Wedbush Securities Inc. increased its stake in Blackstone Group LP (NYSE:BX) by 24.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,539 shares of the asset manager’s stock after buying an additional 6,293 shares during the period. Wedbush Securities Inc.’s holdings in Blackstone Group were worth $1,401,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Community Bank & Trust Waco Texas grew its holdings in Blackstone Group by 3.3% in the first quarter. Community Bank & Trust Waco Texas now owns 86,842 shares of the asset manager’s stock worth $3,037,000 after purchasing an additional 2,739 shares during the period. Belpointe Asset Management LLC grew its holdings in Blackstone Group by 43.5% in the first quarter. Belpointe Asset Management LLC now owns 31,832 shares of the asset manager’s stock worth $1,113,000 after purchasing an additional 9,645 shares during the period. Hollencrest Capital Management grew its holdings in Blackstone Group by 5.2% in the first quarter. Hollencrest Capital Management now owns 62,978 shares of the asset manager’s stock worth $2,203,000 after purchasing an additional 3,096 shares during the period. National Asset Management Inc. grew its holdings in Blackstone Group by 15.7% in the first quarter. National Asset Management Inc. now owns 27,818 shares of the asset manager’s stock worth $973,000 after purchasing an additional 3,775 shares during the period. Finally, Meitav Dash Investments Ltd. purchased a new stake in Blackstone Group in the first quarter worth about $738,000. 45.54% of the stock is owned by institutional investors.
In other news, insider Christopher Striano sold 7,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $48.23, for a total transaction of $337,610.00. Following the sale, the insider now owns 36,186 shares in the company, valued at $1,745,250.78. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Blackstone Group Inc purchased 100,000 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average price of $7.94 per share, for a total transaction of $794,000.00. The disclosure for this purchase can be found here. Corporate insiders own 1.00% of the company’s stock.
Shares of NYSE:BX traded down $0.08 during trading on Wednesday, reaching $46.38. 1,347,066 shares of the stock traded hands, compared to its average volume of 5,020,163. The firm’s 50-day moving average price is $46.67. Blackstone Group LP has a 52-week low of $26.88 and a 52-week high of $49.81. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market capitalization of $30.73 billion, a PE ratio of 20.52, a P/E/G ratio of 1.04 and a beta of 1.47.
Blackstone Group (NYSE:BX) last posted its quarterly earnings results on Thursday, July 18th. The asset manager reported $0.57 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.07. Blackstone Group had a net margin of 20.51% and a return on equity of 11.28%. The firm had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the company posted $0.90 earnings per share. The business’s revenue for the quarter was down 43.5% on a year-over-year basis. Analysts predict that Blackstone Group LP will post 2.32 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 29th were issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend was Friday, July 26th. Blackstone Group’s payout ratio is 84.96%.
A number of equities research analysts have weighed in on the stock. JMP Securities cut shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a report on Monday, July 8th. Oppenheimer set a $52.00 price objective on shares of Blackstone Group and gave the stock a “buy” rating in a report on Friday, July 19th. Citigroup set a $52.00 price target on shares of Blackstone Group and gave the company a “buy” rating in a report on Friday, July 19th. ValuEngine upgraded shares of Blackstone Group from a “hold” rating to a “buy” rating in a report on Friday, April 19th. Finally, Barclays began coverage on shares of Blackstone Group in a report on Monday, August 5th. They set an “overweight” rating and a $56.00 price target on the stock. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $48.10.
Blackstone Group Company 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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