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.
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.
ILLEGAL ACTIVITY WARNING: This news story was reported by WKRB News and is the property of of WKRB News. If you are reading this news story on another publication, it was illegally stolen and reposted in violation of United States and international copyright law. The legal version of this news story can be read at https://www.wkrb13.com/2018/11/26/cibc-world-markets-inc-sells-13355-shares-of-blackstone-group-lp-bx.html.
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.
Read More: What is a balanced fund?
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.