increased their target price for the company from $34.53 to $46.00 in a research note on Friday, January 12th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $42.00 target price on shares of Blackstone Group in a research note on Thursday, February 1st. Finally, Zacks Investment Research cut Blackstone Group from a “hold” rating to a “sell” rating in a research note on Monday, February 12th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $39.90.
In other news, insider John G. Finley sold 20,000 shares of the stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $31.64, for a total transaction of $632,800.00. Following the completion of the sale, the insider now directly owns 87,852 shares in the company, valued at $2,779,637.28. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John G. Finley sold 22,000 shares of the stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $34.15, for a total transaction of $751,300.00. Following the sale, the insider now owns 133,003 shares of the company’s stock, valued at $4,542,052.45. The disclosure for this sale can be found here. Insiders have sold 692,000 shares of company stock worth $23,763,674 over the last ninety days. Insiders own 1.00% of the company’s stock.
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About Blackstone Group
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.
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