Gilman Hill Asset Management LLC Increases Stock Position in The Blackstone Group Inc. (NYSE:BX)
Gilman Hill Asset Management LLC increased its holdings in shares of The Blackstone Group Inc. (NYSE:BX) by 32.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,312 shares of the asset manager’s stock after purchasing an additional 1,312 shares during the period. Gilman Hill Asset Management LLC’s holdings in The Blackstone Group were worth $396,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the stock. King Luther Capital Management Corp boosted its position in The Blackstone Group by 1.3% during the 4th quarter. King Luther Capital Management Corp now owns 12,962 shares of the asset manager’s stock valued at $840,000 after acquiring an additional 162 shares in the last quarter. Advisor Partners LLC boosted its position in The Blackstone Group by 2.6% during the third quarter. Advisor Partners LLC now owns 6,622 shares of the asset manager’s stock valued at $346,000 after purchasing an additional 167 shares in the last quarter. Chesapeake Wealth Management grew its stake in The Blackstone Group by 1.3% in the fourth quarter. Chesapeake Wealth Management now owns 12,912 shares of the asset manager’s stock valued at $837,000 after purchasing an additional 169 shares during the last quarter. Old Port Advisors raised its holdings in The Blackstone Group by 3.8% in the first quarter. Old Port Advisors now owns 4,696 shares of the asset manager’s stock worth $350,000 after purchasing an additional 173 shares in the last quarter. Finally, Johanson Financial Advisors Inc. lifted its position in shares of The Blackstone Group by 3.0% during the fourth quarter. Johanson Financial Advisors Inc. now owns 6,087 shares of the asset manager’s stock valued at $394,000 after buying an additional 180 shares during the last quarter. 59.77% of the stock is currently owned by institutional investors.
Several research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of The Blackstone Group from $61.00 to $66.00 and gave the stock a “hold” rating in a research note on Friday, April 9th. Morgan Stanley upped their price target on The Blackstone Group from $84.00 to $90.00 and gave the stock an “overweight” rating in a research report on Monday, March 22nd. Piper Sandler started coverage on The Blackstone Group in a research report on Thursday, January 14th. They issued an “overweight” rating and a $71.00 price objective for the company. Zacks Investment Research lowered The Blackstone Group from a “buy” rating to a “hold” rating and set a $80.00 target price on the stock. in a research report on Tuesday, March 16th. Finally, Oppenheimer reissued a “market perform” rating on shares of The Blackstone Group in a report on Wednesday, March 24th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $70.13.
The Blackstone Group (NYSE:BX) last announced its quarterly earnings results on Tuesday, January 26th. The asset manager reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.20. The business had revenue of $3.63 billion during the quarter, compared to analysts’ expectations of $2.28 billion. During the same period last year, the company earned $0.71 EPS. The firm’s revenue for the quarter was up 73.5% on a year-over-year basis. Equities analysts expect that The Blackstone Group Inc. will post 2.45 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 16th. Shareholders of record on Monday, February 8th were issued a $0.7175 dividend. This is a boost from The Blackstone Group’s previous quarterly dividend of $0.54. The ex-dividend date was Friday, February 5th. This represents a $2.87 annualized dividend and a yield of 3.61%. The Blackstone Group’s payout ratio is 166.23%.
In related news, major shareholder Blackstone Group Inc sold 2,370,632 shares of the company’s stock in a transaction that occurred on Wednesday, March 24th. The shares were sold at an average price of $37.00, for a total transaction of $87,713,384.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.00% of the company’s stock.
About The 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, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.
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