Lincoln Capital Corp purchased a new stake in shares of Blackstone Group LP (NYSE:BX) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund purchased 8,670 shares of the asset manager’s stock, valued at approximately $423,000.
A number of other institutional investors have also recently bought and sold shares of BX. Cypress Capital Management LLC WY acquired a new position in shares of Blackstone Group in the 2nd quarter valued at about $25,000. Burt Wealth Advisors acquired a new position in shares of Blackstone Group in the 3rd quarter valued at about $26,000. Lenox Wealth Advisors LLC acquired a new position in shares of Blackstone Group in the 3rd quarter valued at about $28,000. Centaurus Financial Inc. lifted its holdings 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 buying an additional 683 shares during the period. Finally, Hartford Financial Management Inc. acquired a new position in shares of Blackstone Group in the 3rd quarter valued at about $30,000. Institutional investors and hedge funds own 47.88% of the company’s stock.
Shares of BX stock traded up $0.13 during mid-day trading on Friday, hitting $51.53. 5,109,765 shares of the stock were exchanged, compared to its average volume of 4,077,599. The stock’s fifty day simple moving average is $50.10 and its two-hundred day simple moving average is $46.28. The stock has a market capitalization of $34.92 billion, a price-to-earnings ratio of 22.80, a P/E/G ratio of 1.64 and a beta of 1.47. Blackstone Group LP has a 12-month low of $26.88 and a 12-month high of $55.17. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.89 and a current ratio of 0.89.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 12th. Investors of record on Monday, November 4th will be issued a dividend of $0.49 per share. The ex-dividend date is Friday, November 1st. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.80%. This is a positive change from Blackstone Group’s previous quarterly dividend of $0.48. Blackstone Group’s dividend payout ratio (DPR) is currently 86.73%.
A number of research firms recently weighed in on BX. ValuEngine cut Blackstone Group from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Morgan Stanley reaffirmed an “overweight” rating and issued a $60.00 price target (up previously from $57.00) on shares of Blackstone Group in a report on Friday, October 25th. Deutsche Bank upped 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. Wells Fargo & Co began coverage on Blackstone Group in a report on Tuesday, October 1st. They issued an “outperform” rating and a $60.00 price target for the company. Finally, Barclays set a $53.00 price target on Blackstone Group and gave the stock a “buy” rating in a report on Friday, October 11th. Nine research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $52.63.
In related news, Vice Chairman Hamilton E. James sold 280,046 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $51.73, for a total transaction of $14,486,779.58. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Joan Solotar sold 25,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $53.83, for a total transaction of $1,345,750.00. Following the completion of the sale, the insider now owns 235,803 shares of the company’s stock, valued at approximately $12,693,275.49. The disclosure for this sale can be found here. In the last three months, insiders have purchased 629,611 shares of company stock worth $5,075,527 and have sold 16,299,557 shares worth $558,804,845. Company insiders own 1.00% of the company’s stock.
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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