MONECO Advisors LLC Sells 2,462 Shares of Blackstone Group LP (NYSE:BX)

MONECO Advisors LLC reduced its holdings in Blackstone Group LP (NYSE:BX) by 17.5% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 11,619 shares of the asset manager’s stock after selling 2,462 shares during the period. MONECO Advisors LLC’s holdings in Blackstone Group were worth $516,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Northern Trust Corp boosted its holdings in Blackstone Group by 3.1% during the fourth quarter. Northern Trust Corp now owns 353,285 shares of the asset manager’s stock worth $10,532,000 after buying an additional 10,592 shares in the last quarter. Chesley Taft & Associates LLC boosted its holdings in Blackstone Group by 2.5% during the first quarter. Chesley Taft & Associates LLC now owns 36,575 shares of the asset manager’s stock worth $1,279,000 after buying an additional 900 shares in the last quarter. Neville Rodie & Shaw Inc. boosted its holdings in Blackstone Group by 30.3% during the first quarter. Neville Rodie & Shaw Inc. now owns 58,485 shares of the asset manager’s stock worth $2,045,000 after buying an additional 13,615 shares in the last quarter. Surevest Inc. boosted its holdings in Blackstone Group by 125.2% during the first quarter. Surevest Inc. now owns 22,176 shares of the asset manager’s stock worth $775,000 after buying an additional 12,329 shares in the last quarter. Finally, Beech Hill Advisors Inc. boosted its holdings in Blackstone Group by 23.4% during the first quarter. Beech Hill Advisors Inc. now owns 26,400 shares of the asset manager’s stock worth $923,000 after buying an additional 5,000 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

BX opened at $46.62 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $30.85 billion, a P/E ratio of 20.63, a price-to-earnings-growth ratio of 1.03 and a beta of 1.47. Blackstone Group LP has a 52-week low of $26.88 and a 52-week high of $49.81. The firm’s fifty day moving average is $46.20.

Blackstone Group (NYSE:BX) last posted its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.07. The business had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.15 billion. Blackstone Group had a net margin of 20.51% and a return on equity of 11.28%. The company’s revenue was down 43.5% compared to the same quarter last year. During the same period last year, the firm posted $0.90 earnings per share. As a group, sell-side 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. Shareholders of record on Monday, July 29th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 4.12%. The ex-dividend date is Friday, July 26th. Blackstone Group’s payout ratio is 84.96%.

A number of analysts recently issued reports on the stock. Zacks Investment Research raised shares of Blackstone Group from a “strong sell” rating to a “hold” rating in a report on Thursday, April 25th. Oppenheimer set a $52.00 price target on shares of Blackstone Group and gave the stock a “buy” rating in a report on Friday, July 19th. ValuEngine raised shares of Blackstone Group from a “hold” rating to a “buy” rating in a report on Friday, April 19th. Citigroup set a $52.00 price target on shares of Blackstone Group and gave the stock a “buy” rating in a report on Friday, July 19th. Finally, JMP Securities downgraded shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a report on Monday, July 8th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $47.22.

In related news, major shareholder Holdings L.P. Blackstone III acquired 120,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were acquired at an average cost of $24.22 per share, with a total value of $2,906,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.00% of the company’s stock.

About Blackstone Group

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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Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Group LP (NYSE:BX).

Institutional Ownership by Quarter for Blackstone Group (NYSE:BX)

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