NewSquare Capital LLC lifted its stake in shares of Blackstone Group LP (NYSE:BX) by 7.8% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 47,875 shares of the asset manager’s stock after buying an additional 3,462 shares during the period. NewSquare Capital LLC’s holdings in Blackstone Group were worth $1,823,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the stock. Bank of Montreal Can lifted its holdings in Blackstone Group by 60.7% during the third quarter. Bank of Montreal Can now owns 8,904,588 shares of the asset manager’s stock worth $339,088,000 after acquiring an additional 3,362,373 shares during the period. Cornerstone Wealth Management LLC lifted its holdings in Blackstone Group by 3,337.0% during the second 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 during the period. ING Groep NV bought a new stake in Blackstone Group during the second quarter worth $19,598,000. Menora Mivtachim Holdings LTD. bought a new stake in Blackstone Group during the first quarter worth $19,284,000. Finally, Swedbank lifted its holdings in Blackstone Group by 12.2% during the third quarter. Swedbank now owns 5,501,485 shares of the asset manager’s stock worth $209,497,000 after acquiring an additional 600,000 shares during the period. 48.73% of the stock is currently owned by institutional investors.
BX has been the topic of a number of recent analyst reports. Morgan Stanley reiterated a “buy” rating on shares of Blackstone Group in a report on Friday, September 14th. ValuEngine upgraded Blackstone Group from a “hold” rating to a “buy” rating in a report on Saturday, September 22nd. JMP Securities lifted their price target on Blackstone Group from $39.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, September 24th. Zacks Investment Research upgraded Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research note on Thursday, August 16th. Finally, JPMorgan Chase & Co. set a $45.00 target price on Blackstone Group and gave the company a “buy” rating in a research note on Thursday, September 20th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $43.45.
In other news, insider John G. Finley sold 10,000 shares of Blackstone Group stock in a transaction on Friday, August 10th. The stock was sold at an average price of $35.76, for a total value of $357,600.00. Following the completion of the transaction, the insider now directly owns 113,003 shares in the company, valued at $4,040,987.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Vice Chairman J Tomilson Hill sold 674,257 shares of Blackstone Group stock in a transaction on Monday, August 20th. The shares were sold at an average price of $36.48, for a total value of $24,596,895.36. Following the completion of the transaction, the insider now owns 928,884 shares of the company’s stock, valued at $33,885,688.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 770,677 shares of company stock worth $28,061,444. Corporate insiders own 1.00% of the company’s stock.
Shares of BX traded down $0.65 during mid-day trading on Friday, hitting $34.65. The stock had a trading volume of 255,802 shares, compared to its average volume of 4,925,254. The firm has a market cap of $24.08 billion, a PE ratio of 12.61, a PEG ratio of 1.11 and a beta of 1.32. 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 $40.60.
Blackstone Group (NYSE:BX) last issued its earnings results on Thursday, October 18th. The asset manager reported $0.76 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.02. The firm had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.79 billion. Blackstone Group had a return on equity of 22.64% and a net margin of 22.12%. The business’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.69 earnings per share. Sell-side analysts anticipate that Blackstone Group LP will post 3.07 earnings per share for the current fiscal year.
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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