Blackstone Group LP (NYSE:BX) – William Blair decreased their Q2 2018 earnings estimates for shares of Blackstone Group in a report issued on Monday. William Blair analyst C. Shutler now expects that the asset manager will post earnings per share of $0.65 for the quarter, down from their previous estimate of $0.71. William Blair also issued estimates for Blackstone Group’s Q3 2018 earnings at $0.69 EPS, Q4 2018 earnings at $0.71 EPS, FY2018 earnings at $2.73 EPS, Q1 2019 earnings at $0.69 EPS and Q2 2019 earnings at $0.65 EPS.
Blackstone Group (NYSE:BX) last announced its quarterly earnings results on Thursday, February 1st. The asset manager reported $0.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.04. Blackstone Group had a return on equity of 22.46% and a net margin of 20.66%. The business had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the company posted $0.68 earnings per share. Blackstone Group’s revenue was up 19.9% compared to the same quarter last year.
Several other equities research analysts also recently issued reports on BX. Zacks Investment Research upgraded Blackstone Group from a “sell” rating to a “hold” rating in a report on Monday, October 9th. Oppenheimer reiterated a “buy” rating on shares of Blackstone Group in a report on Thursday, October 19th. Bank of America upped their price target on Blackstone Group from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, October 20th. Morgan Stanley upped their price target on Blackstone Group from $40.00 to $41.00 and gave the stock an “overweight” rating in a report on Monday, October 23rd. Finally, Vetr downgraded Blackstone Group from a “strong-buy” rating to a “buy” rating and set a $35.50 price target for the company. in a report on Monday, November 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $39.90.
Shares of Blackstone Group (BX) opened at $34.24 on Tuesday. Blackstone Group has a 1-year low of $28.45 and a 1-year high of $37.52. The stock has a market capitalization of $41,120.00, a price-to-earnings ratio of 15.71, a P/E/G ratio of 0.66 and a beta of 1.34. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.95.
A number of hedge funds have recently bought and sold shares of BX. Honeywell International Inc. lifted its position in shares of Blackstone Group by 37.0% during the 3rd quarter. Honeywell International Inc. now owns 1,019,400 shares of the asset manager’s stock valued at $34,017,000 after buying an additional 275,400 shares during the last quarter. Sandy Spring Bank lifted its position in shares of Blackstone Group by 93.4% during the 3rd quarter. Sandy Spring Bank now owns 14,600 shares of the asset manager’s stock valued at $487,000 after buying an additional 7,050 shares during the last quarter. Hilton Capital Management LLC purchased a new position in shares of Blackstone Group during the 3rd quarter valued at $416,000. Neuberger Berman Group LLC lifted its position in shares of Blackstone Group by 135.5% during the 3rd quarter. Neuberger Berman Group LLC now owns 1,942,237 shares of the asset manager’s stock valued at $64,812,000 after buying an additional 1,117,412 shares during the last quarter. Finally, Bessemer Group Inc. lifted its position in shares of Blackstone Group by 27.5% during the 3rd quarter. Bessemer Group Inc. now owns 15,050 shares of the asset manager’s stock valued at $502,000 after buying an additional 3,250 shares during the last quarter. 48.08% of the stock is currently owned by institutional investors and hedge funds.
In other Blackstone Group news, major shareholder Group L.P. Blackstone acquired 25,466 shares of the business’s stock in a transaction on Tuesday, December 26th. The shares were acquired at an average price of $28.61 per share, with a total value of $728,582.26. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John G. Finley sold 800 shares of the business’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $32.00, for a total value of $25,600.00. Following the completion of the transaction, the insider now directly owns 87,852 shares in the company, valued at approximately $2,811,264. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 20th. Shareholders of record on Monday, February 12th will be given a $0.85 dividend. The ex-dividend date is Friday, February 9th. This represents a $3.40 annualized dividend and a yield of 9.93%. This is a boost from Blackstone Group’s previous quarterly dividend of $0.44. Blackstone Group’s payout ratio is currently 80.73%.
About Blackstone Group
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.
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