Adalta Capital Management LLC cut its position in shares of Blackstone Group LP (NYSE:BX) by 12.8% during the 4th quarter, Holdings Channel reports. The firm owned 104,473 shares of the asset manager’s stock after selling 15,350 shares during the quarter. Blackstone Group comprises 2.5% of Adalta Capital Management LLC’s portfolio, making the stock its 17th biggest holding. Adalta Capital Management LLC’s holdings in Blackstone Group were worth $3,345,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the company. Wealthcare Advisory Partners LLC acquired a new position in Blackstone Group in the 3rd quarter valued at about $131,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Blackstone Group in the 4th quarter valued at about $160,000. James Hambro & Partners acquired a new position in Blackstone Group in the 4th quarter valued at about $183,000. New England Private Wealth Advisors LLC acquired a new position in Blackstone Group in the 3rd quarter valued at about $200,000. Finally, Mutual Advisors LLC acquired a new position in Blackstone Group in the 4th quarter valued at about $201,000. Institutional investors own 48.49% of the company’s stock.
In other Blackstone Group news, major shareholder Group L.P. Blackstone acquired 228,535 shares of the business’s stock in a transaction on Thursday, December 28th. The stock was purchased at an average price of $29.63 per share, with a total value of $6,771,492.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman J Tomilson Hill sold 219,327 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $34.38, for a total transaction of $7,540,462.26. Following the completion of the sale, the insider now directly owns 1,232,668 shares of the company’s stock, valued at approximately $42,379,125.84. The disclosure for this sale can be found here. Insiders sold a total of 639,763 shares of company stock valued at $21,985,486 in the last three months. Insiders own 1.00% of the company’s stock.
Blackstone Group (NYSE:BX) last posted its quarterly earnings data on Thursday, February 1st. The asset manager reported $0.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.04. The firm had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.73 billion. Blackstone Group had a net margin of 20.66% and a return on equity of 22.27%. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.68 EPS. equities research analysts expect that Blackstone Group LP will post 3.11 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 20th. Shareholders of record on Monday, February 12th were issued a $0.85 dividend. The ex-dividend date of this dividend was Friday, February 9th. This represents a $3.40 dividend on an annualized basis and a yield of 9.88%. This is an increase from Blackstone Group’s previous quarterly dividend of $0.44. Blackstone Group’s payout ratio is currently 96.05%.
A number of research analysts recently commented on BX shares. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $42.00 price target on shares of Blackstone Group in a research note on Thursday, February 1st. Vetr lowered shares of Blackstone Group from a “strong-buy” rating to a “buy” rating and set a $35.50 price target on the stock. in a research note on Monday, November 20th. Credit Suisse Group reiterated a “buy” rating and issued a $47.00 price target on shares of Blackstone Group in a research note on Thursday, January 11th. JPMorgan Chase & Co. lowered shares of Blackstone Group from an “overweight” rating to a “hold” rating in a research note on Tuesday, February 6th. Finally, Zacks Investment Research lowered shares of Blackstone Group from a “hold” rating to a “sell” rating in a research note on Monday, February 12th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Blackstone Group presently has a consensus rating of “Buy” and a consensus price target of $39.90.
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Blackstone Group Profile
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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