Bank of New York Mellon Corp increased its holdings in Blackstone Group LP (NYSE:BX) by 17.2% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 121,771 shares of the asset manager’s stock after buying an additional 17,875 shares during the period. Bank of New York Mellon Corp’s holdings in Blackstone Group were worth $4,638,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Leavell Investment Management Inc. raised its position in Blackstone Group by 3.4% during the third quarter. Leavell Investment Management Inc. now owns 45,000 shares of the asset manager’s stock valued at $1,714,000 after purchasing an additional 1,500 shares in the last quarter. LLBH Private Wealth Management LLC raised its position in Blackstone Group by 2.5% during the third quarter. LLBH Private Wealth Management LLC now owns 74,298 shares of the asset manager’s stock valued at $2,829,000 after purchasing an additional 1,791 shares in the last quarter. TRUE Private Wealth Advisors raised its position in Blackstone Group by 10.4% during the third quarter. TRUE Private Wealth Advisors now owns 19,107 shares of the asset manager’s stock valued at $728,000 after purchasing an additional 1,805 shares in the last quarter. Raymond James Trust N.A. raised its position in Blackstone Group by 8.5% during the third quarter. Raymond James Trust N.A. now owns 24,142 shares of the asset manager’s stock valued at $919,000 after purchasing an additional 1,893 shares in the last quarter. Finally, Edge Wealth Management LLC raised its position in Blackstone Group by 24.7% during the third quarter. Edge Wealth Management LLC now owns 10,100 shares of the asset manager’s stock valued at $385,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors own 50.35% of the company’s stock.
A number of equities research analysts have weighed in on BX shares. Morgan Stanley lowered their price target on Blackstone Group from $42.00 to $36.00 and set an “overweight” rating on the stock in a research report on Friday, January 4th. Deutsche Bank lowered their price target on Blackstone Group from $35.00 to $34.00 and set a “hold” rating on the stock in a research report on Friday, November 16th. Finally, Zacks Investment Research upgraded Blackstone Group from a “sell” rating to a “hold” rating in a research report on Wednesday, January 2nd. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Blackstone Group presently has an average rating of “Buy” and a consensus price target of $42.54.
Shares of NYSE:BX opened at $33.77 on Thursday. Blackstone Group LP has a 12-month low of $26.88 and a 12-month high of $40.60. The stock has a market cap of $22.39 billion, a PE ratio of 14.94, a P/E/G ratio of 3.14 and a beta of 1.43. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.71.
Blackstone Group (NYSE:BX) last announced its quarterly earnings data on Thursday, January 31st. The asset manager reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.05). Blackstone Group had a net margin of 22.56% and a return on equity of 16.33%. The company had revenue of $504.98 million for the quarter, compared to the consensus estimate of $381.19 million. During the same period last year, the business posted $0.71 earnings per share. The firm’s quarterly revenue was down 74.2% compared to the same quarter last year. As a group, analysts anticipate that Blackstone Group LP will post 2.7 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 19th. Stockholders of record on Monday, February 11th will be paid a dividend of $0.58 per share. The ex-dividend date is Friday, February 8th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 6.87%. Blackstone Group’s dividend payout ratio (DPR) is currently 102.65%.
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Blackstone Group 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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