The Manufacturers Life Insurance Company Sells 699,930 Shares of The Blackstone Group Inc. (NYSE:BX)

The Manufacturers Life Insurance Company trimmed its position in shares of The Blackstone Group Inc. (NYSE:BX) by 59.2% during the third quarter, Holdings Channel.com reports. The institutional investor 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.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in The Blackstone Group by 0.8% during the second quarter. Vanguard Group Inc. now owns 38,917,680 shares of the asset manager’s stock worth $2,205,076,000 after buying an additional 310,661 shares during the last quarter. Morgan Stanley increased its holdings in The Blackstone Group by 2.4% during the first quarter. Morgan Stanley now owns 18,310,670 shares of the asset manager’s stock worth $834,417,000 after buying an additional 437,363 shares during the last quarter. Bessemer Group Inc. increased its holdings in The Blackstone Group by 4.4% during the second quarter. Bessemer Group Inc. now owns 7,779,243 shares of the asset manager’s stock worth $440,770,000 after buying an additional 325,862 shares during the last quarter. Neuberger Berman Group LLC increased its holdings in The Blackstone Group by 10.6% during the second quarter. Neuberger Berman Group LLC now owns 7,204,858 shares of the asset manager’s stock worth $408,240,000 after buying an additional 693,053 shares during the last quarter. Finally, CIBC Private Wealth Group LLC increased its holdings in The Blackstone Group by 129.6% during 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 buying an additional 3,937,002 shares during the last quarter. Institutional investors and hedge funds own 50.73% of the company’s stock.

BX has been the topic of a number of recent analyst reports. Morgan Stanley lowered their target price 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. 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. UBS Group decreased their price objective 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. Oppenheimer upgraded shares of The Blackstone Group from a “market perform” rating to an “outperform” rating and set a $58.00 price objective on the stock in a report on Thursday, October 29th. Finally, Zacks Investment Research upgraded shares of The Blackstone Group from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a report on Friday. 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.

Shares of The Blackstone Group stock opened at $58.65 on Friday. The Blackstone Group Inc. has a 52-week low of $33.00 and a 52-week high of $64.97. The firm has a 50-day moving average of $54.61 and a 200-day moving average of $54.30. 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 stock has a market cap of $39.53 billion, a PE ratio of 54.81 and a beta of 1.29.

The Blackstone Group (NYSE:BX) last posted its quarterly earnings data on Wednesday, October 28th. The asset manager reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.06. The firm had revenue of $3.03 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same period in the prior year, the company earned $0.58 EPS. The company’s revenue for the quarter was up 74.8% compared to the same quarter last year. Equities research analysts predict that The Blackstone Group Inc. will post 2.42 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 16th. Investors of record on Monday, November 9th were given a dividend of $0.54 per share. This is a boost from The Blackstone Group’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, November 6th. This represents a $2.16 annualized dividend and a yield of 3.68%. The Blackstone Group’s dividend payout ratio is currently 93.51%.

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 bought 250,000 shares of the company’s stock in a transaction dated Tuesday, September 29th. The stock was bought 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.

The Blackstone Group Company Profile

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.

Featured Article: NASDAQ

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).

Institutional Ownership by Quarter for The Blackstone Group (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.