Sadoff Investment Management LLC raised its stake in shares of The Blackstone Group L.P. (NYSE:BX) by 4.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 326,566 shares of the asset manager’s stock after buying an additional 12,600 shares during the period. Sadoff Investment Management LLC owned 0.05% of The Blackstone Group L.P. worth $10,891,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of BX. Bank of Montreal Can boosted its position in shares of The Blackstone Group L.P. by 107.7% in the second quarter. Bank of Montreal Can now owns 11,475,121 shares of the asset manager’s stock valued at $382,695,000 after buying an additional 5,951,587 shares in the last quarter. Janus Capital Management LLC boosted its position in shares of The Blackstone Group L.P. by 15.8% in the first quarter. Janus Capital Management LLC now owns 18,754,093 shares of the asset manager’s stock valued at $556,990,000 after buying an additional 2,565,390 shares in the last quarter. Morgan Stanley boosted its position in shares of The Blackstone Group L.P. by 6.0% in the first quarter. Morgan Stanley now owns 32,790,651 shares of the asset manager’s stock valued at $973,884,000 after buying an additional 1,859,744 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its position in shares of The Blackstone Group L.P. by 1,500.0% in the first quarter. State of New Jersey Common Pension Fund D now owns 1,600,000 shares of the asset manager’s stock valued at $47,520,000 after buying an additional 1,500,000 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of The Blackstone Group L.P. by 64.9% in the first quarter. Wellington Management Group LLP now owns 3,642,621 shares of the asset manager’s stock valued at $108,186,000 after buying an additional 1,433,649 shares in the last quarter. 45.75% of the stock is owned by institutional investors.
Shares of The Blackstone Group L.P. (NYSE:BX) traded up 1.81% during midday trading on Friday, reaching $33.78. 4,048,285 shares of the company were exchanged. The company has a market capitalization of $21.85 billion, a PE ratio of 17.50 and a beta of 1.32. The Blackstone Group L.P. has a 52-week low of $23.33 and a 52-week high of $35.09. The stock’s 50-day moving average price is $33.52 and its 200-day moving average price is $31.26.
The Blackstone Group L.P. (NYSE:BX) last posted its quarterly earnings data on Thursday, July 20th. The asset manager reported $0.59 EPS for the quarter, missing the Zacks’ consensus estimate of $0.62 by $0.03. The Blackstone Group L.P. had a net margin of 22.88% and a return on equity of 19.20%. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter last year, the company earned $0.44 earnings per share. Analysts anticipate that The Blackstone Group L.P. will post $2.85 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 7th. Shareholders of record on Monday, July 31st will be paid a dividend of $0.54 per share. The ex-dividend date is Thursday, July 27th. This represents a $2.16 dividend on an annualized basis and a yield of 6.39%. The Blackstone Group L.P.’s dividend payout ratio (DPR) is 97.30%.
Several equities analysts have commented on BX shares. Vetr cut shares of The Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $33.18 price target for the company. in a research report on Wednesday, April 19th. Citigroup Inc. raised shares of The Blackstone Group L.P. from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $32.00 to $40.00 in a research report on Monday, May 22nd. BidaskClub raised shares of The Blackstone Group L.P. from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. Jefferies Group LLC lifted their price objective on shares of The Blackstone Group L.P. from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, May 23rd. Finally, Oppenheimer Holdings, Inc. lifted their price objective on shares of The Blackstone Group L.P. from $34.00 to $38.00 and gave the stock an “outperform” rating in a research report on Friday, July 14th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $37.42.
In other news, insider Joan Solotar sold 30,500 shares of the firm’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $33.31, for a total value of $1,015,955.00. Following the transaction, the insider now directly owns 150,281 shares in the company, valued at approximately $5,005,860.11. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Real Estate Associa Blackstone sold 15,000,000 shares of the firm’s stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $26.05, for a total transaction of $390,750,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 15,050,500 shares of company stock worth $392,416,555 over the last quarter. 1.00% of the stock is currently owned by insiders.
The Blackstone Group L.P. Company Profile
The Blackstone Group L.P. is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, non-investment grade credit, secondary private equity funds of funds and multi-asset class strategies. It operates through four segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit.
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