HGK Asset Management Inc. increased its stake in Blackstone Group LP (NYSE:BX) by 10.5% in the 1st quarter, Holdings Channel reports. The firm owned 16,455 shares of the asset manager’s stock after acquiring an additional 1,569 shares during the period. HGK Asset Management Inc.’s holdings in Blackstone Group were worth $575,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of BX. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in shares of Blackstone Group during the 4th quarter valued at $26,000. Sound Income Strategies LLC raised its position in shares of Blackstone Group by 69.4% during the 1st quarter. Sound Income Strategies LLC now owns 732 shares of the asset manager’s stock valued at $26,000 after acquiring an additional 300 shares during the last quarter. Investors Research Corp bought a new stake in shares of Blackstone Group during the 1st quarter valued at $28,000. Essex Savings Bank bought a new stake in shares of Blackstone Group during the 4th quarter valued at $30,000. Finally, RPg Family Wealth Advisory LLC bought a new stake in shares of Blackstone Group during the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 51.33% of the company’s stock.
BX has been the subject of several recent research reports. Zacks Investment Research cut shares of Blackstone Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, April 3rd. ValuEngine upgraded shares of Blackstone Group from a “hold” rating to a “buy” rating in a research report on Friday, April 19th. Finally, Morgan Stanley upped their target price on shares of Blackstone Group from $40.00 to $45.00 and gave the company an “overweight” rating in a research report on Monday, April 22nd. They noted that the move was a valuation call. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $43.29.
Blackstone Group (NYSE:BX) last announced its quarterly earnings results on Thursday, April 18th. The asset manager reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.08). Blackstone Group had a net margin of 23.35% and a return on equity of 12.79%. The firm had revenue of $2.02 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same period last year, the firm earned $0.53 EPS. Blackstone Group’s quarterly revenue was up 14.5% on a year-over-year basis. Equities analysts expect that Blackstone Group LP will post 2.35 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, May 6th. Stockholders of record on Monday, April 29th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.64%. The ex-dividend date of this dividend was Friday, April 26th. Blackstone Group’s dividend payout ratio (DPR) is 65.49%.
In related news, major shareholder Holdings L.P. Blackstone III bought 109,500 shares of Blackstone Group stock in a transaction that occurred on Thursday, March 14th. The stock was purchased at an average cost of $23.95 per share, with a total value of $2,622,525.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Bennett J. Goodman sold 115,000 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $39.58, for a total transaction 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. Insiders bought a total of 1,254,188 shares of company stock valued at $30,201,534 in the last three months. 1.00% of the stock is owned by company insiders.
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Blackstone Group Company 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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