RiverPark Advisors LLC cut its holdings in shares of The Blackstone Group Inc. (NYSE:BX) by 13.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 372,753 shares of the asset manager’s stock after selling 59,704 shares during the period. The Blackstone Group comprises about 4.6% of RiverPark Advisors LLC’s investment portfolio, making the stock its biggest holding. RiverPark Advisors LLC owned approximately 0.05% of The Blackstone Group worth $27,781,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Grandeur Peak Global Advisors LLC increased its position in shares of The Blackstone Group by 8.0% in the 1st quarter. Grandeur Peak Global Advisors LLC now owns 78,558 shares of the asset manager’s stock worth $5,855,000 after purchasing an additional 5,825 shares during the last quarter. Amundi Asset Management US Inc. lifted its holdings in The Blackstone Group by 4.3% during the 1st quarter. Amundi Asset Management US Inc. now owns 926,505 shares of the asset manager’s stock worth $69,053,000 after buying an additional 38,498 shares during the last quarter. Punch & Associates Investment Management Inc. acquired a new position in shares of The Blackstone Group in the 1st quarter worth approximately $219,000. Verition Fund Management LLC increased its holdings in shares of The Blackstone Group by 81.9% in the 1st quarter. Verition Fund Management LLC now owns 7,708 shares of the asset manager’s stock valued at $574,000 after acquiring an additional 3,470 shares during the last quarter. Finally, Evercore Wealth Management LLC increased its holdings in shares of The Blackstone Group by 0.7% in the 1st quarter. Evercore Wealth Management LLC now owns 1,779,859 shares of the asset manager’s stock valued at $132,652,000 after acquiring an additional 12,924 shares during the last quarter. 60.65% of the stock is currently owned by institutional investors and hedge funds.
In other The Blackstone Group news, insider John G. Finley sold 33,404 shares of the stock in a transaction on Thursday, April 29th. The stock was sold at an average price of $89.88, for a total transaction of $3,002,351.52. Following the completion of the transaction, the insider now directly owns 363,489 shares in the company, valued at $32,670,391.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Lifesciences Iii L.P. Clarus acquired 30,000 shares of the business’s stock in a transaction on Tuesday, May 11th. The shares were bought at an average cost of $17.00 per share, with a total value of $510,000.00. The disclosure for this purchase can be found here. Insiders have sold a total of 7,656,272 shares of company stock valued at $230,663,723 in the last three months. Company insiders own 1.00% of the company’s stock.
The Blackstone Group (NYSE:BX) last announced its quarterly earnings data on Wednesday, April 21st. The asset manager reported $0.96 EPS for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.24. The Blackstone Group had a return on equity of 15.52% and a net margin of 26.66%. The firm had revenue of $2.05 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same period last year, the company posted $0.46 EPS. Equities analysts anticipate that The Blackstone Group Inc. will post 3.63 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, May 10th. Shareholders of record on Monday, May 3rd were given a $0.82 dividend. The ex-dividend date of this dividend was Friday, April 30th. This represents a $3.28 dividend on an annualized basis and a yield of 2.99%. The Blackstone Group’s payout ratio is 123.77%.
A number of equities research analysts recently weighed in on BX shares. Citigroup boosted their price objective on shares of The Blackstone Group from $91.00 to $100.00 and gave the company a “neutral” rating in a research report on Monday, July 12th. increased their price target on The Blackstone Group from $91.00 to $100.00 and gave the stock a “neutral” rating in a research note on Monday, July 12th. Barclays lifted their price objective on shares of The Blackstone Group from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Monday, April 19th. Argus increased their target price on shares of The Blackstone Group from $82.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, April 27th. Finally, Zacks Investment Research downgraded shares of The Blackstone Group from a “buy” rating to a “hold” rating and set a $103.00 price target on the stock. in a research report on Wednesday, June 23rd. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The Blackstone Group has a consensus rating of “Buy” and an average target price of $86.42.
The Blackstone Group Company Profile
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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