Capital Management Associates NY increased its position in The Blackstone Group Inc. (NYSE:BX) by 15.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,738 shares of the asset manager’s stock after acquiring an additional 6,000 shares during the period. The Blackstone Group makes up about 3.2% of Capital Management Associates NY’s portfolio, making the stock its 5th biggest holding. Capital Management Associates NY’s holdings in The Blackstone Group were worth $2,964,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of BX. Professional Financial Advisors LLC purchased a new position in The Blackstone Group in the 3rd quarter worth $26,000. Catalyst Private Wealth LLC purchased a new position in shares of The Blackstone Group during the 3rd quarter valued at about $26,000. CVA Family Office LLC purchased a new position in shares of The Blackstone Group during the 3rd quarter valued at about $29,000. Planned Solutions Inc. purchased a new position in shares of The Blackstone Group during the 3rd quarter valued at about $30,000. Finally, American Research & Management Co. raised its stake in shares of The Blackstone Group by 525.0% during the 3rd quarter. American Research & Management Co. now owns 625 shares of the asset manager’s stock valued at $33,000 after buying an additional 525 shares during the last quarter. Institutional investors own 59.77% of the company’s stock.
A number of equities analysts have weighed in on BX shares. Credit Suisse Group lifted their price objective on The Blackstone Group from $72.00 to $78.00 and gave the company an “outperform” rating in a research note on Thursday, January 28th. Zacks Investment Research upgraded The Blackstone Group from a “hold” rating to a “buy” rating and set a $66.00 price target for the company in a research note on Tuesday, January 12th. Oppenheimer upgraded The Blackstone Group from a “market perform” rating to an “outperform” rating and set a $58.00 price target for the company in a research note on Thursday, October 29th. Barclays lifted their price target on The Blackstone Group from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, January 28th. Finally, Piper Sandler began coverage on The Blackstone Group in a research note on Thursday, January 14th. They issued an “overweight” rating and a $71.00 price target for the company. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $66.79.
The Blackstone Group (NYSE:BX) last issued its earnings results on Tuesday, January 26th. The asset manager reported $1.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.20. The company had revenue of $3.63 billion for the quarter, compared to analyst estimates of $2.28 billion. The company’s revenue for the quarter was up 73.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.71 earnings per share. Research analysts forecast that The Blackstone Group Inc. will post 2.45 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, February 16th. Stockholders of record on Monday, February 8th were given a dividend of $0.7175 per share. This represents a $2.87 annualized dividend and a dividend yield of 4.17%. The ex-dividend date was Friday, February 5th. This is a positive change from The Blackstone Group’s previous quarterly dividend of $0.54. The Blackstone Group’s payout ratio is presently 166.23%.
In other news, major shareholder Holdings L.P. Blackstone III bought 42,425 shares of the business’s stock in a transaction on Monday, January 4th. The shares were bought at an average price of $34.93 per share, with a total value of $1,481,905.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Blackstone Bdc Holdings Llc bought 997,940 shares of the business’s stock in a transaction on Thursday, January 7th. The stock was purchased at an average cost of $25.00 per share, for a total transaction of $24,948,500.00. The disclosure for this purchase can be found here. 1.00% of the stock is currently owned by insiders.
About The Blackstone Group
The Blackstone Group Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.
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