The Manufacturers Life Insurance Company lessened its holdings in The Blackstone Group Inc. (NYSE:BX) by 59.2% during the third quarter, HoldingsChannel.com reports. The firm owned 482,362 shares of the asset manager’s stock after selling 699,930 shares during the period. The Manufacturers Life Insurance Company’s holdings in The Blackstone Group were worth $25,180,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in BX. CIBC Private Wealth Group LLC lifted its position in shares of The Blackstone Group by 129.6% in the third quarter. CIBC Private Wealth Group LLC now owns 6,974,617 shares of the asset manager’s stock worth $364,074,000 after purchasing an additional 3,937,002 shares in the last quarter. Alps Advisors Inc. increased its holdings in The Blackstone Group by 3,305.9% during the third quarter. Alps Advisors Inc. now owns 3,487,000 shares of the asset manager’s stock worth $5,524,000 after buying an additional 3,384,618 shares during the last quarter. Cryder Capital Partners LLP acquired a new position in The Blackstone Group during the second quarter worth $81,533,000. Laidlaw Wealth Management LLC increased its holdings in The Blackstone Group by 6,709.9% during the second quarter. Laidlaw Wealth Management LLC now owns 1,396,497 shares of the asset manager’s stock worth $25,000 after buying an additional 1,375,990 shares during the last quarter. Finally, Sound Shore Management Inc CT acquired a new position in The Blackstone Group during the second quarter worth $54,803,000. 50.73% of the stock is currently owned by institutional investors and hedge funds.
In other news, major shareholder Blackstone Bdc Holdings Llc acquired 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 21st. The stock was acquired at an average price of $25.00 per share, with a total value of $50,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Lifesciences Iii L.P. Clarus acquired 250,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 29th. The shares were purchased at an average cost of $16.00 per share, with a total value of $4,000,000.00. The disclosure for this purchase can be found here. Corporate insiders own 1.00% of the company’s stock.
Shares of The Blackstone Group stock opened at $58.65 on Friday. The firm has a 50-day moving average of $54.61 and a 200-day moving average of $54.30. The stock has a market cap of $39.53 billion, a PE ratio of 54.81 and a beta of 1.29. The Blackstone Group Inc. has a 52-week low of $33.00 and a 52-week high of $64.97. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.14 and a current ratio of 1.14.
The Blackstone Group (NYSE:BX) last announced its earnings results on Wednesday, October 28th. The asset manager reported $0.63 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.06. The business had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $1.42 billion. The company’s revenue was up 74.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.58 EPS. Equities research analysts predict that The Blackstone Group Inc. will post 2.42 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, November 16th. Stockholders of record on Monday, November 9th were given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date of this dividend was Friday, November 6th. This is a boost from The Blackstone Group’s previous quarterly dividend of $0.37. The Blackstone Group’s payout ratio is presently 93.51%.
BX has been the topic of a number of recent analyst reports. Oppenheimer upgraded shares of The Blackstone Group from a “market perform” rating to an “outperform” rating and set a $58.00 target price on the stock in a report on Thursday, October 29th. Zacks Investment Research upgraded shares of The Blackstone Group from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a report on Friday. UBS Group lowered their target price on shares of The Blackstone Group from $65.00 to $63.00 and set a “buy” rating on the stock in a report on Monday, July 27th. Morgan Stanley decreased their price objective on shares of The Blackstone Group from $69.00 to $68.00 and set an “overweight” rating on the stock in a report on Thursday, October 29th. Finally, BMO Capital Markets upped their price objective on shares of The Blackstone Group from $50.00 to $51.00 and gave the company a “market perform” rating in a report on Thursday, October 29th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $60.88.
About The Blackstone Group
The Blackstone Group Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.
Recommended Story: Neutral Rating
Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Blackstone Group Inc. (NYSE:BX).
Receive News & Ratings for The Blackstone Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Blackstone Group and related companies with MarketBeat.com's FREE daily email newsletter.