People s United Financial Inc. cut its stake in shares of Blackstone Group LP (NYSE:BX) by 55.8% during the second quarter, HoldingsChannel.com reports. The firm owned 3,695 shares of the asset manager’s stock after selling 4,666 shares during the period. People s United Financial Inc.’s holdings in Blackstone Group were worth $11,032,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the company. Ashfield Capital Partners LLC boosted its holdings in shares of Blackstone Group by 32.5% during the 1st quarter. Ashfield Capital Partners LLC now owns 59,819 shares of the asset manager’s stock valued at $1,911,000 after acquiring an additional 14,662 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Blackstone Group by 0.7% during the 1st quarter. Wells Fargo & Company MN now owns 3,637,265 shares of the asset manager’s stock valued at $116,210,000 after acquiring an additional 26,677 shares in the last quarter. Abbot Financial Management Inc. boosted its holdings in shares of Blackstone Group by 6.7% during the 1st quarter. Abbot Financial Management Inc. now owns 27,750 shares of the asset manager’s stock valued at $887,000 after acquiring an additional 1,750 shares in the last quarter. Augustine Asset Management Inc. acquired a new stake in shares of Blackstone Group during the 1st quarter valued at $602,000. Finally, Alps Advisors Inc. boosted its holdings in shares of Blackstone Group by 18.0% during the 1st quarter. Alps Advisors Inc. now owns 349,332 shares of the asset manager’s stock valued at $11,161,000 after acquiring an additional 53,357 shares in the last quarter. 48.12% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts recently weighed in on the company. Zacks Investment Research downgraded Blackstone Group from a “buy” rating to a “hold” rating in a report on Friday. Citigroup raised their price objective on Blackstone Group from $41.50 to $43.00 and gave the company a “buy” rating in a report on Friday, July 20th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $40.00 price objective on shares of Blackstone Group in a report on Friday, July 20th. ValuEngine downgraded Blackstone Group from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Finally, Credit Suisse Group cut their target price on Blackstone Group from $48.00 to $47.00 and set an “outperform” rating on the stock in a report on Friday, July 20th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $41.50.
Shares of BX opened at $36.20 on Friday. The stock has a market cap of $23.58 billion, a price-to-earnings ratio of 12.88, a P/E/G ratio of 1.10 and a beta of 1.36. Blackstone Group LP has a 12 month low of $29.57 and a 12 month high of $37.52. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.97 and a current ratio of 0.97.
Blackstone Group (NYSE:BX) last announced its earnings results 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. The firm had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $1.74 billion. Blackstone Group had a return on equity of 22.64% and a net margin of 22.12%. The business’s quarterly revenue was up 71.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.59 EPS. equities research analysts forecast that Blackstone Group LP will post 3.05 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, August 6th. Shareholders of record on Monday, July 30th were issued a dividend of $0.58 per share. The ex-dividend date of this dividend was Friday, July 27th. This is an increase from Blackstone Group’s previous quarterly dividend of $0.35. This represents a $2.32 annualized dividend and a yield of 6.41%. Blackstone Group’s payout ratio is presently 82.56%.
In other Blackstone Group news, insider John G. Finley sold 10,000 shares of Blackstone Group stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $35.76, for a total transaction of $357,600.00. Following the transaction, the insider now directly owns 113,003 shares of the company’s stock, valued at approximately $4,040,987.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John G. Finley sold 20,000 shares of Blackstone Group stock in a transaction dated Tuesday, June 12th. The stock was sold at an average price of $33.23, for a total value of $664,600.00. Following the transaction, the insider now directly owns 113,003 shares in the company, valued at $3,755,089.69. The disclosure for this sale can be found here. Insiders have sold a total of 35,000 shares of company stock worth $1,202,100 over the last ninety days. Company insiders own 1.00% of the company’s stock.
Blackstone Group Company 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.
Further Reading: Leveraged Buyout (LBO) Explained
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