Janney Montgomery Scott LLC trimmed its holdings in shares of Blackstone Group LP (NYSE:BX) by 1.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 381,500 shares of the asset manager’s stock after selling 7,559 shares during the quarter. Janney Montgomery Scott LLC owned approximately 0.06% of Blackstone Group worth $14,528,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Canton Hathaway LLC purchased a new position in Blackstone Group during the third quarter valued at approximately $114,000. Harvest Fund Management Co. Ltd purchased a new position in Blackstone Group during the third quarter valued at approximately $115,000. Quad Cities Investment Group LLC acquired a new stake in Blackstone Group in the second quarter valued at approximately $122,000. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new stake in Blackstone Group in the third quarter valued at approximately $175,000. Finally, Rehmann Capital Advisory Group boosted its stake in Blackstone Group by 94.9% in the second quarter. Rehmann Capital Advisory Group now owns 4,850 shares of the asset manager’s stock valued at $156,000 after acquiring an additional 2,362 shares in the last quarter. 48.75% of the stock is currently owned by institutional investors.
In other news, Vice Chairman J Tomilson Hill sold 674,257 shares of Blackstone Group stock in a transaction on Monday, August 20th. The shares were sold at an average price of $36.48, for a total transaction of $24,596,895.36. Following the completion of the sale, the insider now directly owns 928,884 shares in the company, valued at $33,885,688.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.00% of the company’s stock.
Shares of BX opened at $33.99 on Friday. The company has a market capitalization of $23.46 billion, a price-to-earnings ratio of 12.10, a PEG ratio of 1.18 and a beta of 1.39. Blackstone Group LP has a twelve month low of $29.57 and a twelve month high of $40.60. 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 (NYSE:BX) last posted its quarterly earnings data on Thursday, October 18th. The asset manager reported $0.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 during the quarter, compared to the consensus estimate of $1.79 billion. During the same period in the previous year, the firm posted $0.69 earnings per share. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, equities analysts predict that Blackstone Group LP will post 2.87 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 5th. Stockholders of record on Monday, October 29th were paid a dividend of $0.64 per share. This is an increase from Blackstone Group’s previous quarterly dividend of $0.58. This represents a $2.56 annualized dividend and a dividend yield of 7.53%. The ex-dividend date of this dividend was Friday, October 26th. Blackstone Group’s payout ratio is presently 91.10%.
BX has been the subject of several recent analyst reports. Morgan Stanley restated a “buy” rating on shares of Blackstone Group in a research note on Friday, September 14th. JMP Securities raised their target price on shares of Blackstone Group from $39.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, September 24th. ValuEngine upgraded shares of Blackstone Group from a “hold” rating to a “buy” rating in a research note on Saturday, September 22nd. Zacks Investment Research upgraded shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research note on Thursday, August 16th. Finally, Argus raised their target price on shares of Blackstone Group from $39.00 to $46.00 and gave the company a “buy” rating in a research note on Tuesday, September 25th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Blackstone Group has a consensus rating of “Buy” and an average price target of $43.45.
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Blackstone Group 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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