PVG Asset Management Corp bought a new stake in shares of Blackstone Group LP (NYSE:BX) in the 4th quarter, HoldingsChannel.com reports. The fund bought 6,730 shares of the asset manager’s stock, valued at approximately $215,000.
Other large investors have also bought and sold shares of the company. Wealthcare Advisory Partners LLC acquired a new stake in shares of Blackstone Group during the 3rd quarter worth about $131,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Blackstone Group during the 4th quarter worth about $160,000. James Hambro & Partners acquired a new stake in shares of Blackstone Group during the 4th quarter worth about $183,000. New England Private Wealth Advisors LLC acquired a new stake in shares of Blackstone Group during the 3rd quarter worth about $200,000. Finally, Beacon Investment Advisory Services Inc. acquired a new stake in shares of Blackstone Group during the 3rd quarter worth about $206,000. Hedge funds and other institutional investors own 48.37% of the company’s stock.
BX has been the topic of several analyst reports. JPMorgan Chase & Co. raised shares of Blackstone Group from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $34.53 to $46.00 in a research note on Friday, January 12th. Vetr cut shares of Blackstone Group from a “strong-buy” rating to a “buy” rating and set a $35.50 price target on the stock. in a research note on Monday, December 4th. Zacks Investment Research cut shares of Blackstone Group from a “hold” rating to a “sell” rating in a research note on Monday, February 12th. Credit Suisse Group reaffirmed a “buy” rating and set a $47.00 price target on shares of Blackstone Group in a research note on Thursday, January 11th. Finally, ValuEngine raised shares of Blackstone Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday, March 1st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $39.90.
Blackstone Group (NYSE:BX) last released its earnings results on Thursday, February 1st. The asset manager reported $0.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.04. Blackstone Group had a net margin of 20.66% and a return on equity of 22.27%. The business had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period last year, the company earned $0.68 earnings per share. The company’s quarterly revenue was up 19.9% on a year-over-year basis. analysts anticipate that Blackstone Group LP will post 3.11 EPS for the current fiscal year.
The business 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. The ex-dividend date was Friday, February 9th. This is a boost from Blackstone Group’s previous quarterly dividend of $0.44. This represents a $3.40 annualized dividend and a dividend yield of 10.19%. Blackstone Group’s dividend payout ratio (DPR) is currently 155.96%.
In other Blackstone Group news, Vice Chairman J Tomilson Hill sold 53,037 shares of Blackstone Group stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $34.01, for a total transaction of $1,803,788.37. Following the transaction, the insider now directly owns 1,010,304 shares of the company’s stock, valued at $34,360,439.04. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Group L.P. Blackstone purchased 228,535 shares of Blackstone Group stock in a transaction on Thursday, December 28th. The shares were acquired at an average cost of $29.63 per share, for a total transaction of $6,771,492.05. The disclosure for this purchase can be found here. Insiders sold 672,000 shares of company stock worth $23,130,874 over the last three months. Corporate insiders own 1.00% of the company’s stock.
Blackstone Group Company Profile
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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