D.A. Davidson & CO. lessened its stake in shares of Blackstone Group LP (NYSE:BX) by 3.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 88,337 shares of the asset manager’s stock after selling 3,608 shares during the quarter. D.A. Davidson & CO.’s holdings in Blackstone Group were worth $2,829,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the business. Griffin Asset Management Inc. bought a new stake in shares of Blackstone Group during the 2nd quarter valued at about $233,000. M Holdings Securities Inc. bought a new stake in shares of Blackstone Group during the 2nd quarter valued at about $239,000. Intl Fcstone Inc. bought a new stake in shares of Blackstone Group during the 2nd quarter valued at about $895,000. Frontier Investment Mgmt Co. bought a new stake in shares of Blackstone Group during the 2nd quarter valued at about $748,000. Finally, Baltimore Washington Financial Advisors Inc. boosted its position in shares of Blackstone Group by 2.3% during the 3rd quarter. Baltimore Washington Financial Advisors Inc. now owns 260,486 shares of the asset manager’s stock valued at $8,692,000 after acquiring an additional 5,917 shares during the last quarter. 45.24% of the stock is owned by institutional investors and hedge funds.
Shares of Blackstone Group LP (NYSE:BX) opened at $34.51 on Friday. The firm has a market capitalization of $23,077.97, a P/E ratio of 15.83, a P/E/G ratio of 1.17 and a beta of 1.34. Blackstone Group LP has a 12-month low of $28.45 and a 12-month high of $37.52. 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 (NYSE:BX) last released its earnings results on Thursday, February 1st. The asset manager reported $0.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.04. The company had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.73 billion. Blackstone Group had a return on equity of 22.46% and a net margin of 20.66%. Blackstone Group’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.68 EPS. analysts expect that Blackstone Group LP will post 3.1 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 20th. Investors of record on Monday, February 12th will be given a $0.85 dividend. This is an increase from Blackstone Group’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Friday, February 9th. This represents a $3.40 dividend on an annualized basis and a yield of 9.85%. Blackstone Group’s payout ratio is presently 155.96%.
In other news, major shareholder Group L.P. Blackstone bought 228,535 shares of the company’s stock in a transaction that occurred on Thursday, December 28th. The stock was bought at an average price of $29.63 per share, for a total transaction of $6,771,492.05. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider John G. Finley sold 800 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 87,852 shares of the company’s stock, valued at approximately $2,811,264. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.
A number of analysts have recently issued reports on BX shares. Morgan Stanley lifted their price target on Blackstone Group from $40.00 to $41.00 and gave the company an “overweight” rating in a research report on Monday, October 23rd. 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 research report on Monday, November 20th. Credit Suisse Group reiterated a “buy” rating and set a $47.00 price target on shares of Blackstone Group in a research report on Thursday, January 11th. JPMorgan Chase & Co. upgraded Blackstone Group from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $34.53 to $46.00 in a research report on Friday, January 12th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and set a $42.00 price target on shares of Blackstone Group in a research report on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. Blackstone Group presently has a consensus rating of “Hold” and an average price target of $39.90.
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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