Bourgeon Capital Management LLC reduced its stake in Blackstone Group LP (NYSE:BX) by 34.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,180 shares of the asset manager’s stock after selling 15,570 shares during the period. Bourgeon Capital Management LLC’s holdings in Blackstone Group were worth $1,425,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in BX. Arrow Financial Corp increased its position in shares of Blackstone Group by 26.0% during the third quarter. Arrow Financial Corp now owns 1,008 shares of the asset manager’s stock valued at $49,000 after acquiring an additional 208 shares in the last quarter. Strategic Wealth Management Group LLC increased its position in shares of Blackstone Group by 2.4% during the third quarter. Strategic Wealth Management Group LLC now owns 9,241 shares of the asset manager’s stock valued at $451,000 after acquiring an additional 213 shares in the last quarter. Cornerstone Wealth Management LLC increased its position in shares of Blackstone Group by 0.4% during the third quarter. Cornerstone Wealth Management LLC now owns 58,076 shares of the asset manager’s stock valued at $2,836,000 after acquiring an additional 222 shares in the last quarter. Traverso Chambers Private Wealth Management LLC increased its position in shares of Blackstone Group by 2.2% during the third quarter. Traverso Chambers Private Wealth Management LLC now owns 10,323 shares of the asset manager’s stock valued at $504,000 after acquiring an additional 226 shares in the last quarter. Finally, Valley National Advisers Inc. increased its position in shares of Blackstone Group by 1.0% during the second quarter. Valley National Advisers Inc. now owns 23,348 shares of the asset manager’s stock valued at $1,037,000 after acquiring an additional 233 shares in the last quarter. 47.88% of the stock is owned by institutional investors.
BX stock traded up $0.13 on Friday, hitting $51.53. The company had a trading volume of 5,158,090 shares, compared to its average volume of 4,077,599. Blackstone Group LP has a 12-month low of $26.88 and a 12-month high of $55.17. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.82. The stock’s 50-day simple moving average is $50.10 and its 200 day simple moving average is $46.28. The stock has a market cap of $34.92 billion, a price-to-earnings ratio of 22.80, a P/E/G ratio of 1.64 and a beta of 1.47.
Blackstone Group (NYSE:BX) last issued its earnings results on Wednesday, October 23rd. The asset manager reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.05. Blackstone Group had a net margin of 27.05% and a return on equity of 7.71%. The company had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter last year, the company posted $0.63 earnings per share. The firm’s quarterly revenue was down 9.9% on a year-over-year basis. Research analysts forecast that Blackstone Group LP will post 2.28 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 12th. Investors of record on Monday, November 4th will be issued a $0.49 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $1.96 annualized dividend and a yield of 3.80%. This is a boost from Blackstone Group’s previous quarterly dividend of $0.48. Blackstone Group’s dividend payout ratio (DPR) is currently 86.73%.
In related news, insider Joan Solotar sold 25,000 shares of Blackstone Group stock in a transaction on Friday, September 13th. The shares were sold at an average price of $53.83, for a total transaction of $1,345,750.00. Following the transaction, the insider now owns 235,803 shares in the company, valued at approximately $12,693,275.49. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Blackstone Group Inc bought 100,000 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average price of $7.94 per share, for a total transaction of $794,000.00. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 629,611 shares of company stock worth $5,075,527 and sold 16,299,557 shares worth $558,804,845. Company insiders own 1.00% of the company’s stock.
Several brokerages recently issued reports on BX. S&P Equity Research cut shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 24th. Morgan Stanley restated an “overweight” rating and issued a $60.00 target price (up previously from $57.00) on shares of Blackstone Group in a report on Friday, October 25th. BMO Capital Markets raised their target price on shares of Blackstone Group from $44.00 to $47.00 and gave the stock a “market perform” rating in a report on Thursday, October 24th. Deutsche Bank raised their target price on shares of Blackstone Group from $42.00 to $45.00 and gave the stock a “hold” rating in a report on Friday, July 19th. Finally, Wells Fargo & Co began coverage on shares of Blackstone Group in a report on Tuesday, October 1st. They issued an “outperform” rating and a $60.00 target price on the stock. Nine analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $52.63.
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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