Blackstone Group LP (NYSE:BX) Major Shareholder Acquires 85,400 Shares

Blackstone Group LP (NYSE:BX) major shareholder Holdings L.P. Blackstone III acquired 85,400 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was bought at an average cost of $23.96 per share, for a total transaction of $2,046,184.00. The purchase was disclosed in a document filed with the SEC, which is available through this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Holdings L.P. Blackstone III also recently made the following trade(s):

  • On Wednesday, May 8th, Holdings L.P. Blackstone III bought 120,000 shares of Blackstone Group stock. The shares were acquired at an average cost of $24.22 per share, for a total transaction of $2,906,400.00.
  • On Monday, May 6th, Holdings L.P. Blackstone III bought 66,000 shares of Blackstone Group stock. The shares were acquired at an average cost of $24.15 per share, for a total transaction of $1,593,900.00.
  • On Wednesday, May 1st, Holdings L.P. Blackstone III bought 120,358 shares of Blackstone Group stock. The shares were acquired at an average cost of $23.92 per share, for a total transaction of $2,878,963.36.
  • On Monday, April 29th, Holdings L.P. Blackstone III bought 111,000 shares of Blackstone Group stock. The shares were acquired at an average cost of $24.20 per share, for a total transaction of $2,686,200.00.
  • On Friday, April 26th, Holdings L.P. Blackstone III bought 150,100 shares of Blackstone Group stock. The shares were acquired at an average cost of $24.47 per share, for a total transaction of $3,672,947.00.
  • On Wednesday, April 24th, Holdings L.P. Blackstone III bought 30,894 shares of Blackstone Group stock. The shares were acquired at an average cost of $24.49 per share, for a total transaction of $756,594.06.
  • On Monday, April 22nd, Holdings L.P. Blackstone III bought 400 shares of Blackstone Group stock. The shares were acquired at an average cost of $24.49 per share, for a total transaction of $9,796.00.
  • On Wednesday, April 17th, Holdings L.P. Blackstone III purchased 2,720 shares of Blackstone Group stock. The shares were purchased at an average price of $24.49 per share, with a total value of $66,612.80.
  • On Thursday, April 11th, Holdings L.P. Blackstone III purchased 26,823 shares of Blackstone Group stock. The shares were purchased at an average price of $24.50 per share, with a total value of $657,163.50.
  • On Tuesday, April 9th, Holdings L.P. Blackstone III purchased 46,301 shares of Blackstone Group stock. The shares were purchased at an average price of $24.48 per share, with a total value of $1,133,448.48.

Shares of BX stock traded down $1.40 on Friday, reaching $37.85. 7,715,722 shares of the company’s stock were exchanged, compared to its average volume of 3,809,040. Blackstone Group LP has a 52 week low of $26.88 and a 52 week high of $42.12. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market capitalization of $25.99 billion, a P/E ratio of 16.75, a P/E/G ratio of 0.86 and a beta of 1.47.

Blackstone Group (NYSE:BX) last issued its quarterly earnings results on Thursday, April 18th. The asset manager reported $0.44 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.52 by ($0.08). Blackstone Group had a return on equity of 12.79% and a net margin of 23.35%. The business had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same period in the prior year, the business posted $0.53 earnings per share. Blackstone Group’s revenue was up 14.5% on a year-over-year basis. As a group, sell-side analysts forecast that Blackstone Group LP will post 2.35 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, May 6th. Investors of record on Monday, April 29th were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date of this dividend was Friday, April 26th. Blackstone Group’s dividend payout ratio is currently 65.49%.

Several research firms have weighed in on BX. Zacks Investment Research upgraded Blackstone Group from a “strong sell” rating to a “hold” rating in a report on Thursday, April 25th. Morgan Stanley raised their price target on Blackstone Group from $40.00 to $45.00 and gave the company an “overweight” rating in a report on Monday, April 22nd. They noted that the move was a valuation call. Finally, ValuEngine upgraded Blackstone Group from a “hold” rating to a “buy” rating in a report on Friday, April 19th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $43.29.

Hedge funds have recently modified their holdings of the stock. Resources Investment Advisors Inc. raised its position in Blackstone Group by 606.0% during 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 in the last quarter. Sound Income Strategies LLC raised its position in shares of Blackstone Group by 69.4% in the 1st quarter. Sound Income Strategies LLC now owns 732 shares of the asset manager’s stock worth $26,000 after acquiring an additional 300 shares in the last quarter. Investors Research Corp bought a new position in shares of Blackstone Group in the 1st quarter worth $28,000. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in shares of Blackstone Group in the 4th quarter worth $26,000. Finally, Essex Savings Bank bought a new position in shares of Blackstone Group in the 4th quarter worth $30,000. 47.38% of the stock is owned by hedge funds and other institutional investors.

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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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