Private Capital Advisors Inc. trimmed its holdings in Blackstone Group LP (NYSE:BX) by 6.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 270,536 shares of the asset manager’s stock after selling 18,124 shares during the quarter. Blackstone Group accounts for 3.1% of Private Capital Advisors Inc.’s portfolio, making the stock its 5th largest holding. Private Capital Advisors Inc.’s holdings in Blackstone Group were worth $9,028,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Aperio Group LLC bought a new position in Blackstone Group in the first quarter worth $317,000. BlackRock Inc. bought a new position in Blackstone Group in the first quarter worth $5,369,000. Great West Life Assurance Co. Can bought a new position in Blackstone Group in the first quarter worth $1,529,000. Allianz Asset Management GmbH bought a new position in Blackstone Group in the first quarter worth $2,716,000. Finally, The Manufacturers Life Insurance Company lifted its position in Blackstone Group by 18.1% in the first quarter. The Manufacturers Life Insurance Company now owns 1,028,927 shares of the asset manager’s stock worth $32,874,000 after purchasing an additional 157,404 shares during the period. 48.75% of the stock is owned by institutional investors.
In other news, insider John G. Finley sold 5,000 shares of the firm’s stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $35.98, for a total value of $179,900.00. Following the completion of the sale, the insider now directly owns 113,003 shares in the company, valued at $4,065,847.94. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Vice Chairman J Tomilson Hill sold 674,257 shares of the firm’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $36.48, for a total value of $24,596,895.36. Following the completion of the sale, the insider now owns 928,884 shares of the company’s stock, valued at $33,885,688.32. The disclosure for this sale can be found here. Insiders have sold 770,677 shares of company stock valued at $28,061,444 over the last quarter. Corporate insiders own 1.00% of the company’s stock.
Several research analysts recently commented on BX shares. Zacks Investment Research raised Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research report on Thursday, August 16th. Citigroup increased their price objective on Blackstone Group from $41.50 to $43.00 and gave the stock a “buy” rating in a research note on Friday, July 20th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $40.00 price objective on shares of Blackstone Group in a research note on Friday, July 20th. Jefferies Financial Group reiterated a “buy” rating and set a $42.00 price objective on shares of Blackstone Group in a research note on Friday, July 20th. Finally, Oppenheimer set a $42.00 price objective on Blackstone Group and gave the stock a “buy” rating in a research note on Thursday, July 19th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Blackstone Group has an average rating of “Buy” and an average price target of $43.54.
Blackstone Group stock traded up $0.26 during mid-day trading on Friday, hitting $34.85. 4,303,800 shares of the company were exchanged, compared to its average volume of 4,545,013. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.97 and a quick ratio of 0.97. Blackstone Group LP has a 1-year low of $29.57 and a 1-year high of $40.60. The firm has a market capitalization of $25.41 billion, a P/E ratio of 12.56, a P/E/G ratio of 1.17 and a beta of 1.32.
Blackstone Group (NYSE:BX) last released its quarterly earnings data on Thursday, July 19th. The asset manager reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.17. Blackstone Group had a return on equity of 22.64% and a net margin of 22.12%. The firm had revenue of $2.63 billion during the quarter, compared to analyst estimates of $1.74 billion. During the same period in the prior year, the company posted $0.59 earnings per share. The business’s revenue for the quarter was up 71.4% compared to the same quarter last year. On average, equities research analysts predict that Blackstone Group LP will post 3.08 EPS for the current fiscal year.
Blackstone Group Company Profile
The Blackstone Group L.P. is a publicly owned hedge fund sponsor. The firm also provides financial advisory 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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