Commonwealth Equity Services LLC boosted its stake in Blackstone Group LP (NYSE:BX) by 0.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 507,146 shares of the asset manager’s stock after buying an additional 2,428 shares during the quarter. Commonwealth Equity Services LLC owned approximately 0.08% of Blackstone Group worth $22,527,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the company. Farmers & Merchants Trust Co of Chambersburg PA raised its stake in shares of Blackstone Group by 74.3% in the second quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,525 shares of the asset manager’s stock worth $68,000 after purchasing an additional 650 shares during the last quarter. Winslow Evans & Crocker Inc. boosted its stake in Blackstone Group by 3.2% during the second quarter. Winslow Evans & Crocker Inc. now owns 11,302 shares of the asset manager’s stock valued at $504,000 after buying an additional 350 shares during the last quarter. Moors & Cabot Inc. lifted its stake in shares of Blackstone Group by 3.0% in the 2nd quarter. Moors & Cabot Inc. now owns 111,142 shares of the asset manager’s stock valued at $4,931,000 after purchasing an additional 3,274 shares during the last quarter. Nwam LLC lifted its stake in shares of Blackstone Group by 15.1% in the 2nd quarter. Nwam LLC now owns 8,298 shares of the asset manager’s stock valued at $369,000 after purchasing an additional 1,089 shares during the last quarter. Finally, SeaBridge Investment Advisors LLC lifted its stake in shares of Blackstone Group by 33.3% in the 2nd quarter. SeaBridge Investment Advisors LLC now owns 1,200 shares of the asset manager’s stock valued at $53,000 after purchasing an additional 300 shares during the last quarter. 47.16% of the stock is owned by hedge funds and other institutional investors.
NYSE BX traded up $0.69 during midday trading on Tuesday, hitting $48.53. 151,204 shares of the company traded hands, compared to its average volume of 8,479,522. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $31.32 billion, a P/E ratio of 21.41, a PEG ratio of 1.05 and a beta of 1.47. The firm has a 50-day simple moving average of $44.68. Blackstone Group LP has a 52 week low of $26.88 and a 52 week high of $48.06.
Blackstone Group (NYSE:BX) last announced its earnings results on Thursday, July 18th. The asset manager reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.07. The business had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Blackstone Group had a return on equity of 11.28% and a net margin of 20.51%. The business’s revenue for the quarter was down 43.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.90 EPS. As a group, research analysts anticipate that Blackstone Group LP will post 2.21 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Monday, July 29th will be given a $0.48 dividend. The ex-dividend date of this dividend is Friday, July 26th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.96%. Blackstone Group’s payout ratio is 65.49%.
BX has been the topic of several research reports. Zacks Investment Research upgraded Green Brick Partners from a “sell” rating to a “hold” rating in a report on Thursday, April 25th. JMP Securities initiated coverage on Fiverr International in a report on Monday, July 8th. They set an “outperform” rating and a $33.00 price objective on the stock. ValuEngine upgraded Alleghany from a “hold” rating to a “buy” rating in a report on Friday, April 19th. Morgan Stanley raised their price objective on Blackstone Group from $54.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Deutsche Bank raised their price objective on Union Pacific from $197.00 to $206.00 and gave the stock a “buy” rating in a report on Friday. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Blackstone Group currently has a consensus rating of “Buy” and a consensus price target of $45.83.
In other news, Director Bennett J. Goodman sold 115,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $39.58, for a total value of $4,551,700.00. Following the completion of the sale, the director now owns 250,000 shares of the company’s stock, valued at approximately $9,895,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Holdings L.P. Blackstone III acquired 150,100 shares of the stock in a transaction dated Friday, April 26th. The stock was acquired at an average cost of $24.47 per share, with a total value of $3,672,947.00. The disclosure for this purchase can be found here. Insiders bought a total of 683,752 shares of company stock valued at $16,541,188 in the last three months. Insiders own 1.00% of the company’s stock.
Blackstone Group 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.
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