Strategic Wealth Advisors Group LLC decreased its holdings in shares of Blackstone Group LP (NYSE:BX) by 29.9% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 42,132 shares of the asset manager’s stock after selling 17,952 shares during the period. Strategic Wealth Advisors Group LLC’s holdings in Blackstone Group were worth $2,026,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of BX. Burt Wealth Advisors purchased a new stake in Blackstone Group in the third quarter valued at approximately $26,000. Cypress Capital Management LLC WY acquired a new position in Blackstone Group in the second quarter valued at approximately $25,000. Lenox Wealth Advisors LLC acquired a new position in Blackstone Group in the third quarter valued at approximately $28,000. Hartford Financial Management Inc. acquired a new position in Blackstone Group in the third quarter valued at approximately $30,000. Finally, TCI Wealth Advisors Inc. acquired a new position in Blackstone Group in the third quarter valued at approximately $32,000. Institutional investors and hedge funds own 47.88% of the company’s stock.
Shares of BX stock traded up $0.41 during trading hours on Friday, hitting $51.82. 2,950,127 shares of the company’s stock were exchanged, compared to its average volume of 4,077,599. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.82. The firm has a market cap of $34.92 billion, a P/E ratio of 22.93, a P/E/G ratio of 1.64 and a beta of 1.47. The firm has a 50 day moving average of $50.12 and a two-hundred day moving average of $46.22. Blackstone Group LP has a fifty-two week low of $26.88 and a fifty-two week high of $55.17.
Blackstone Group (NYSE:BX) last announced its earnings results on Wednesday, October 23rd. The asset manager reported $0.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.05. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.31 billion. Blackstone Group had a return on equity of 7.71% and a net margin of 27.05%. The business’s quarterly revenue was down 9.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.63 EPS. On average, equities analysts forecast that Blackstone Group LP will post 2.28 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 12th. Stockholders of record on Monday, November 4th will be paid a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a dividend yield of 3.78%. This is an increase from Blackstone Group’s previous quarterly dividend of $0.48. The ex-dividend date is Friday, November 1st. Blackstone Group’s dividend payout ratio is presently 86.73%.
A number of brokerages have issued reports on BX. ValuEngine downgraded Blackstone Group from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Wells Fargo & Co began coverage on Blackstone Group in a report on Tuesday, October 1st. They issued an “outperform” rating and a $60.00 price target for the company. Oppenheimer downgraded Blackstone Group from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 24th. They noted that the move was a valuation call. Morgan Stanley reissued an “overweight” rating and issued a $60.00 price target (up from $57.00) on shares of Blackstone Group in a report on Friday, October 25th. Finally, S&P Equity Research downgraded Blackstone Group from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 24th. Nine investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $52.63.
In other Blackstone Group news, major shareholder Blackstone Group Inc bought 79,368 shares of Blackstone Group stock in a transaction dated Wednesday, August 14th. The stock was acquired at an average cost of $7.07 per share, with a total value of $561,131.76. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Joan Solotar sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $53.83, for a total value of $1,345,750.00. Following the transaction, the insider now directly owns 235,803 shares of the company’s stock, valued at $12,693,275.49. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 629,611 shares of company stock valued at $5,075,527 and have sold 16,299,557 shares valued at $558,804,845. Corporate insiders own 1.00% of the company’s stock.
About Blackstone Group
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.
Featured Story: Moving Average – How it Helps Investors in Stock Selection
Receive News & Ratings for Blackstone Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Blackstone Group and related companies with MarketBeat.com's FREE daily email newsletter.