Requisite Capital Management LLC raised its position in Blackstone Group LP (NYSE:BX) by 23.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,800 shares of the asset manager’s stock after acquiring an additional 5,800 shares during the quarter. Blackstone Group makes up 0.5% of Requisite Capital Management LLC’s portfolio, making the stock its 29th biggest holding. Requisite Capital Management LLC’s holdings in Blackstone Group were worth $1,368,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of BX. Resources Investment Advisors Inc. lifted its holdings in Blackstone Group by 606.0% in the first quarter. Resources Investment Advisors Inc. now owns 706 shares of the asset manager’s stock valued at $25,000 after acquiring an additional 606 shares during the period. Investors Research Corp bought a new position in Blackstone Group in the first quarter valued at about $28,000. Centaurus Financial Inc. raised its stake in shares of Blackstone Group by 194.0% in the first quarter. Centaurus Financial Inc. now owns 1,035 shares of the asset manager’s stock worth $30,000 after buying an additional 683 shares during the period. Meridian Wealth Management LLC bought a new position in shares of Blackstone Group in the first quarter worth about $32,000. Finally, Coastal Capital Group Inc. bought a new position in shares of Blackstone Group in the second quarter worth about $35,000. 45.05% of the stock is currently owned by institutional investors.
Shares of NYSE BX traded up $0.87 during trading on Tuesday, hitting $48.71. The company had a trading volume of 186,317 shares, compared to its average volume of 6,624,278. The stock has a 50 day simple moving average of $46.96 and a 200 day simple moving average of $39.94. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.89 and a current ratio of 0.89. Blackstone Group LP has a 12 month low of $26.88 and a 12 month high of $49.81. The firm has a market capitalization of $31.24 billion, a P/E ratio of 21.54, a price-to-earnings-growth ratio of 1.03 and a beta of 1.47.
The firm also recently announced a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 3.94%. The ex-dividend date was Friday, July 26th. Blackstone Group’s dividend payout ratio is currently 84.96%.
In other Blackstone Group news, major shareholder Blackstone Group Inc bought 77,743 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was purchased at an average price of $7.80 per share, for a total transaction of $606,395.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher Striano sold 7,000 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $48.23, for a total value of $337,610.00. Following the sale, the insider now owns 36,186 shares of the company’s stock, valued at approximately $1,745,250.78. The disclosure for this sale can be found here. Insiders have purchased 368,319 shares of company stock valued at $2,838,614 in the last quarter. 1.00% of the stock is currently owned by company insiders.
BX has been the topic of several recent research reports. Deutsche Bank raised their price objective on Blackstone Group from $42.00 to $45.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. Zacks Investment Research raised Blackstone Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, April 25th. Barclays initiated coverage on Blackstone Group in a research note on Monday, August 5th. They issued an “overweight” rating and a $56.00 price objective on the stock. JMP Securities downgraded Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Monday, July 8th. Finally, Morgan Stanley raised their price objective on Blackstone Group from $54.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $48.10.
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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