Suffolk Capital Management LLC bought a new stake in Blackstone Group LP (NYSE:BX) in the third quarter, Holdings Channel reports. The institutional investor bought 359,589 shares of the asset manager’s stock, valued at approximately $13,693,000. Blackstone Group makes up approximately 1.9% of Suffolk Capital Management LLC’s portfolio, making the stock its 14th biggest position.
Other institutional investors have also recently modified their holdings of the company. Canton Hathaway LLC bought a new stake in Blackstone Group in the 3rd quarter valued at about $114,000. Harvest Fund Management Co. Ltd bought a new stake in Blackstone Group in the 3rd quarter valued at about $115,000. Quad Cities Investment Group LLC bought a new stake in Blackstone Group in the 2nd quarter valued at about $122,000. Rehmann Capital Advisory Group increased its position 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 valued at $156,000 after buying an additional 2,362 shares in the last quarter. Finally, QCI Asset Management Inc. NY increased its position in Blackstone Group by 800.0% in the 3rd quarter. QCI Asset Management Inc. NY now owns 4,500 shares of the asset manager’s stock valued at $171,000 after buying an additional 4,000 shares in the last quarter. 49.39% of the stock is owned by institutional investors and hedge funds.
A number of analysts recently commented on the company. Zacks Investment Research raised Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research report on Wednesday, October 17th. Morgan Stanley decreased their price objective on Blackstone Group from $48.00 to $42.00 and set a “buy” rating for the company in a report on Wednesday, November 14th. Deutsche Bank decreased their price objective on Blackstone Group from $35.00 to $34.00 and set a “hold” rating for the company in a report on Friday, November 16th. Bank of America boosted their price objective on Blackstone Group from $40.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, September 24th. Finally, JPMorgan Chase & Co. set a $45.00 price objective on Blackstone Group and gave the stock a “buy” rating in a report on Thursday, September 20th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Blackstone Group presently has an average rating of “Buy” and an average price target of $42.27.
Shares of BX opened at $30.99 on Wednesday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $21.06 billion, a price-to-earnings ratio of 11.03, a P/E/G ratio of 1.03 and a beta of 1.39. Blackstone Group LP has a 52 week low of $30.08 and a 52 week high of $40.60.
Blackstone Group (NYSE:BX) last issued its quarterly earnings data on Thursday, October 18th. The asset manager reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.02. The firm had revenue of $1.83 billion during the quarter, compared to analyst estimates of $1.79 billion. Blackstone Group had a return on equity of 22.67% and a net margin of 22.34%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.69 EPS. Analysts expect that Blackstone Group LP will post 2.96 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, November 5th. Stockholders of record on Monday, October 29th were issued a $0.64 dividend. The ex-dividend date was Friday, October 26th. This is a positive change from Blackstone Group’s previous quarterly dividend of $0.58. This represents a $2.56 annualized dividend and a dividend yield of 8.26%. Blackstone Group’s dividend payout ratio is currently 91.10%.
In other Blackstone Group news, major shareholder Blackstone Bgsl Holdings Llc bought 192,000 shares of Blackstone Group stock in a transaction dated Tuesday, November 6th. The stock was bought at an average cost of $25.00 per share, with a total value of $4,800,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.00% of the company’s stock.
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Blackstone Group Company Profile
The Blackstone Group L.P. is a publicly owned alternative asset manager. The firm also provides capital markets 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: Investing strategies using the yield curve
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