Blackstone Group LP (NYSE:BX) Stake Lifted by Evercore Wealth Management LLC

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Evercore Wealth Management LLC boosted its holdings in shares of Blackstone Group LP (NYSE:BX) by 1.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,732,997 shares of the asset manager’s stock after purchasing an additional 29,699 shares during the period. Blackstone Group makes up 2.3% of Evercore Wealth Management LLC’s investment portfolio, making the stock its 9th largest holding. Evercore Wealth Management LLC owned about 0.26% of Blackstone Group worth $76,980,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Comerica Bank grew its stake in shares of Blackstone Group by 16.2% during the 1st quarter. Comerica Bank now owns 10,433 shares of the asset manager’s stock valued at $362,000 after acquiring an additional 1,457 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in Blackstone Group by 0.9% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 436,951 shares of the asset manager’s stock worth $15,280,000 after purchasing an additional 3,800 shares in the last quarter. Stratos Wealth Partners LTD. lifted its holdings in Blackstone Group by 12.0% in the 1st quarter. Stratos Wealth Partners LTD. now owns 50,448 shares of the asset manager’s stock worth $1,764,000 after purchasing an additional 5,423 shares in the last quarter. HGK Asset Management Inc. lifted its holdings in Blackstone Group by 10.5% in the 1st quarter. HGK Asset Management Inc. now owns 16,455 shares of the asset manager’s stock worth $575,000 after purchasing an additional 1,569 shares in the last quarter. Finally, Griffin Asset Management Inc. lifted its holdings in Blackstone Group by 0.6% in the 1st quarter. Griffin Asset Management Inc. now owns 136,956 shares of the asset manager’s stock worth $4,789,000 after purchasing an additional 773 shares in the last quarter. 47.20% of the stock is currently owned by institutional investors.

A number of research firms recently commented on BX. JMP Securities cut Blackstone Group from an “outperform” rating to a “market perform” rating in a report on Monday, July 8th. Deutsche Bank boosted their price target on Blackstone Group from $42.00 to $45.00 and gave the stock a “hold” rating in a report on Friday, July 19th. Oppenheimer set a $52.00 price target on Blackstone Group and gave the stock a “buy” rating in a report on Friday, July 19th. Citigroup boosted their price target on Blackstone Group from $51.50 to $52.00 and gave the stock a “buy” rating in a report on Monday, September 9th. Finally, Morgan Stanley boosted their price target on Blackstone Group from $54.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Blackstone Group currently has a consensus rating of “Buy” and a consensus price target of $48.10.

In other news, major shareholder Blackstone Group Inc acquired 100,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were acquired at an average cost of $7.94 per share, with a total value of $794,000.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Christopher Striano sold 7,000 shares of the company’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 value of $337,610.00. Following the sale, the insider now directly owns 36,186 shares in the company, valued at $1,745,250.78. The disclosure for this sale can be found here. Insiders have bought a total of 694,319 shares of company stock worth $5,581,544 over the last ninety days. Insiders own 1.00% of the company’s stock.

Shares of BX opened at $53.55 on Friday. The stock has a market capitalization of $34.55 billion, a price-to-earnings ratio of 23.69, a price-to-earnings-growth ratio of 1.10 and a beta of 1.47. Blackstone Group LP has a 1 year low of $26.88 and a 1 year high of $54.19. The business’s 50 day simple moving average is $48.54 and its 200-day simple moving average is $41.86. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.89 and a quick ratio of 0.89.

Blackstone Group (NYSE:BX) last issued 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. The business had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Blackstone Group had a return on equity of 11.30% and a net margin of 20.51%. The company’s revenue for the quarter was down 43.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.90 EPS. On average, sell-side analysts expect that Blackstone Group LP will post 2.31 earnings per share for the current year.

About Blackstone Group

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.

Further Reading: Hedge Funds – Risk or Reward?

Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Group LP (NYSE:BX).

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

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