Blackstone Group LP (NYSE:BX) announced a quarterly dividend on Thursday, July 23rd, Fidelity reports. Shareholders of record on Monday, August 3rd will be paid a dividend of 0.37 per share by the asset manager on Monday, August 10th. This represents a $1.48 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend is Friday, July 31st.
Blackstone Group has increased its dividend by an average of 15.7% per year over the last three years and has increased its dividend every year for the last 6 years. Blackstone Group has a dividend payout ratio of 75.4% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities analysts expect Blackstone Group to earn $2.81 per share next year, which means the company should continue to be able to cover its $1.56 annual dividend with an expected future payout ratio of 55.5%.
Blackstone Group stock traded up $0.86 during mid-day trading on Wednesday, hitting $55.01. 84,488 shares of the company’s stock traded hands, compared to its average volume of 2,672,886. The firm has a 50 day simple moving average of $56.02 and a two-hundred day simple moving average of $54.24. Blackstone Group has a fifty-two week low of $33.00 and a fifty-two week high of $64.97. The stock has a market cap of $36.86 billion, a price-to-earnings ratio of 50.49, a P/E/G ratio of 14.03 and a beta of 1.44. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.36 and a quick ratio of 1.36.
BX has been the topic of a number of recent research reports. Credit Suisse Group increased their price objective on Blackstone Group from $64.00 to $65.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. UBS Group cut their target price on Blackstone Group from $65.00 to $63.00 and set a “buy” rating on the stock in a research report on Monday. TheStreet raised Blackstone Group from a “c” rating to a “b” rating in a research report on Thursday, July 23rd. Bank of America dropped their price target on shares of Blackstone Group from $62.00 to $58.00 and set a “neutral” rating for the company in a research note on Friday, July 10th. Finally, Wells Fargo & Co boosted their price target on shares of Blackstone Group from $58.00 to $63.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 13th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $60.95.
In other news, insider John G. Finley sold 50,000 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $53.11, for a total value of $2,655,500.00. Following the completion of the sale, the insider now directly owns 218,663 shares of the company’s stock, valued at $11,613,191.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.00% of the company’s stock.
About Blackstone Group
The Blackstone Group Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia.
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