Prospera Financial Services Inc trimmed its position in Blackstone Group LP (NYSE:BX) by 94.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 27,453 shares of the asset manager’s stock after selling 451,041 shares during the period. Prospera Financial Services Inc’s holdings in Blackstone Group were worth $886,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the stock. Canton Hathaway LLC acquired a new position in shares of Blackstone Group during the 3rd quarter worth approximately $114,000. Quad Cities Investment Group LLC acquired a new position in shares of Blackstone Group during the 2nd quarter worth approximately $122,000. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new position in shares of Blackstone Group during the 3rd quarter worth approximately $175,000. Rehmann Capital Advisory Group boosted its holdings in shares of Blackstone Group by 94.9% during the 2nd quarter. Rehmann Capital Advisory Group now owns 4,850 shares of the asset manager’s stock worth $156,000 after purchasing an additional 2,362 shares during the last quarter. Finally, Cerebellum GP LLC acquired a new position in shares of Blackstone Group during the 3rd quarter worth approximately $188,000. Institutional investors own 49.04% of the company’s stock.
Several brokerages have recently weighed in on BX. Zacks Investment Research cut Blackstone Group from a “buy” rating to a “hold” rating in a report on Friday, August 17th. Citigroup boosted their target price on Blackstone Group from $41.50 to $43.00 and gave the stock a “buy” rating in a report on Friday, July 20th. JMP Securities boosted their target price on Blackstone Group from $39.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, September 24th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $40.00 price target on shares of Blackstone Group in a research report on Friday, July 20th. Finally, Credit Suisse Group reduced their price target on shares of Blackstone Group from $48.00 to $47.00 and set an “outperform” rating on the stock in a research report on Friday, July 20th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Blackstone Group has a consensus rating of “Buy” and an average target price of $43.45.
Blackstone Group (NYSE:BX) last released its quarterly earnings results on Thursday, October 18th. The asset manager reported $0.76 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.02. The firm had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.79 billion. Blackstone Group had a net margin of 22.34% and a return on equity of 22.99%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.69 EPS. Analysts forecast that Blackstone Group LP will post 2.87 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 5th. Stockholders of record on Monday, October 29th will be given a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 8.07%. The ex-dividend date is Friday, October 26th. This is a positive change from Blackstone Group’s previous quarterly dividend of $0.58. Blackstone Group’s payout ratio is presently 82.56%.
In other Blackstone Group news, insider John G. Finley sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $35.98, for a total value of $179,900.00. Following the sale, the insider now owns 113,003 shares of the company’s stock, valued at $4,065,847.94. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John G. Finley sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $35.76, for a total value of $357,600.00. Following the completion of the sale, the insider now directly owns 113,003 shares in the company, valued at approximately $4,040,987.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 770,677 shares of company stock worth $28,061,444. Corporate insiders own 1.00% of the company’s stock.
Blackstone Group Profile
The Blackstone Group L.P. is a publicly owned hedge fund sponsor. The firm also provides financial advisory 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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