San Francisco Sentry Investment Group CA acquired a new stake in Blackstone Group LP (NYSE:BX) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 6,165 shares of the asset manager’s stock, valued at approximately $301,000.
Other large investors have also recently made changes to their positions in the company. Cypress Capital Management LLC WY acquired a new stake in Blackstone Group in the second quarter valued at about $25,000. Lenox Wealth Advisors LLC purchased a new position in Blackstone Group in the third quarter valued at about $28,000. TCI Wealth Advisors Inc. purchased a new position in Blackstone Group in the third quarter valued at about $32,000. Reilly Financial Advisors LLC increased its holdings in Blackstone Group by 112.9% in the third quarter. Reilly Financial Advisors LLC now owns 692 shares of the asset manager’s stock valued at $34,000 after buying an additional 367 shares in the last quarter. Finally, Advocacy Wealth Management Services LLC purchased a new position in Blackstone Group in the third quarter valued at about $34,000. Hedge funds and other institutional investors own 47.88% of the company’s stock.
BX has been the subject of a number of research analyst reports. Barclays set a $53.00 target price on shares of Blackstone Group and gave the company a “buy” rating in a report on Friday, October 11th. Citigroup cut shares of Blackstone Group from a “buy” rating to a “neutral” rating and set a $52.00 target price for the company. in a report on Wednesday, September 18th. They noted that the move was a valuation call. Wells Fargo & Co initiated coverage on shares of Blackstone Group in a report on Tuesday, October 1st. They issued an “outperform” rating and a $60.00 target price for the company. Deutsche Bank increased their target price on shares of Blackstone Group from $42.00 to $45.00 and gave the company a “hold” rating in a report on Friday, July 19th. Finally, Bank of America cut shares of Blackstone Group from a “buy” rating to a “neutral” rating and dropped their target price for the company from $54.00 to $52.00 in a report on Monday, October 14th. Nine research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $52.63.
Shares of BX traded up $0.13 during mid-day trading on Friday, reaching $51.53. 5,109,765 shares of the company’s stock were exchanged, compared to its average volume of 4,077,599. Blackstone Group LP has a 52-week low of $26.88 and a 52-week high of $55.17. The company has a 50-day simple moving average of $50.10 and a two-hundred day simple moving average of $46.28. The company has a market cap of $34.92 billion, a price-to-earnings ratio of 22.80, a PEG ratio of 1.64 and a beta of 1.47. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.82.
Blackstone Group (NYSE:BX) last announced its earnings results on Wednesday, October 23rd. The asset manager reported $0.58 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.05. Blackstone Group had a net margin of 27.05% and a return on equity of 7.71%. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter last year, the business earned $0.63 earnings per share. Blackstone Group’s revenue was down 9.9% compared to the same quarter last year. As a group, equities research analysts predict that Blackstone Group LP will post 2.28 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 12th. Investors of record on Monday, November 4th will be given a dividend of $0.49 per share. The ex-dividend date is Friday, November 1st. This represents a $1.96 dividend on an annualized basis and a yield of 3.80%. This is a positive change from Blackstone Group’s previous quarterly dividend of $0.48. Blackstone Group’s dividend payout ratio (DPR) is 86.73%.
About Blackstone Group
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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