Sfmg LLC purchased a new position in Blackstone Group LP (NYSE:BX) in the second quarter, Holdings Channel reports. The institutional investor purchased 7,059 shares of the asset manager’s stock, valued at approximately $227,000.
Other hedge funds also recently added to or reduced their stakes in the company. Centaurus Financial Inc. purchased a new stake in shares of Blackstone Group in the 1st quarter valued at $119,000. Quad Cities Investment Group LLC bought a new stake in Blackstone Group during the 2nd quarter valued at $122,000. AlphaMark Advisors LLC bought a new stake in Blackstone Group during the 1st quarter valued at $141,000. Rockefeller Capital Management L.P. bought a new stake in Blackstone Group during the 1st quarter valued at $142,000. Finally, Archford Capital Strategies LLC bought a new stake in Blackstone Group during the 1st quarter valued at $147,000. 48.12% of the stock is owned by institutional investors and hedge funds.
NYSE:BX opened at $35.85 on Friday. Blackstone Group LP has a 52 week low of $29.57 and a 52 week high of $37.52. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market cap of $23.58 billion, a P/E ratio of 12.76, a PEG ratio of 1.10 and a beta of 1.36.
Blackstone Group (NYSE:BX) last issued its quarterly earnings data on Thursday, July 19th. The asset manager reported $0.90 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.17. Blackstone Group had a net margin of 22.12% and a return on equity of 22.64%. The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $1.74 billion. During the same period in the prior year, the business earned $0.59 EPS. The company’s revenue for the quarter was up 71.4% on a year-over-year basis. equities research analysts expect that Blackstone Group LP will post 3.05 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 6th. Shareholders of record on Monday, July 30th were issued a $0.58 dividend. The ex-dividend date of this dividend was Friday, July 27th. This is a positive change from Blackstone Group’s previous quarterly dividend of $0.35. This represents a $2.32 annualized dividend and a yield of 6.47%. Blackstone Group’s dividend payout ratio is 82.56%.
In other Blackstone Group news, insider John G. Finley sold 20,000 shares of the company’s stock in a transaction on Tuesday, June 12th. The shares were sold at an average price of $33.23, for a total value of $664,600.00. Following the completion of the transaction, the insider now directly owns 113,003 shares in the company, valued at approximately $3,755,089.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John G. Finley sold 10,000 shares of the company’s stock in a transaction on Friday, August 10th. The stock was sold at an average price of $35.76, for a total transaction of $357,600.00. Following the completion of the transaction, the insider now owns 113,003 shares of the company’s stock, valued at $4,040,987.28. The disclosure for this sale can be found here. Insiders sold a total of 35,000 shares of company stock valued at $1,202,100 over the last 90 days. Company insiders own 1.00% of the company’s stock.
A number of research firms recently commented on BX. Zacks Investment Research upgraded shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a report on Thursday. Morgan Stanley upped their price target on shares of Blackstone Group from $40.00 to $42.00 and gave the company an “overweight” rating in a report on Tuesday. Credit Suisse Group lowered their price target on shares of Blackstone Group from $48.00 to $47.00 and set an “outperform” rating for the company in a report on Friday, July 20th. Citigroup upped their price target on shares of Blackstone Group from $41.50 to $43.00 and gave the company a “buy” rating in a report on Friday, July 20th. Finally, Oppenheimer set a $42.00 price target on shares of Blackstone Group and gave the company a “buy” rating in a report on Thursday, July 19th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $41.50.
Blackstone Group Profile
The Blackstone Group L.P. is a publicly owned hedge fund sponsor. The firm also provides financial advisory 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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