Blackstone Group LP (NYSE:BX) to Issue Dividend Increase – $0.49 Per Share

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Blackstone Group LP (NYSE:BX) declared a quarterly dividend on Wednesday, October 23rd, Zacks reports. Stockholders of record on Monday, November 4th will be paid a dividend of 0.49 per share by the asset manager on Tuesday, November 12th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date of this dividend is Friday, November 1st. This is a positive change from Blackstone Group’s previous quarterly dividend of $0.48.

Shares of NYSE:BX traded down $0.11 on Wednesday, reaching $52.84. 2,662,266 shares of the company traded hands, compared to its average volume of 5,669,669. The business’s 50-day simple moving average is $50.05 and its 200 day simple moving average is $45.47. Blackstone Group has a 52 week low of $26.88 and a 52 week high of $55.17. The stock has a market capitalization of $34.92 billion, a P/E ratio of 23.38, a price-to-earnings-growth ratio of 1.64 and a beta of 1.45. 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 (NYSE:BX) last announced its quarterly earnings data on Wednesday, October 23rd. The asset manager reported $0.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.05. Blackstone Group had a return on equity of 7.71% and a net margin of 27.05%. The firm had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same period last year, the firm earned $0.63 earnings per share. The company’s revenue for the quarter was down 9.9% compared to the same quarter last year. Sell-side analysts expect that Blackstone Group will post 2.28 EPS for the current fiscal year.

In related news, major shareholder Blackstone Group Inc acquired 64,708 shares of the stock in a transaction on Friday, August 9th. The stock was acquired at an average cost of $7.82 per share, for a total transaction of $506,016.56. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Holdings L.P. Blackstone III sold 9,129,966 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $32.75, for a total transaction of $299,006,386.50. The disclosure for this sale can be found here. Over the last three months, insiders purchased 694,319 shares of company stock worth $5,581,544 and sold 9,161,966 shares worth $300,689,747. 1.00% of the stock is owned by company insiders.

Several research firms recently issued reports on BX. ValuEngine cut Blackstone Group from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. JMP Securities cut Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Monday, July 8th. BMO Capital Markets raised their target price on Blackstone Group from $44.00 to $47.00 and gave the stock a “market perform” rating in a research note on Thursday, October 24th. Oppenheimer cut Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 24th. They noted that the move was a valuation call. Finally, Citigroup cut Blackstone Group from a “buy” rating to a “neutral” rating and set a $52.00 target price on the stock. in a research note on Wednesday, September 18th. They noted that the move was a valuation call. Nine research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $52.63.

Blackstone Group Company 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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Dividend History for Blackstone Group (NYSE:BX)

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