SRS Capital Advisors Inc. increased its holdings in Blackstone Group LP (NYSE:BX) by 91.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,194 shares of the asset manager’s stock after buying an additional 3,445 shares during the period. SRS Capital Advisors Inc.’s holdings in Blackstone Group were worth $274,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in BX. Canton Hathaway LLC bought a new position in Blackstone Group in the 3rd quarter worth approximately $114,000. Harvest Fund Management Co. Ltd bought a new position in Blackstone Group in the 3rd quarter worth approximately $115,000. Quad Cities Investment Group LLC bought a new position in Blackstone Group in the 2nd quarter worth approximately $122,000. Rehmann Capital Advisory Group boosted its holdings in Blackstone Group by 94.9% in the 2nd quarter. Rehmann Capital Advisory Group now owns 4,850 shares of the asset manager’s stock worth $156,000 after buying an additional 2,362 shares during the period. Finally, Livingston Group Asset Management CO operating as Southport Capital Management bought a new position in Blackstone Group in the 3rd quarter worth approximately $175,000. 48.75% of the stock is owned by institutional investors.
Shares of NYSE:BX opened at $33.99 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.72. Blackstone Group LP has a one year low of $29.57 and a one year high of $40.60. The firm has a market capitalization of $23.46 billion, a price-to-earnings ratio of 12.10, a PEG ratio of 1.18 and a beta of 1.39.
Blackstone Group (NYSE:BX) last announced its quarterly earnings results on Thursday, October 18th. The asset manager reported $0.76 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.02. Blackstone Group had a net margin of 22.34% and a return on equity of 22.99%. The firm had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $1.79 billion. During the same period last year, the firm earned $0.69 EPS. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities analysts expect that Blackstone Group LP will post 2.87 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, November 5th. Shareholders of record on Monday, October 29th were issued a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 7.53%. This is an increase from Blackstone Group’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Friday, October 26th. Blackstone Group’s dividend payout ratio (DPR) is presently 91.10%.
BX has been the subject of several analyst reports. Zacks Investment Research raised shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Thursday, August 16th. Citigroup raised their price objective on shares of Blackstone Group from $41.50 to $43.00 and gave the stock a “buy” rating in a report on Friday, July 20th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Blackstone Group in a report on Friday, July 20th. Jefferies Financial Group reissued a “buy” rating and issued a $42.00 price target on shares of Blackstone Group 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. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $43.45.
In other Blackstone Group news, Vice Chairman J Tomilson Hill sold 81,420 shares of the firm’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $35.95, for a total value of $2,927,049.00. Following the completion of the transaction, the insider now directly owns 928,884 shares of the company’s stock, valued at approximately $33,393,379.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.00% of the stock is owned by company insiders.
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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