Raymond James Financial Services Advisors Inc. increased its position in Blackstone Group LP (NYSE:BX) by 7.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 383,912 shares of the asset manager’s stock after acquiring an additional 27,153 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Blackstone Group were worth $12,293,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in BX. Honeywell International Inc. grew its holdings in Blackstone Group by 37.0% during the third quarter. Honeywell International Inc. now owns 1,019,400 shares of the asset manager’s stock valued at $34,017,000 after purchasing an additional 275,400 shares during the last quarter. Sandy Spring Bank grew its holdings in Blackstone Group by 93.4% during the third quarter. Sandy Spring Bank now owns 14,600 shares of the asset manager’s stock valued at $487,000 after purchasing an additional 7,050 shares during the last quarter. Syntal Capital Partners LLC grew its holdings in Blackstone Group by 207.7% during the fourth quarter. Syntal Capital Partners LLC now owns 29,102 shares of the asset manager’s stock valued at $931,000 after purchasing an additional 19,645 shares during the last quarter. Hilton Capital Management LLC acquired a new position in Blackstone Group during the third quarter valued at approximately $416,000. Finally, BLB&B Advisors LLC acquired a new position in Blackstone Group during the fourth quarter valued at approximately $289,000. Hedge funds and other institutional investors own 45.83% of the company’s stock.
Several brokerages have commented on BX. JPMorgan Chase & Co. downgraded Blackstone Group from an “overweight” rating to a “hold” rating in a report on Tuesday, February 6th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $42.00 price objective on shares of Blackstone Group in a research note on Thursday, February 1st. Vetr upgraded shares of Blackstone Group from a “buy” rating to a “strong-buy” rating and set a $35.50 price objective on the stock in a research note on Monday, November 27th. Zacks Investment Research downgraded shares of Blackstone Group from a “hold” rating to a “sell” rating in a research note on Monday, February 12th. Finally, Credit Suisse Group restated a “buy” rating and issued a $47.00 price objective on shares of Blackstone Group in a research note on Thursday, January 11th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $39.90.
In other news, major shareholder Group L.P. Blackstone bought 25,466 shares of Blackstone Group stock in a transaction that occurred on Tuesday, December 26th. The stock was purchased at an average cost of $28.61 per share, with a total value of $728,582.26. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John G. Finley sold 20,000 shares of the firm’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $31.64, for a total value of $632,800.00. Following the completion of the transaction, the insider now directly owns 87,852 shares of the company’s stock, valued at $2,779,637.28. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.
Shares of Blackstone Group LP (BX) opened at $34.17 on Wednesday. The stock has a market cap of $23,077.99, a price-to-earnings ratio of 15.67, a PEG ratio of 1.17 and a beta of 1.34. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.05 and a quick ratio of 1.05. Blackstone Group LP has a 52 week low of $28.45 and a 52 week high of $37.52.
Blackstone Group (NYSE:BX) last announced its quarterly earnings data on Thursday, February 1st. The asset manager reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.04. The business had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.73 billion. Blackstone Group had a net margin of 20.66% and a return on equity of 22.46%. Blackstone Group’s quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter last year, the company posted $0.68 earnings per share. research analysts expect that Blackstone Group LP will post 3.1 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, February 20th. Investors of record on Monday, February 12th were given a $0.85 dividend. This is a boost from Blackstone Group’s previous quarterly dividend of $0.44. This represents a $3.40 annualized dividend and a yield of 9.95%. The ex-dividend date was Friday, February 9th. Blackstone Group’s dividend payout ratio (DPR) is 155.96%.
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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