Hollencrest Capital Management lessened its stake in shares of Blackstone Group LP (NYSE:BX) by 84.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,520 shares of the asset manager’s stock after selling 53,458 shares during the quarter. Hollencrest Capital Management’s holdings in Blackstone Group were worth $423,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Resources Investment Advisors Inc. raised its position in Blackstone Group by 606.0% in the 1st quarter. Resources Investment Advisors Inc. now owns 706 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 606 shares during the last quarter. Sound Income Strategies LLC raised its position in Blackstone Group by 69.4% in the 1st quarter. Sound Income Strategies LLC now owns 732 shares of the asset manager’s stock valued at $26,000 after purchasing an additional 300 shares during the last quarter. Investors Research Corp bought a new position in Blackstone Group in the 1st quarter valued at $28,000. Centaurus Financial Inc. raised its position in Blackstone Group by 194.0% in the 1st quarter. Centaurus Financial Inc. now owns 1,035 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 683 shares during the last quarter. Finally, Meridian Wealth Management LLC bought a new position in Blackstone Group in the 1st quarter valued at $32,000. Institutional investors and hedge funds own 47.08% of the company’s stock.
In other Blackstone Group news, major shareholder Holdings L.P. Blackstone III bought 66,000 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was purchased at an average cost of $24.15 per share, with a total value of $1,593,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bennett J. Goodman sold 115,000 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $39.58, for a total value of $4,551,700.00. Following the completion of the transaction, the director now directly owns 250,000 shares of the company’s stock, valued at $9,895,000. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 391,758 shares of company stock valued at $9,425,447. 1.00% of the stock is owned by insiders.
Blackstone Group (NYSE:BX) last announced its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.07. Blackstone Group had a return on equity of 11.28% and a net margin of 20.51%. The business had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the firm earned $0.90 earnings per share. The firm’s quarterly revenue was down 43.5% compared to the same quarter last year. On average, analysts expect that Blackstone Group LP will post 2.32 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Investors of record on Monday, July 29th will be paid a dividend of $0.48 per share. The ex-dividend date is Friday, July 26th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.91%. Blackstone Group’s dividend payout ratio (DPR) is presently 84.96%.
Several brokerages have issued reports on BX. Deutsche Bank set a $128.00 price objective on United Rentals and gave the company a “hold” rating in a research report on Friday, July 19th. Citigroup set a $317.00 price objective on Mastercard and gave the company a “buy” rating in a research report on Friday, July 19th. Zacks Investment Research upgraded Green Brick Partners from a “sell” rating to a “hold” rating in a research report on Thursday, April 25th. JMP Securities began coverage on Fiverr International in a research report on Monday, July 8th. They issued an “outperform” rating and a $33.00 price objective for the company. Finally, ValuEngine upgraded Alleghany from a “hold” rating to a “buy” rating in a research report on Friday, April 19th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Blackstone Group presently has an average rating of “Buy” and a consensus target price of $47.22.
Blackstone Group Profile
The Blackstone Group L.P. is a publicly owned alternative asset manager. The firm also provides capital markets 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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