Cypress Capital Management LLC WY Acquires Shares of 553 Blackstone Group LP (NYSE:BX)

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Cypress Capital Management LLC WY acquired a new stake in shares of Blackstone Group LP (NYSE:BX) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 553 shares of the asset manager’s stock, valued at approximately $25,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Resources Investment Advisors Inc. increased its stake in shares of Blackstone Group by 606.0% in the 1st quarter. Resources Investment Advisors Inc. now owns 706 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 606 shares in the last quarter. Centaurus Financial Inc. increased its stake in shares of Blackstone Group by 194.0% in the 1st quarter. Centaurus Financial Inc. now owns 1,035 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 683 shares in the last quarter. Meridian Wealth Management LLC purchased a new position in shares of Blackstone Group in the 1st quarter valued at about $32,000. Coastal Capital Group Inc. purchased a new position in shares of Blackstone Group in the 2nd quarter valued at about $35,000. Finally, Brand Asset Management Group Inc. purchased a new position in shares of Blackstone Group in the 2nd quarter valued at about $46,000. Institutional investors and hedge funds own 47.20% of the company’s stock.

In other news, insider Christopher Striano sold 7,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $48.23, for a total transaction of $337,610.00. Following the transaction, the insider now directly owns 36,186 shares in the company, valued at approximately $1,745,250.78. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Blackstone Group Inc bought 79,368 shares of the stock in a transaction dated Wednesday, August 14th. The shares were bought at an average price of $7.07 per share, for a total transaction of $561,131.76. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 577,319 shares of company stock worth $4,576,514. Insiders own 1.00% of the company’s stock.

Several brokerages recently weighed in on BX. JMP Securities lowered Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Monday, July 8th. Morgan Stanley lifted their price target on Blackstone Group from $54.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Oppenheimer set a $52.00 price target on Blackstone Group and gave the company a “buy” rating in a research note on Friday, July 19th. Barclays began coverage on Blackstone Group in a research note on Monday, August 5th. They issued an “overweight” rating and a $56.00 price target for the company. Finally, Deutsche Bank lifted their price target on Blackstone Group from $42.00 to $45.00 and gave the company a “hold” rating in a research note on Friday, July 19th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Blackstone Group has an average rating of “Buy” and a consensus target price of $48.10.

BX stock opened at $49.76 on Tuesday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.82. Blackstone Group LP has a 12-month low of $26.88 and a 12-month high of $50.09. The stock has a market cap of $32.91 billion, a price-to-earnings ratio of 22.02, a PEG ratio of 1.05 and a beta of 1.47. The business’s 50-day moving average is $47.76 and its 200 day moving average is $41.02.

Blackstone Group (NYSE:BX) last posted its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.07. Blackstone Group had a return on equity of 11.30% and a net margin of 20.51%. The company had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the firm posted $0.90 EPS. Blackstone Group’s revenue was down 43.5% compared to the same quarter last year. As a group, equities analysts forecast that Blackstone Group LP will post 2.32 EPS for the current fiscal year.

The business also recently announced 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 annualized dividend and a dividend yield of 3.86%. The ex-dividend date of this dividend was Friday, July 26th. Blackstone Group’s dividend payout ratio is currently 84.96%.

Blackstone Group 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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Institutional Ownership by Quarter for Blackstone Group (NYSE:BX)

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