Blackstone Group LP (NYSE:BX) declared a quarterly dividend on Friday, October 19th, Wall Street Journal reports. Stockholders of record on Monday, October 29th will be paid a dividend of 0.64 per share by the asset manager on Monday, November 5th. This represents a $2.56 annualized dividend and a dividend yield of 7.39%. The ex-dividend date of this dividend is Friday, October 26th. This is a positive change from Blackstone Group’s previous quarterly dividend of $0.58.

Blackstone Group has raised its dividend by an average of 6.5% per year over the last three years and has raised its dividend annually for the last 5 consecutive years. Blackstone Group has a dividend payout ratio of 75.3% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities analysts expect Blackstone Group to earn $3.15 per share next year, which means the company should continue to be able to cover its $2.32 annual dividend with an expected future payout ratio of 73.7%.

Shares of BX opened at $34.65 on Friday. Blackstone Group has a 12 month low of $29.57 and a 12 month high of $40.60. The company has a market cap of $23.12 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 1.08 and a beta of 1.32. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.72.

Blackstone Group (NYSE:BX) last announced its earnings results on Thursday, October 18th. The asset manager reported $0.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.02. Blackstone Group had a net margin of 22.34% and a return on equity of 22.99%. The company had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $1.79 billion. During the same period last year, the firm earned $0.69 earnings per share. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities analysts predict that Blackstone Group will post 3.01 EPS for the current year.

In related news, insider John G. Finley sold 5,000 shares of Blackstone Group stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $35.98, for a total value of $179,900.00. Following the transaction, the insider now directly owns 113,003 shares of the company’s stock, valued at $4,065,847.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman J Tomilson Hill sold 674,257 shares of Blackstone Group stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $36.48, for a total transaction of $24,596,895.36. Following the completion of the transaction, the insider now directly owns 928,884 shares in the company, valued at $33,885,688.32. The disclosure for this sale can be found here. Insiders sold 770,677 shares of company stock worth $28,061,444 over the last three months. 1.00% of the stock is currently owned by insiders.

Several brokerages have recently commented on BX. Bank of America raised their target price on shares of Blackstone Group from $40.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, September 24th. Argus raised their target price on shares of Blackstone Group from $39.00 to $46.00 and gave the stock a “buy” rating in a report on Tuesday, September 25th. ValuEngine raised shares of Blackstone Group from a “hold” rating to a “buy” rating in a report on Saturday, September 22nd. Citigroup raised their target price on shares of Blackstone Group from $43.00 to $47.50 and gave the stock a “buy” rating in a report on Monday, September 24th. Finally, JMP Securities raised their target price on shares of Blackstone Group from $39.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, September 24th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $43.45.

About Blackstone Group

The Blackstone Group L.P. is a publicly owned hedge fund sponsor. The firm also provides financial advisory 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.

Read More: Earnings Per Share

Dividend History for Blackstone Group (NYSE:BX)

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