ELCO Management Co. LLC bought a new stake in Blackstone Group LP (NYSE:BX) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 5,200 shares of the asset manager’s stock, valued at approximately $231,000.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Community Bank & Trust Waco Texas lifted its stake in shares of Blackstone Group by 3.3% during the first quarter. Community Bank & Trust Waco Texas now owns 86,842 shares of the asset manager’s stock worth $3,037,000 after buying an additional 2,739 shares during the period. Belpointe Asset Management LLC lifted its stake in shares of Blackstone Group by 43.5% during the first quarter. Belpointe Asset Management LLC now owns 31,832 shares of the asset manager’s stock worth $1,113,000 after buying an additional 9,645 shares during the period. Hollencrest Capital Management lifted its stake in shares of Blackstone Group by 5.2% during the first quarter. Hollencrest Capital Management now owns 62,978 shares of the asset manager’s stock worth $2,203,000 after buying an additional 3,096 shares during the period. National Asset Management Inc. lifted its stake in shares of Blackstone Group by 15.7% during the first quarter. National Asset Management Inc. now owns 27,818 shares of the asset manager’s stock worth $973,000 after buying an additional 3,775 shares during the period. Finally, Meitav Dash Investments Ltd. acquired a new stake in shares of Blackstone Group during the first quarter worth $738,000. Institutional investors own 45.54% of the company’s stock.
In other Blackstone Group news, insider Christopher Striano sold 7,000 shares of Blackstone Group stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $48.23, for a total value of $337,610.00. Following the completion of the transaction, the insider now owns 36,186 shares of the company’s stock, valued at $1,745,250.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Blackstone Group Inc acquired 64,708 shares of the business’s stock in a transaction on Friday, August 9th. The stock was purchased at an average cost of $7.82 per share, with a total value of $506,016.56. The disclosure for this purchase can be found here. Insiders acquired 244,076 shares of company stock valued at $1,861,148 in the last ninety days. 1.00% of the stock is owned by corporate insiders.
Blackstone Group (NYSE:BX) last released its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. Blackstone Group had a net margin of 20.51% and a return on equity of 11.28%. The company had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the company earned $0.90 earnings per share. The firm’s revenue for the quarter was down 43.5% on a year-over-year basis. On average, analysts expect that Blackstone Group LP will post 2.32 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 29th were issued a $0.48 dividend. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.92 dividend on an annualized basis and a yield of 4.20%. Blackstone Group’s payout ratio is 84.96%.
Several research firms have recently commented on BX. Oppenheimer set a $52.00 price objective on shares of Blackstone Group and gave the stock a “buy” rating in a research note on Friday, July 19th. Barclays began coverage on shares of Blackstone Group in a research report on Monday, August 5th. They set an “overweight” rating and a $56.00 target price for the company. Citigroup set a $52.00 target price on shares of Blackstone Group and gave the company a “buy” rating in a research report on Friday, July 19th. Deutsche Bank boosted their target price on shares of Blackstone Group from $42.00 to $45.00 and gave the company a “hold” rating in a research report on Friday, July 19th. Finally, JMP Securities downgraded shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a research report on Monday, July 8th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $48.10.
Blackstone Group Profile
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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