Pinnacle Associates Ltd. raised its stake in shares of Blackstone Group LP (NYSE:BX) by 12.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 89,810 shares of the asset manager’s stock after purchasing an additional 9,834 shares during the period. Pinnacle Associates Ltd.’s holdings in Blackstone Group were worth $2,889,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Neuberger Berman Group LLC raised its position in shares of Blackstone Group by 166.1% in the 1st quarter. Neuberger Berman Group LLC now owns 5,737,885 shares of the asset manager’s stock worth $183,325,000 after acquiring an additional 3,581,736 shares in the last quarter. Natixis raised its position in shares of Blackstone Group by 43,717.6% in the 1st quarter. Natixis now owns 3,350,295 shares of the asset manager’s stock worth $105,853,000 after acquiring an additional 3,342,649 shares in the last quarter. Cornerstone Wealth Management LLC raised its position in shares of Blackstone Group by 3,337.0% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 1,846,134 shares of the asset manager’s stock worth $55,672,000 after acquiring an additional 1,792,420 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Blackstone Group by 11.7% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 14,119,617 shares of the asset manager’s stock worth $451,123,000 after acquiring an additional 1,477,246 shares in the last quarter. Finally, OppenheimerFunds Inc. acquired a new stake in shares of Blackstone Group in the 1st quarter valued at about $34,627,000. 46.27% of the stock is owned by institutional investors and hedge funds.
In other Blackstone Group news, insider John G. Finley sold 20,000 shares of Blackstone Group stock in a transaction that occurred on Tuesday, June 12th. The shares were sold at an average price of $33.23, for a total transaction of $664,600.00. Following the transaction, the insider now owns 113,003 shares of the company’s stock, valued at approximately $3,755,089.69. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman J Tomilson Hill sold 674,257 shares of Blackstone Group stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $36.48, for a total transaction of $24,596,895.36. Following the transaction, the insider now directly owns 928,884 shares in the company, valued at approximately $33,885,688.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 790,677 shares of company stock worth $28,726,044. Insiders own 1.00% of the company’s stock.
BX stock opened at $36.49 on Wednesday. The stock has a market cap of $24.15 billion, a price-to-earnings ratio of 12.99, a P/E/G ratio of 1.12 and a beta of 1.36. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.97 and a quick ratio of 0.97. Blackstone Group LP has a 52-week low of $29.57 and a 52-week high of $37.52.
Blackstone Group (NYSE:BX) last released its quarterly earnings results on Thursday, July 19th. The asset manager reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.17. The business had revenue of $2.63 billion during 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 company’s quarterly revenue was up 71.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.59 EPS. analysts forecast that Blackstone Group LP will post 3.06 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, August 6th. Shareholders of record on Monday, July 30th were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Friday, July 27th. This represents a $2.32 annualized dividend and a dividend yield of 6.36%. This is a boost from Blackstone Group’s previous quarterly dividend of $0.35. Blackstone Group’s dividend payout ratio (DPR) is currently 82.56%.
BX has been the subject of a number of analyst reports. Citigroup lifted their price target on Blackstone Group from $41.50 to $43.00 and gave the company a “buy” rating in a research note on Friday, July 20th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $40.00 price target on shares of Blackstone Group in a research note on Friday, July 20th. Jefferies Financial Group reiterated a “buy” rating and set a $42.00 price target on shares of Blackstone Group in a research note on Friday, July 20th. Oppenheimer set a $42.00 price target on Blackstone Group and gave the company a “buy” rating in a research note on Thursday, July 19th. Finally, Zacks Investment Research upgraded Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research note on Thursday, August 16th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $41.50.
About Blackstone Group
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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