Squar Milner Financial Services LLC Reduces Position in Blackstone Group LP (NYSE:BX)

Squar Milner Financial Services LLC cut its position in shares of Blackstone Group LP (NYSE:BX) by 46.3% in the second quarter, Holdings Channel.com reports. The firm owned 4,926 shares of the asset manager’s stock after selling 4,250 shares during the quarter. Squar Milner Financial Services LLC’s holdings in Blackstone Group were worth $219,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in BX. Community Bank & Trust Waco Texas boosted its position in Blackstone Group by 3.3% in the 1st quarter. Community Bank & Trust Waco Texas now owns 86,842 shares of the asset manager’s stock valued at $3,037,000 after buying an additional 2,739 shares during the period. Belpointe Asset Management LLC boosted its position in Blackstone Group by 43.5% in the 1st quarter. Belpointe Asset Management LLC now owns 31,832 shares of the asset manager’s stock valued at $1,113,000 after buying an additional 9,645 shares during the period. Hollencrest Capital Management boosted its position in Blackstone Group by 5.2% in the 1st quarter. Hollencrest Capital Management now owns 62,978 shares of the asset manager’s stock valued at $2,203,000 after buying an additional 3,096 shares during the period. National Asset Management Inc. boosted its position in Blackstone Group by 15.7% in the 1st quarter. National Asset Management Inc. now owns 27,818 shares of the asset manager’s stock valued at $973,000 after buying an additional 3,775 shares during the period. Finally, Dfpg Investments Inc. boosted its position in Blackstone Group by 21.1% in the 1st quarter. Dfpg Investments Inc. now owns 15,562 shares of the asset manager’s stock valued at $540,000 after buying an additional 2,711 shares during the period. 46.85% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE:BX traded up $0.52 during trading hours on Tuesday, hitting $45.06. The company’s stock had a trading volume of 2,119,721 shares, compared to its average volume of 6,639,462. Blackstone Group LP has a 52 week low of $26.88 and a 52 week high of $49.81. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market capitalization of $29.71 billion, a P/E ratio of 19.94, a price-to-earnings-growth ratio of 1.02 and a beta of 1.47. The company’s fifty day moving average is $46.30.

Blackstone Group (NYSE:BX) last posted its quarterly earnings results on Thursday, July 18th. The asset manager reported $0.57 EPS for the quarter, beating the consensus estimate of $0.50 by $0.07. Blackstone Group had a net margin of 20.51% and a return on equity of 11.28%. The business had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the business posted $0.90 EPS. The company’s quarterly revenue was down 43.5% compared to the same quarter last year. Equities research analysts forecast that Blackstone Group LP will post 2.32 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 29th were issued a $0.48 dividend. The ex-dividend date was Friday, July 26th. This represents a $1.92 annualized dividend and a dividend yield of 4.26%. Blackstone Group’s dividend payout ratio is currently 84.96%.

Several equities research analysts have issued reports on BX shares. Deutsche Bank boosted their price objective on shares of Blackstone Group from $42.00 to $45.00 and gave the company a “hold” rating in a research report on Friday, July 19th. JMP Securities cut shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a research report on Monday, July 8th. Barclays started coverage on shares of Blackstone Group in a report on Monday. They issued an “overweight” rating and a $56.00 price target for the company. Zacks Investment Research upgraded shares of Blackstone Group from a “strong sell” rating to a “hold” rating in a report on Thursday, April 25th. Finally, Oppenheimer set a $52.00 price target on shares of Blackstone Group and gave the company a “buy” rating in a report on Friday, July 19th. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $48.10.

In other news, major shareholder Holdings L.P. Blackstone III acquired 120,000 shares of Blackstone Group stock in a transaction that occurred on Wednesday, May 8th. The stock was purchased at an average price of $24.22 per share, for a total transaction of $2,906,400.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.00% of the company’s stock.

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

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