Tocqueville Asset Management L.P. decreased its stake in Blackstone Group LP (NYSE:BX) by 2.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 108,450 shares of the asset manager’s stock after selling 3,035 shares during the period. Tocqueville Asset Management L.P.’s holdings in Blackstone Group were worth $4,817,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of BX. Bank of Montreal Can increased its stake in shares of Blackstone Group by 49.9% in the first quarter. Bank of Montreal Can now owns 21,124,981 shares of the asset manager’s stock valued at $738,740,000 after buying an additional 7,030,805 shares during the period. Ellis Investment Partners LLC grew its stake in Blackstone Group by 3,640.1% during the first quarter. Ellis Investment Partners LLC now owns 2,870,039 shares of the asset manager’s stock worth $2,870,000 after purchasing an additional 2,793,303 shares during the period. Artemis Investment Management LLP grew its stake in Blackstone Group by 92.0% during the second quarter. Artemis Investment Management LLP now owns 2,050,040 shares of the asset manager’s stock worth $90,868,000 after purchasing an additional 982,153 shares during the period. Marshall Wace North America L.P. grew its stake in Blackstone Group by 273.2% during the first quarter. Marshall Wace North America L.P. now owns 261,651 shares of the asset manager’s stock worth $9,150,000 after purchasing an additional 191,544 shares during the period. Finally, Wells Fargo & Company MN grew its stake in Blackstone Group by 5.9% during the first quarter. Wells Fargo & Company MN now owns 3,339,579 shares of the asset manager’s stock worth $116,786,000 after purchasing an additional 186,805 shares during the period. 45.54% of the stock is owned by institutional investors.
In related news, insider Christopher Striano sold 7,000 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $48.23, for a total transaction of $337,610.00. Following the completion of the sale, the insider now owns 36,186 shares of the company’s stock, valued at approximately $1,745,250.78. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Blackstone Group Inc acquired 64,708 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were acquired at an average cost of $7.82 per share, with a total value of $506,016.56. The disclosure for this purchase can be found here. 1.00% of the stock is currently owned by corporate insiders.
NYSE BX traded down $1.19 during trading hours on Wednesday, hitting $46.46. 42,965 shares of the company’s stock traded hands, compared to its average volume of 5,020,163. Blackstone Group LP has a 52-week low of $26.88 and a 52-week high of $49.81. The company has a market cap of $30.73 billion, a P/E ratio of 20.52, a PEG ratio of 1.04 and a beta of 1.47. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.77. The company’s 50-day moving average is $46.67.
Blackstone Group (NYSE:BX) last announced its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.07. Blackstone Group had a net margin of 20.51% and a return on equity of 11.28%. The company had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the company earned $0.90 EPS. Blackstone Group’s revenue was down 43.5% compared to the same quarter last year. On average, equities research analysts predict that Blackstone Group LP will post 2.32 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were paid a dividend of $0.48 per share. The ex-dividend date was Friday, July 26th. This represents a $1.92 annualized dividend and a yield of 4.13%. Blackstone Group’s dividend payout ratio is presently 84.96%.
BX has been the subject of several recent analyst reports. Deutsche Bank raised their target price on Blackstone Group from $42.00 to $45.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. Citigroup set a $52.00 target price on Blackstone Group and gave the stock a “buy” rating in a research note on Friday, July 19th. Morgan Stanley raised their price objective on Blackstone Group from $54.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Oppenheimer set a $52.00 price objective on Blackstone Group and gave the company a “buy” rating in a research note on Friday, July 19th. Finally, JMP Securities cut Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Monday, July 8th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Blackstone Group currently has a consensus rating of “Buy” and a consensus price target of $48.10.
Blackstone Group Company 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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