CIBC World Markets Inc. Sells 13,355 Shares of Blackstone Group LP (BX)

CIBC World Markets Inc. reduced its stake in Blackstone Group LP (NYSE:BX) by 6.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 180,672 shares of the asset manager’s stock after selling 13,355 shares during the period. CIBC World Markets Inc.’s holdings in Blackstone Group were worth $6,880,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Canton Hathaway LLC purchased a new position in Blackstone Group in the 3rd quarter valued at about $114,000. Harvest Fund Management Co. Ltd purchased a new position in Blackstone Group in the 3rd quarter valued at about $115,000. Quad Cities Investment Group LLC purchased a new position in Blackstone Group in the 2nd quarter valued at about $122,000. Rehmann Capital Advisory Group boosted its position in Blackstone Group by 94.9% in the 2nd quarter. Rehmann Capital Advisory Group now owns 4,850 shares of the asset manager’s stock valued at $156,000 after buying an additional 2,362 shares during the last quarter. Finally, QCI Asset Management Inc. NY boosted its position in Blackstone Group by 800.0% in the 3rd quarter. QCI Asset Management Inc. NY now owns 4,500 shares of the asset manager’s stock valued at $171,000 after buying an additional 4,000 shares during the last quarter. Hedge funds and other institutional investors own 49.39% of the company’s stock.

Shares of BX stock opened at $33.18 on Monday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.71. Blackstone Group LP has a one year low of $30.08 and a one year high of $40.60. The stock has a market cap of $21.97 billion, a PE ratio of 10.99, a P/E/G ratio of 1.08 and a beta of 1.39.

Blackstone Group (NYSE:BX) last issued its quarterly earnings results on Thursday, October 18th. The asset manager reported $0.76 EPS for the quarter, topping the consensus estimate of $0.74 by $0.02. Blackstone Group had a net margin of 22.34% and a return on equity of 22.67%. The business had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $1.79 billion. During the same quarter last year, the company posted $0.69 earnings per share. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, analysts anticipate that Blackstone Group LP will post 2.96 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, November 5th. Stockholders of record on Monday, October 29th were given a dividend of $0.64 per share. This is a boost from Blackstone Group’s previous quarterly dividend of $0.58. The ex-dividend date was Friday, October 26th. This represents a $2.56 annualized dividend and a dividend yield of 7.72%. Blackstone Group’s dividend payout ratio (DPR) is presently 91.10%.

In related news, major shareholder Blackstone Bgsl Holdings Llc purchased 192,000 shares of Blackstone Group stock in a transaction dated Tuesday, November 6th. The shares were acquired at an average price of $25.00 per share, with a total value of $4,800,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.00% of the company’s stock.

BX has been the subject of a number of analyst reports. Morgan Stanley upped their price objective on shares of Blackstone Group from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Tuesday, August 14th. Zacks Investment Research raised shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research report on Thursday, August 16th. JPMorgan Chase & Co. set a $45.00 price objective on shares of Blackstone Group and gave the company a “buy” rating in a research report on Thursday, September 20th. ValuEngine raised shares of Blackstone Group from a “hold” rating to a “buy” rating in a research report on Saturday, September 22nd. Finally, JMP Securities upped their price objective on shares of Blackstone Group from $39.00 to $43.00 and gave the company an “outperform” rating in a research report on Monday, September 24th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Blackstone Group has a consensus rating of “Buy” and a consensus price target of $42.27.

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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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