First Heartland Consultants Inc. decreased its position in The Blackstone Group L.P. (NYSE:BX) by 6.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 14,000 shares of the asset manager’s stock after selling 1,021 shares during the period. First Heartland Consultants Inc.’s holdings in The Blackstone Group L.P. were worth $467,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of BX. Guggenheim Capital LLC acquired a new stake in The Blackstone Group L.P. during the fourth quarter worth about $200,000. RMB Capital Management LLC acquired a new stake in The Blackstone Group L.P. during the fourth quarter worth about $203,000. Teachers Advisors LLC acquired a new position in shares of The Blackstone Group L.P. during the fourth quarter valued at $5,042,000. Macquarie Group Ltd. boosted its position in shares of The Blackstone Group L.P. by 33.8% in the fourth quarter. Macquarie Group Ltd. now owns 415,903 shares of the asset manager’s stock valued at $11,242,000 after buying an additional 105,153 shares in the last quarter. Finally, Cacti Asset Management LLC boosted its position in shares of The Blackstone Group L.P. by 59.9% in the first quarter. Cacti Asset Management LLC now owns 931,487 shares of the asset manager’s stock valued at $27,656,000 after buying an additional 349,125 shares in the last quarter. 46.44% of the stock is owned by institutional investors and hedge funds.
Shares of The Blackstone Group L.P. (NYSE BX) opened at 31.52 on Friday. The firm has a market cap of $20.45 billion, a P/E ratio of 14.17 and a beta of 1.32. The firm’s 50-day moving average price is $33.42 and its 200 day moving average price is $31.47. The Blackstone Group L.P. has a one year low of $23.33 and a one year high of $35.09.
The Blackstone Group L.P. (NYSE:BX) last issued its quarterly earnings data on Thursday, July 20th. The asset manager reported $0.59 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.62 by $0.03. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.49 billion. The Blackstone Group L.P. had a return on equity of 18.97% and a net margin of 22.88%. During the same quarter in the prior year, the business posted $0.44 earnings per share. Analysts predict that The Blackstone Group L.P. will post $2.85 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Monday, July 31st were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 6.85%. The ex-dividend date was Thursday, July 27th. The Blackstone Group L.P.’s payout ratio is presently 97.30%.
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BX has been the subject of several research reports. Vetr raised shares of The Blackstone Group L.P. from a “buy” rating to a “strong-buy” rating and set a $37.55 price target for the company in a research note on Wednesday, June 7th. Deutsche Bank AG raised their price target on shares of The Blackstone Group L.P. from $32.00 to $33.00 and gave the stock a “hold” rating in a research note on Friday, July 21st. Jefferies Group LLC reaffirmed a “buy” rating and set a $38.00 price target on shares of The Blackstone Group L.P. in a research note on Wednesday, June 28th. BidaskClub cut shares of The Blackstone Group L.P. from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Finally, Oppenheimer Holdings, Inc. raised their target price on shares of The Blackstone Group L.P. from $34.00 to $38.00 and gave the company an “outperform” rating in a research note on Friday, July 14th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The Blackstone Group L.P. presently has an average rating of “Buy” and a consensus price target of $37.34.
In other news, insider Joan Solotar sold 30,500 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $33.31, for a total value of $1,015,955.00. Following the completion of the transaction, the insider now owns 150,281 shares in the company, valued at approximately $5,005,860.11. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Real Estate Associa Blackstone sold 15,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $26.05, for a total value of $390,750,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,050,500 shares of company stock valued at $392,416,555. 1.00% of the stock is currently owned by company insiders.
About The Blackstone Group L.P.
The Blackstone Group L.P. is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, non-investment grade credit, secondary private equity funds of funds and multi-asset class strategies. It operates through four segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit.
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