RiverPark Advisors LLC Sells 4,225 Shares of Blackstone Group L.P. (BX)
RiverPark Advisors LLC lowered its stake in shares of Blackstone Group L.P. (NYSE:BX) by 1.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 393,929 shares of the company’s stock after selling 4,225 shares during the period. Blackstone Group L.P. accounts for about 4.7% of RiverPark Advisors LLC’s investment portfolio, making the stock its largest position. RiverPark Advisors LLC’s holdings in Blackstone Group L.P. were worth $9,667,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the stock. Huntington National Bank raised its position in Blackstone Group L.P. by 17.0% in the second quarter. Huntington National Bank now owns 4,687 shares of the company’s stock valued at $115,000 after buying an additional 682 shares during the last quarter. Livingston Group Asset Management CO operating as Southport Capital Management purchased a new position in shares of Blackstone Group L.P. during the second quarter worth $125,000. Adirondack Trust Co. raised its position in shares of Blackstone Group L.P. by 0.7% in the second quarter. Adirondack Trust Co. now owns 5,236 shares of the company’s stock worth $128,000 after buying an additional 36 shares during the last quarter. Kistler Tiffany Companies LLC raised its position in shares of Blackstone Group L.P. by 91.8% in the second quarter. Kistler Tiffany Companies LLC now owns 5,359 shares of the company’s stock worth $132,000 after buying an additional 2,565 shares during the last quarter. Finally, First National Bank Sioux Falls raised its position in shares of Blackstone Group L.P. by 5.9% in the second quarter. First National Bank Sioux Falls now owns 6,676 shares of the company’s stock worth $164,000 after buying an additional 374 shares during the last quarter. Hedge funds and other institutional investors own 49.05% of the company’s stock.
Shares of Blackstone Group L.P. (NYSE:BX) traded up 1.69% during mid-day trading on Wednesday, reaching $24.01. 2,774,637 shares of the company’s stock traded hands. The company’s 50 day moving average is $25.52 and its 200 day moving average is $26.30. The company has a market cap of $15.08 billion, a P/E ratio of 50.65 and a beta of 1.57. Blackstone Group L.P. has a 12-month low of $22.31 and a 12-month high of $34.71.
Blackstone Group L.P. (NYSE:BX) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.05. The business earned $1.17 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Blackstone Group L.P. had a net margin of 15.50% and a return on equity of 6.15%. The business’s quarterly revenue was down 2.7% on a year-over-year basis. During the same quarter last year, the company posted $0.43 earnings per share. On average, analysts predict that Blackstone Group L.P. will post $2.06 EPS for the current fiscal year.
A number of equities research analysts have weighed in on BX shares. Deutsche Bank AG reiterated a “hold” rating on shares of Blackstone Group L.P. in a research note on Sunday, July 10th. Vetr upgraded shares of Blackstone Group L.P. from a “buy” rating to a “strong-buy” rating and set a $31.48 target price for the company in a research note on Monday, July 25th. Keefe, Bruyette & Woods decreased their target price on shares of Blackstone Group L.P. from $34.00 to $33.00 and set a “market perform” rating for the company in a research note on Monday, July 11th. Jefferies Group boosted their target price on shares of Blackstone Group L.P. from $28.00 to $31.00 and gave the company a “buy” rating in a research note on Tuesday, August 2nd. Finally, Zacks Investment Research upgraded shares of Blackstone Group L.P. from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 26th. Seven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $33.84.
In other Blackstone Group L.P. news, insider Kathleen Skero sold 11,500 shares of the firm’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $26.51, for a total value of $304,865.00. Following the completion of the transaction, the insider now owns 42,967 shares of the company’s stock, valued at $1,139,055.17. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.00% of the stock is currently owned by company insiders.
About Blackstone Group L.P.
The Blackstone Group L.P. (Blackstone) is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, real estate, hedge fund solutions, non-investment grade credit, secondary funds and other multi-asset class strategies.
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