Barry Investment Advisors LLC acquired a new stake in shares of Blackstone Group LP (NYSE:BX) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 6,026 shares of the asset manager’s stock, valued at approximately $229,000.
A number of other hedge funds also recently bought and sold shares of BX. NewSquare Capital LLC boosted its stake in Blackstone Group by 7.8% during the 3rd quarter. NewSquare Capital LLC now owns 47,875 shares of the asset manager’s stock valued at $1,823,000 after purchasing an additional 3,462 shares during the last quarter. Vanguard Capital Wealth Advisors purchased a new stake in Blackstone Group during the 3rd quarter valued at $266,000. TRUE Private Wealth Advisors boosted its stake in Blackstone Group by 10.4% during the 3rd quarter. TRUE Private Wealth Advisors now owns 19,107 shares of the asset manager’s stock valued at $728,000 after purchasing an additional 1,805 shares during the last quarter. BB&T Corp purchased a new stake in Blackstone Group during the 3rd quarter valued at $448,000. Finally, Bristol Advisors LLC boosted its stake in Blackstone Group by 699.1% during the 3rd quarter. Bristol Advisors LLC now owns 87,100 shares of the asset manager’s stock valued at $3,317,000 after purchasing an additional 76,200 shares during the last quarter. 48.73% of the stock is owned by institutional investors.
Several analysts have commented on the company. Zacks Investment Research upgraded Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research note on Wednesday. Credit Suisse Group dropped their price target on Blackstone Group from $48.00 to $47.00 and set an “outperform” rating on the stock in a research note on Friday, July 20th. Oppenheimer set a $42.00 price target on Blackstone Group and gave the stock a “buy” rating in a research note on Thursday, July 19th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $40.00 price target on shares of Blackstone Group in a research note on Friday, July 20th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $42.00 price target on shares of Blackstone Group in a research note on Friday, July 20th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Blackstone Group presently has a consensus rating of “Buy” and an average target price of $43.45.
Blackstone Group (NYSE:BX) last released its quarterly earnings results on Thursday, October 18th. The asset manager reported $0.76 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.02. The firm had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.79 billion. Blackstone Group had a return on equity of 22.64% and a net margin of 22.12%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period last year, the business posted $0.69 EPS. As a group, analysts expect that Blackstone Group LP will post 3.07 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 5th. Investors of record on Monday, October 29th will be given a dividend of $0.64 per share. The ex-dividend date of this dividend is Friday, October 26th. This is an increase from Blackstone Group’s previous quarterly dividend of $0.58. This represents a $2.56 annualized dividend and a yield of 7.39%. Blackstone Group’s payout ratio is 82.56%.
In related news, insider John G. Finley sold 5,000 shares of Blackstone Group stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $35.98, for a total transaction of $179,900.00. Following the transaction, the insider now directly owns 113,003 shares in the company, valued at $4,065,847.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman J Tomilson Hill sold 674,257 shares of Blackstone Group stock in a transaction on Monday, August 20th. The shares were sold at an average price of $36.48, for a total value of $24,596,895.36. Following the transaction, the insider now owns 928,884 shares in the company, valued at $33,885,688.32. The disclosure for this sale can be found here. Insiders have sold 770,677 shares of company stock worth $28,061,444 over the last quarter. 1.00% of the stock is owned by company insiders.
About Blackstone Group
The Blackstone Group L.P. is a publicly owned hedge fund sponsor. The firm also provides financial advisory 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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