Focused Wealth Management Inc cut its holdings in shares of Blackstone Group LP (NYSE:BX) by 5.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 85,994 shares of the asset manager’s stock after selling 4,986 shares during the period. Blackstone Group comprises approximately 1.1% of Focused Wealth Management Inc’s portfolio, making the stock its 18th largest position. Focused Wealth Management Inc’s holdings in Blackstone Group were worth $3,275,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of BX. Canton Hathaway LLC acquired a new position in shares of Blackstone Group in the 3rd quarter worth approximately $114,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Blackstone Group in the 3rd quarter worth approximately $115,000. Quad Cities Investment Group LLC acquired a new position in shares of Blackstone Group in the 2nd quarter worth approximately $122,000. QCI Asset Management Inc. NY lifted its position in shares of 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 worth $171,000 after purchasing an additional 4,000 shares during the period. Finally, Livingston Group Asset Management CO operating as Southport Capital Management acquired a new position in shares of Blackstone Group in the 3rd quarter worth approximately $175,000. Institutional investors and hedge funds own 49.39% of the company’s stock.
A number of research analysts have recently issued reports on BX shares. Zacks Investment Research upgraded shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research report on Thursday, August 16th. Morgan Stanley reiterated a “buy” rating on shares of Blackstone Group in a research report on Friday, September 14th. JPMorgan Chase & Co. set a $45.00 target price on shares of Blackstone Group and gave the company a “buy” rating in a research report on Thursday, September 20th. Argus boosted their target price on shares of Blackstone Group from $39.00 to $46.00 and gave the company a “buy” rating in a research report on Tuesday, September 25th. Finally, ValuEngine upgraded shares of Blackstone Group from a “hold” rating to a “buy” rating in a research report on Saturday, September 22nd. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $42.27.
Blackstone Group (NYSE:BX) last released its earnings results on Thursday, October 18th. The asset manager reported $0.76 earnings per share (EPS) for the quarter, beating the Zacks’ 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 company had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter in the previous year, the company earned $0.69 EPS. Blackstone Group’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts expect that Blackstone Group LP will post 2.96 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, November 5th. Shareholders of record on Monday, October 29th were paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 7.72%. The ex-dividend date was Friday, October 26th. This is a positive change from Blackstone Group’s previous quarterly dividend of $0.58. Blackstone Group’s payout ratio is 91.10%.
In other Blackstone Group news, major shareholder Blackstone Bgsl Holdings Llc purchased 192,000 shares of the firm’s stock in a transaction on Tuesday, November 6th. The stock was acquired at an average price of $25.00 per share, for a total transaction of $4,800,000.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.00% of the company’s stock.
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About Blackstone Group
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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