First Trust Advisors LP Sells 53,690 Shares of Blackstone Group LP (NYSE:BX)
First Trust Advisors LP lowered its holdings in Blackstone Group LP (NYSE:BX) by 25.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 155,198 shares of the asset manager’s stock after selling 53,690 shares during the quarter. First Trust Advisors LP’s holdings in Blackstone Group were worth $7,072,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Howard Wealth Management LLC bought a new stake in shares of Blackstone Group in the 4th quarter valued at about $27,000. Carmichael Hill & Associates Inc. acquired a new position in Blackstone Group during the 4th quarter valued at approximately $28,000. First Bank & Trust acquired a new position in Blackstone Group during the 1st quarter valued at approximately $30,000. OmniStar Financial Group Inc. acquired a new position in Blackstone Group during the 1st quarter valued at approximately $30,000. Finally, JFS Wealth Advisors LLC purchased a new stake in shares of Blackstone Group in the 1st quarter valued at $41,000. Institutional investors and hedge funds own 56.50% of the company’s stock.
Several analysts have recently commented on BX shares. Morgan Stanley upped their price objective on shares of Blackstone Group from $62.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Argus upped their price objective on shares of Blackstone Group from $60.00 to $72.00 and gave the company a “buy” rating in a report on Monday, February 10th. Deutsche Bank upped their price objective on shares of Blackstone Group from $43.00 to $47.00 and gave the company a “hold” rating in a report on Friday, May 15th. TheStreet downgraded shares of Blackstone Group from a “b-” rating to a “c” rating in a report on Thursday, April 23rd. Finally, Citigroup increased their price target on shares of Blackstone Group from $53.50 to $57.50 and gave the stock a “buy” rating in a report on Friday, April 24th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $58.35.
Blackstone Group (NYSE:BX) last posted its quarterly earnings data on Thursday, April 23rd. The asset manager reported $0.46 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.04). The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Blackstone Group had a net margin of 27.93% and a return on equity of 14.62%. During the same period in the previous year, the business earned $0.71 earnings per share. On average, research analysts forecast that Blackstone Group LP will post 2.05 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 2.89%. The ex-dividend date was Friday, May 1st. Blackstone Group’s payout ratio is 67.53%.
In other Blackstone Group news, major shareholder Blackstone Group Inc bought 333,965 shares of Blackstone Group stock in a transaction dated Thursday, March 12th. The stock was acquired at an average cost of $26.02 per share, for a total transaction of $8,689,769.30. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John G. Finley sold 50,000 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $53.11, for a total transaction of $2,655,500.00. Following the completion of the sale, the insider now owns 218,663 shares of the company’s stock, valued at $11,613,191.93. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 1,665,085 shares of company stock worth $41,383,583. 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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