Equitable Holdings Inc. lowered its stake in The Blackstone Group Inc. (NYSE:BX) by 5.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 60,382 shares of the asset manager’s stock after selling 3,224 shares during the quarter. Equitable Holdings Inc.’s holdings in The Blackstone Group were worth $3,913,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the company. Catalyst Private Wealth LLC bought a new stake in shares of The Blackstone Group in the 3rd quarter worth approximately $26,000. Professional Financial Advisors LLC bought a new stake in The Blackstone Group in the third quarter valued at $26,000. CVA Family Office LLC bought a new stake in The Blackstone Group in the third quarter valued at $29,000. Planned Solutions Inc. purchased a new position in The Blackstone Group during the 3rd quarter valued at $30,000. Finally, Stonebridge Financial Planning Group LLC raised its holdings in The Blackstone Group by 2,727.3% in the 4th quarter. Stonebridge Financial Planning Group LLC now owns 622 shares of the asset manager’s stock worth $40,000 after purchasing an additional 600 shares in the last quarter. 59.77% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts recently issued reports on the stock. BMO Capital Markets boosted their price target on shares of The Blackstone Group from $63.00 to $72.00 and gave the company a “market perform” rating in a research report on Thursday, January 28th. Credit Suisse Group upped their target price on The Blackstone Group from $72.00 to $78.00 and gave the stock an “outperform” rating in a report on Thursday, January 28th. Oppenheimer upgraded The Blackstone Group from a “market perform” rating to an “outperform” rating and set a $58.00 target price for the company in a research note on Thursday, October 29th. Piper Sandler initiated coverage on The Blackstone Group in a research report on Thursday, January 14th. They set an “overweight” rating and a $71.00 price target on the stock. Finally, Morgan Stanley increased their price objective on The Blackstone Group from $68.00 to $78.00 and gave the stock an “overweight” rating in a report on Tuesday, January 26th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $66.79.
The Blackstone Group (NYSE:BX) last posted its quarterly earnings results on Tuesday, January 26th. The asset manager reported $1.13 EPS for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.20. The firm had revenue of $3.63 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter in the previous year, the company earned $0.71 EPS. The company’s quarterly revenue was up 73.5% compared to the same quarter last year. On average, equities analysts expect that The Blackstone Group Inc. will post 2.45 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, February 16th. Shareholders of record on Monday, February 8th were issued a $0.7175 dividend. This is a positive change from The Blackstone Group’s previous quarterly dividend of $0.54. The ex-dividend date was Friday, February 5th. This represents a $2.87 dividend on an annualized basis and a dividend yield of 4.13%. The Blackstone Group’s dividend payout ratio (DPR) is presently 166.23%.
In related news, major shareholder Holdings L.P. Blackstone III bought 42,425 shares of the company’s stock in a transaction that occurred on Monday, January 4th. The shares were bought at an average price of $34.93 per share, for a total transaction of $1,481,905.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Blackstone Bdc Holdings Llc bought 997,940 shares of the business’s stock in a transaction on Thursday, January 7th. The stock was bought at an average cost of $25.00 per share, with a total value of $24,948,500.00. The disclosure for this purchase can be found here. 1.00% of the stock is owned by insiders.
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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