D.A. Davidson & CO. trimmed its stake in Blackstone Group LP (NYSE:BX) by 15.3% in the second quarter, HoldingsChannel.com reports. The firm owned 74,748 shares of the asset manager’s stock after selling 13,464 shares during the period. D.A. Davidson & CO.’s holdings in Blackstone Group were worth $2,405,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Centaurus Financial Inc. bought a new stake in Blackstone Group during the first quarter valued at $119,000. AlphaMark Advisors LLC bought a new stake in Blackstone Group during the first quarter valued at $141,000. Rockefeller Capital Management L.P. bought a new stake in Blackstone Group during the first quarter valued at $142,000. Archford Capital Strategies LLC bought a new stake in Blackstone Group during the first quarter valued at $147,000. Finally, BDO Wealth Advisors LLC bought a new stake in Blackstone Group during the first quarter valued at $154,000. Institutional investors and hedge funds own 48.47% of the company’s stock.
A number of analysts have commented on BX shares. Oppenheimer set a $42.00 price target on shares of Blackstone Group and gave the company a “buy” rating in a research report on Thursday, July 19th. Jefferies Financial Group reaffirmed a “buy” rating and set a $42.00 price target on shares of Blackstone Group in a research report on Friday, July 20th. Morgan Stanley upped their price target on shares of Blackstone Group from $40.00 to $41.00 and gave the company a “buy” rating in a research report on Monday, April 23rd. ValuEngine cut shares of Blackstone Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $40.00 price objective on shares of Blackstone Group in a research report on Friday, July 20th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $41.44.
Blackstone Group (NYSE:BX) last released its quarterly earnings data on Thursday, July 19th. The asset manager reported $0.90 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.17. The company had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $1.74 billion. Blackstone Group had a net margin of 22.12% and a return on equity of 23.11%. The business’s revenue was up 71.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.59 EPS. sell-side analysts expect that Blackstone Group LP will post 3.05 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 6th. Stockholders of record on Monday, July 30th were given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a dividend yield of 6.49%. The ex-dividend date was Friday, July 27th. This is a boost from Blackstone Group’s previous quarterly dividend of $0.35. Blackstone Group’s dividend payout ratio is 82.56%.
In other news, insider John G. Finley sold 20,000 shares of the stock in a transaction dated Tuesday, June 12th. The shares were sold at an average price of $33.23, for a total transaction of $664,600.00. Following the transaction, the insider now owns 113,003 shares of the company’s stock, valued at approximately $3,755,089.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is owned by corporate insiders.
About Blackstone Group
The Blackstone Group L.P. is a publicly owned hedge fund sponsor. The firm also provides financial advisory 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.
Further Reading: Marijuana Stocks Future Looks Bright
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).
Receive News & Ratings for Blackstone Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Blackstone Group and related companies with MarketBeat.com's FREE daily email newsletter.