Select Equity Group L.P. Sells 290,431 Shares of The Blackstone Group Inc. (NYSE:BX)

Select Equity Group L.P. cut its holdings in shares of The Blackstone Group Inc. (NYSE:BX) by 56.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 228,362 shares of the asset manager’s stock after selling 290,431 shares during the period. Select Equity Group L.P.’s holdings in The Blackstone Group were worth $17,020,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of BX. Howe & Rusling Inc. bought a new position in The Blackstone Group during the first quarter worth about $25,000. Atlas Private Wealth Advisors bought a new position in The Blackstone Group during the first quarter worth about $30,000. Mascoma Wealth Management LLC bought a new position in The Blackstone Group during the first quarter worth about $31,000. Valley Brook Capital Group acquired a new stake in shares of The Blackstone Group in the 4th quarter valued at about $34,000. Finally, First Horizon Corp raised its stake in shares of The Blackstone Group by 1,388.9% in the 1st quarter. First Horizon Corp now owns 536 shares of the asset manager’s stock valued at $39,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 60.65% of the company’s stock.

In other news, Director Joseph Baratta sold 669 shares of the business’s stock in a transaction that occurred on Friday, June 25th. The stock was sold at an average price of $98.93, for a total transaction of $66,184.17. Following the completion of the sale, the director now owns 1,283,592 shares in the company, valued at $126,985,756.56. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Lifesciences Iii L.P. Clarus acquired 150,000 shares of The Blackstone Group stock in a transaction dated Tuesday, July 20th. The shares were purchased at an average price of $16.00 per share, with a total value of $2,400,000.00. The disclosure for this purchase can be found here. Insiders have sold 7,656,272 shares of company stock valued at $230,663,723 in the last quarter. 1.00% of the stock is currently owned by corporate insiders.

Several analysts have issued reports on the company. Morgan Stanley lifted their price target on The Blackstone Group from $98.00 to $121.00 and gave the company an “overweight” rating in a research note on Tuesday. Zacks Investment Research downgraded The Blackstone Group from a “buy” rating to a “hold” rating and set a $103.00 price target on the stock. in a research note on Wednesday, June 23rd. Barclays lifted their price target on The Blackstone Group from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Monday, April 19th. lifted their price target on The Blackstone Group from $91.00 to $100.00 and gave the company a “neutral” rating in a research note on Monday, July 12th. Finally, Oppenheimer reissued a “market perform” rating on shares of The Blackstone Group in a research note on Wednesday, March 24th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $86.42.

The Blackstone Group stock traded up $3.12 during midday trading on Thursday, reaching $108.91. 34,556 shares of the company’s stock were exchanged, compared to its average volume of 4,979,335. The Blackstone Group Inc. has a 52 week low of $49.26 and a 52 week high of $106.14. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.34. The company has a market cap of $74.52 billion, a price-to-earnings ratio of 32.97 and a beta of 1.34. The firm has a 50-day moving average price of $95.74.

The Blackstone Group (NYSE:BX) last posted its quarterly earnings results on Wednesday, April 21st. The asset manager reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.24. The Blackstone Group had a return on equity of 15.52% and a net margin of 26.66%. The business had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter last year, the company posted $0.46 earnings per share. On average, sell-side analysts expect that The Blackstone Group Inc. will post 3.63 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, May 10th. Investors of record on Monday, May 3rd were issued a dividend of $0.82 per share. This represents a $3.28 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date was Friday, April 30th. The Blackstone Group’s payout ratio is currently 123.77%.

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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