Alpha Cubed Investments LLC Invests $243,000 in The Blackstone Group L.P. (NYSE:BX)

Alpha Cubed Investments LLC acquired a new stake in shares of The Blackstone Group L.P. (NYSE:BX) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 7,286 shares of the asset manager’s stock, valued at approximately $243,000.

Other hedge funds have also added to or reduced their stakes in the company. Winslow Evans & Crocker Inc. increased its position in The Blackstone Group L.P. by 1.4% in the second quarter. Winslow Evans & Crocker Inc. now owns 3,500 shares of the asset manager’s stock valued at $117,000 after buying an additional 50 shares during the last quarter. PHH Investments Ltd. purchased a new position in The Blackstone Group L.P. during the first quarter valued at approximately $134,000. Hudock Capital Group LLC increased its stake in shares of The Blackstone Group L.P. by 20.2% in the first quarter. Hudock Capital Group LLC now owns 4,726 shares of the asset manager’s stock worth $140,000 after buying an additional 793 shares in the last quarter. Archford Capital Strategies LLC increased its stake in shares of The Blackstone Group L.P. by 72.1% in the first quarter. Archford Capital Strategies LLC now owns 5,088 shares of the asset manager’s stock worth $151,000 after buying an additional 2,131 shares in the last quarter. Finally, Integrated Investment Consultants LLC increased its stake in shares of The Blackstone Group L.P. by 59.4% in the second quarter. Integrated Investment Consultants LLC now owns 5,100 shares of the asset manager’s stock worth $170,000 after buying an additional 1,900 shares in the last quarter. Hedge funds and other institutional investors own 45.89% of the company’s stock.

The Blackstone Group L.P. (NYSE:BX) traded down 1.08% during trading on Friday, reaching $31.95. The company’s stock had a trading volume of 4,904,890 shares. The Blackstone Group L.P. has a one year low of $23.33 and a one year high of $35.09. The firm has a market cap of $20.73 billion, a PE ratio of 14.37 and a beta of 1.32. The company has a 50-day moving average of $33.59 and a 200 day moving average of $31.43.

The Blackstone Group L.P. (NYSE:BX) last issued its quarterly earnings data on Thursday, July 20th. The asset manager reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by $0.03. The Blackstone Group L.P. had a return on equity of 18.97% and a net margin of 22.88%. The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the previous year, the business earned $0.44 earnings per share. Analysts expect that The Blackstone Group L.P. will post $2.85 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Monday, July 31st were paid a $0.54 dividend. The ex-dividend date of this dividend was Thursday, July 27th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 6.76%. The Blackstone Group L.P.’s payout ratio is currently 97.30%.

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BX has been the topic of a number of analyst reports. Citigroup Inc. reissued a “buy” rating and set a $41.00 price target (up previously from $40.00) on shares of The Blackstone Group L.P. in a research report on Sunday, May 28th. Jefferies Group LLC increased their price target on The Blackstone Group L.P. from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, May 23rd. Vetr downgraded The Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $33.18 price target on the stock. in a research report on Wednesday, April 19th. BidaskClub raised The Blackstone Group L.P. from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $37.00 target price on shares of The Blackstone Group L.P. in a report on Friday, July 14th. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $37.34.

In related news, major shareholder Real Estate Associa Blackstone sold 15,000,000 shares of The Blackstone Group L.P. stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $26.05, for a total transaction of $390,750,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joan Solotar sold 30,500 shares of The Blackstone Group L.P. stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $33.31, for a total transaction of $1,015,955.00. Following the transaction, the insider now directly owns 150,281 shares of the company’s stock, valued at $5,005,860.11. The disclosure for this sale can be found here. Insiders sold a total of 15,050,500 shares of company stock valued at $392,416,555 over the last three months. Corporate insiders own 1.00% of the company’s stock.

The Blackstone Group L.P. Company Profile

The Blackstone Group L.P. is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, non-investment grade credit, secondary private equity funds of funds and multi-asset class strategies. It operates through four segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit.

Institutional Ownership by Quarter for The Blackstone Group L.P. (NYSE:BX)

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