Cambridge Investment Research Advisors Inc. increased its holdings in shares of Blackstone Group LP (NYSE:BX) by 7.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 168,645 shares of the asset manager’s stock after purchasing an additional 11,542 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Blackstone Group were worth $6,422,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Robeco Institutional Asset Management B.V. bought a new stake in Blackstone Group during the third quarter worth $11,424,000. Clarus Wealth Advisors raised its position in shares of Blackstone Group by 180.1% in the third quarter. Clarus Wealth Advisors now owns 8,534 shares of the asset manager’s stock valued at $325,000 after purchasing an additional 5,487 shares during the period. BlackRock Inc. bought a new position in shares of Blackstone Group in the first quarter valued at about $5,369,000. PNC Financial Services Group Inc. raised its position in shares of Blackstone Group by 2.8% in the second quarter. PNC Financial Services Group Inc. now owns 708,399 shares of the asset manager’s stock valued at $22,790,000 after purchasing an additional 19,278 shares during the period. Finally, Independent Advisor Alliance raised its position in shares of Blackstone Group by 7.8% in the second quarter. Independent Advisor Alliance now owns 59,405 shares of the asset manager’s stock valued at $1,911,000 after purchasing an additional 4,304 shares during the period. Institutional investors and hedge funds own 48.75% of the company’s stock.
BX has been the topic of several research analyst reports. Zacks Investment Research raised shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a research report on Wednesday, October 17th. Jefferies Financial Group reaffirmed a “buy” rating and set a $42.00 price target on shares of Blackstone Group in a research report on Friday, July 20th. Argus raised their price target on shares of Blackstone Group from $39.00 to $46.00 and gave the stock a “buy” rating in a research report on Tuesday, September 25th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $40.00 price target on shares of Blackstone Group in a research report on Friday, July 20th. Finally, Oppenheimer set a $42.00 price target on shares of Blackstone Group and gave the stock a “buy” rating in a research report on Thursday, July 19th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Blackstone Group currently has an average rating of “Buy” and an average price target of $43.45.
NYSE:BX opened at $33.99 on Friday. Blackstone Group LP has a 52 week low of $29.57 and a 52 week high of $40.60. The stock has a market cap of $23.46 billion, a P/E ratio of 11.65, a price-to-earnings-growth ratio of 1.18 and a beta of 1.39. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.97 and a current ratio of 0.97.
Blackstone Group (NYSE:BX) last released its quarterly earnings results on Thursday, October 18th. The asset manager reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.02. Blackstone Group had a net margin of 22.34% and a return on equity of 22.99%. The business had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.79 billion. During the same period last year, the firm earned $0.69 earnings per share. Blackstone Group’s revenue for the quarter was up 11.1% compared to the same quarter last year. Equities research analysts anticipate that Blackstone Group LP will post 2.87 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, November 5th. Shareholders of record on Monday, October 29th were paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 7.53%. This is an increase from Blackstone Group’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Friday, October 26th. Blackstone Group’s dividend payout ratio is presently 91.10%.
In other Blackstone Group news, Vice Chairman J Tomilson Hill sold 81,420 shares of the stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $35.95, for a total transaction of $2,927,049.00. Following the sale, the insider now directly owns 928,884 shares in the company, valued at $33,393,379.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.00% of the company’s stock.
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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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