Pin Oak Investment Advisors Inc. Takes Position in Blackstone Group LP (BX)
Pin Oak Investment Advisors Inc. bought a new position in shares of Blackstone Group LP (NYSE:BX) in the 4th quarter, Holdings Channel reports. The institutional investor bought 87,142 shares of the asset manager’s stock, valued at approximately $2,790,000. Blackstone Group comprises 2.1% of Pin Oak Investment Advisors Inc.’s investment portfolio, making the stock its 6th biggest holding.
Other hedge funds and other institutional investors have also modified their holdings of the company. Syntal Capital Partners LLC boosted its stake in shares of Blackstone Group by 207.7% during the 4th quarter. Syntal Capital Partners LLC now owns 29,102 shares of the asset manager’s stock worth $931,000 after acquiring an additional 19,645 shares during the period. BLB&B Advisors LLC acquired a new stake in Blackstone Group during the 4th quarter worth approximately $289,000. Neuberger Berman Group LLC lifted its holdings in Blackstone Group by 135.5% during the 3rd quarter. Neuberger Berman Group LLC now owns 1,942,237 shares of the asset manager’s stock worth $64,812,000 after purchasing an additional 1,117,412 shares during the last quarter. Factory Mutual Insurance Co. lifted its holdings in Blackstone Group by 3.3% during the 4th quarter. Factory Mutual Insurance Co. now owns 1,861,000 shares of the asset manager’s stock worth $59,589,000 after purchasing an additional 60,000 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ lifted its holdings in Blackstone Group by 37.4% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 389,507 shares of the asset manager’s stock worth $12,998,000 after purchasing an additional 106,044 shares during the last quarter. Institutional investors own 48.37% of the company’s stock.
In other Blackstone Group news, major shareholder Group L.P. Blackstone purchased 228,535 shares of the firm’s stock in a transaction dated Thursday, December 28th. The shares were bought at an average price of $29.63 per share, for a total transaction of $6,771,492.05. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John G. Finley sold 22,000 shares of Blackstone Group stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $34.15, for a total value of $751,300.00. Following the completion of the transaction, the insider now owns 133,003 shares in the company, valued at approximately $4,542,052.45. The disclosure for this sale can be found here. Insiders sold a total of 672,000 shares of company stock valued at $23,130,874 over the last ninety days. Insiders own 1.00% of the company’s stock.
Blackstone Group (NYSE:BX) last announced its quarterly earnings data on Thursday, February 1st. The asset manager reported $0.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.04. The firm had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Blackstone Group had a return on equity of 22.27% and a net margin of 20.66%. The company’s quarterly revenue was up 19.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.68 EPS. equities research analysts anticipate that Blackstone Group LP will post 3.11 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 20th. Shareholders of record on Monday, February 12th were issued a $0.85 dividend. The ex-dividend date was Friday, February 9th. This is a boost from Blackstone Group’s previous quarterly dividend of $0.44. This represents a $3.40 annualized dividend and a yield of 10.22%. Blackstone Group’s payout ratio is currently 155.96%.
Several research firms recently weighed in on BX. Keefe, Bruyette & Woods reissued a “buy” rating and set a $42.00 price target on shares of Blackstone Group in a report on Thursday, February 1st. ValuEngine raised Blackstone Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, March 1st. Vetr cut Blackstone Group from a “buy” rating to a “hold” rating and set a $32.95 price target for the company. in a report on Wednesday, January 10th. Credit Suisse Group reissued a “buy” rating and set a $47.00 price target on shares of Blackstone Group in a report on Thursday, January 11th. Finally, Zacks Investment Research cut Blackstone Group from a “hold” rating to a “sell” rating in a report on Monday, February 12th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Blackstone Group has an average rating of “Buy” and an average target price of $39.90.
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About Blackstone Group
The Blackstone Group L.P. is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, non-investment grade credit, secondary private equity funds of funds and multi-asset class strategies. It operates through four segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit.
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