RBA Wealth Management LLC Invests $61,000 in The Blackstone Group Inc. (NYSE:BX)


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RBA Wealth Management LLC purchased a new stake in The Blackstone Group Inc. (NYSE:BX) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 817 shares of the asset manager’s stock, valued at approximately $61,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mitchell & Pahl Private Wealth LLC acquired a new position in The Blackstone Group in the fourth quarter valued at approximately $1,394,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of The Blackstone Group in the fourth quarter valued at approximately $11,606,000. Arrow Capital Management LLC acquired a new stake in shares of The Blackstone Group in the fourth quarter valued at approximately $13,099,000. Global Retirement Partners LLC boosted its holdings in shares of The Blackstone Group by 8.0% in the fourth quarter. Global Retirement Partners LLC now owns 72,667 shares of the asset manager’s stock valued at $4,710,000 after acquiring an additional 5,401 shares during the period. Finally, Planned Solutions Inc. boosted its holdings in shares of The Blackstone Group by 88.2% in the fourth quarter. Planned Solutions Inc. now owns 1,067 shares of the asset manager’s stock valued at $69,000 after acquiring an additional 500 shares during the period. 59.77% of the stock is owned by hedge funds and other institutional investors.

Shares of The Blackstone Group stock traded down $0.32 during trading hours on Friday, reaching $79.33. The stock had a trading volume of 59,135 shares, compared to its average volume of 2,789,399. The firm has a 50 day simple moving average of $72.97 and a two-hundred day simple moving average of $64.21. The firm has a market capitalization of $54.25 billion, a price-to-earnings ratio of 74.44 and a beta of 1.33. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.42. The Blackstone Group Inc. has a 1 year low of $45.05 and a 1 year high of $80.21.

The Blackstone Group (NYSE:BX) last announced its earnings results on Tuesday, January 26th. The asset manager reported $1.13 EPS for the quarter, beating the consensus estimate of $0.93 by $0.20. The company had revenue of $3.63 billion for the quarter, compared to analysts’ expectations of $2.28 billion. The business’s quarterly revenue was up 73.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.71 earnings per share. Sell-side analysts forecast that The Blackstone Group Inc. will post 2.45 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 16th. Investors of record on Monday, February 8th were issued a dividend of $0.7175 per share. This is an increase from The Blackstone Group’s previous quarterly dividend of $0.54. This represents a $2.87 annualized dividend and a dividend yield of 3.62%. The ex-dividend date was Friday, February 5th. The Blackstone Group’s dividend payout ratio (DPR) is presently 166.23%.

In other The Blackstone Group news, major shareholder Blackstone Group Inc sold 2,370,632 shares of The Blackstone Group stock in a transaction that occurred on Wednesday, March 24th. The stock was sold at an average price of $37.00, for a total transaction of $87,713,384.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.00% of the company’s stock.

Several research firms have recently weighed in on BX. Zacks Investment Research downgraded The Blackstone Group from a “buy” rating to a “hold” rating and set a $80.00 price objective for the company. in a report on Tuesday, March 16th. Credit Suisse Group upped their price target on The Blackstone Group from $72.00 to $78.00 and gave the stock an “outperform” rating in a research note on Thursday, January 28th. Piper Sandler started coverage on The Blackstone Group in a research note on Thursday, January 14th. They set an “overweight” rating and a $71.00 price target for the company. Oppenheimer reiterated a “market perform” rating on shares of The Blackstone Group in a research report on Wednesday, March 24th. Finally, BMO Capital Markets increased their price objective on The Blackstone Group from $63.00 to $72.00 and gave the stock a “market perform” rating in a research report on Thursday, January 28th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $70.13.

About The Blackstone Group

The Blackstone Group Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.

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

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