First American Trust FSB Cuts Stake in Blackstone Group LP (BX)

First American Trust FSB cut its position in Blackstone Group LP (NYSE:BX) by 15.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 10,550 shares of the asset manager’s stock after selling 1,900 shares during the period. First American Trust FSB’s holdings in Blackstone Group were worth $314,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently made changes to their positions in BX. Canton Hathaway LLC acquired a new position in shares of Blackstone Group in the third quarter valued at about $114,000. Harvest Fund Management Co. Ltd acquired a new stake in Blackstone Group during the third quarter worth about $115,000. Rehmann Capital Advisory Group grew its holdings in Blackstone Group by 94.9% during the second quarter. Rehmann Capital Advisory Group now owns 4,850 shares of the asset manager’s stock worth $156,000 after acquiring an additional 2,362 shares during the period. Honkamp Krueger Financial Services Inc. acquired a new stake in Blackstone Group during the third quarter worth about $159,000. Finally, QCI Asset Management Inc. NY grew its holdings in Blackstone Group by 800.0% during the third quarter. QCI Asset Management Inc. NY now owns 4,500 shares of the asset manager’s stock worth $171,000 after acquiring an additional 4,000 shares during the period. 49.61% of the stock is currently owned by institutional investors and hedge funds.

In related news, major shareholder Blackstone Bgsl Holdings Llc acquired 192,000 shares of Blackstone Group stock in a transaction that occurred on Tuesday, November 6th. The shares were purchased at an average price of $25.00 per share, for a total transaction of $4,800,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.00% of the company’s stock.



Several brokerages have commented on BX. JMP Securities raised their price objective on Blackstone Group from $39.00 to $43.00 and gave the company an “outperform” rating in a report on Monday, September 24th. Zacks Investment Research raised Blackstone Group from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a report on Thursday, September 27th. ValuEngine lowered Blackstone Group from a “buy” rating to a “hold” rating in a report on Thursday, October 4th. Morgan Stanley raised their target price on Blackstone Group from $42.00 to $48.00 and gave the company an “overweight” rating in a research report on Monday, September 24th. Finally, Bank of America raised their target price on Blackstone Group from $40.00 to $46.00 and gave the company a “buy” rating in a research report on Monday, September 24th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $42.54.

Shares of NYSE BX traded up $0.22 during midday trading on Friday, hitting $31.95. The stock had a trading volume of 188,505 shares, compared to its average volume of 6,856,498. The company has a market cap of $21.02 billion, a PE ratio of 11.38, a price-to-earnings-growth ratio of 1.50 and a beta of 1.33. Blackstone Group LP has a 1 year low of $26.88 and a 1 year high of $40.60. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.97 and a quick ratio of 0.97.

Blackstone Group (NYSE:BX) last released its earnings results on Thursday, October 18th. The asset manager reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.02. The business had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.79 billion. Blackstone Group had a return on equity of 22.67% and a net margin of 22.34%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.69 earnings per share. On average, equities research analysts anticipate that Blackstone Group LP will post 2.85 EPS for the current fiscal year.

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About Blackstone Group

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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Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Group LP (NYSE:BX).

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

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