Whittier Trust Co. boosted its stake in shares of Blackstone Group LP (NYSE:BX) by 502.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 82,781 shares of the asset manager’s stock after purchasing an additional 69,030 shares during the period. Whittier Trust Co.’s holdings in Blackstone Group were worth $4,043,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in the business. Colony Group LLC lifted its stake in shares of Blackstone Group by 7.9% in the 2nd quarter. Colony Group LLC now owns 43,342 shares of the asset manager’s stock valued at $1,925,000 after purchasing an additional 3,162 shares during the period. Laurel Wealth Advisors Inc. lifted its stake in shares of Blackstone Group by 7.0% in the 2nd quarter. Laurel Wealth Advisors Inc. now owns 10,747 shares of the asset manager’s stock valued at $477,000 after purchasing an additional 705 shares during the period. Iridian Asset Management LLC CT acquired a new position in shares of Blackstone Group in the 2nd quarter valued at $80,000. We Are One Seven LLC acquired a new position in shares of Blackstone Group in the 3rd quarter valued at $255,000. Finally, Coastal Investment Advisors Inc. lifted its stake in shares of Blackstone Group by 37.2% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 21,377 shares of the asset manager’s stock valued at $948,000 after purchasing an additional 5,798 shares during the period. 46.79% of the stock is currently owned by institutional investors.
Several research firms recently issued reports on BX. Oppenheimer cut shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 24th. They noted that the move was a valuation call. S&P Equity Research cut shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 24th. Bank of America cut shares of Blackstone Group from a “buy” rating to a “neutral” rating and decreased their target price for the company from $54.00 to $52.00 in a research note on Monday, October 14th. Citigroup cut shares of Blackstone Group from a “buy” rating to a “neutral” rating and set a $52.00 target price for the company. in a research note on Wednesday, September 18th. They noted that the move was a valuation call. Finally, JMP Securities cut shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Monday, July 8th. Nine research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $51.75.
Blackstone Group (NYSE:BX) last posted its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.07. The company had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Blackstone Group had a net margin of 20.51% and a return on equity of 11.30%. The firm’s revenue for the quarter was down 43.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. As a group, research analysts anticipate that Blackstone Group LP will post 2.26 EPS for the current year.
In other news, major shareholder Holdings L.P. Blackstone III sold 9,129,966 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $32.75, for a total value of $299,006,386.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Blackstone Group Inc bought 64,708 shares of Blackstone Group stock in a transaction dated Friday, August 9th. The stock was acquired at an average price of $7.82 per share, with a total value of $506,016.56. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 694,319 shares of company stock valued at $5,581,544 and have sold 9,161,966 shares valued at $300,689,747. Corporate insiders own 1.00% of the company’s stock.
Blackstone Group Company 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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