Huntington National Bank increased its holdings in shares of The Blackstone Group L.P. (NYSE:BX) by 142.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,884 shares of the asset manager’s stock after purchasing an additional 7,560 shares during the period. Huntington National Bank’s holdings in The Blackstone Group L.P. were worth $430,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. FMR LLC boosted its stake in The Blackstone Group L.P. by 3.5% during the 2nd quarter. FMR LLC now owns 40,769,760 shares of the asset manager’s stock worth $1,359,671,000 after purchasing an additional 1,387,363 shares during the period. Bank of Montreal Can boosted its stake in The Blackstone Group L.P. by 107.7% during the 2nd quarter. Bank of Montreal Can now owns 11,475,121 shares of the asset manager’s stock worth $382,695,000 after purchasing an additional 5,951,587 shares during the period. Janus Henderson Group PLC boosted its stake in The Blackstone Group L.P. by 1,142.0% during the 2nd quarter. Janus Henderson Group PLC now owns 8,062,439 shares of the asset manager’s stock worth $268,879,000 after purchasing an additional 7,413,287 shares during the period. Fred Alger Management Inc. boosted its stake in The Blackstone Group L.P. by 23.8% during the 2nd quarter. Fred Alger Management Inc. now owns 6,289,738 shares of the asset manager’s stock worth $209,763,000 after purchasing an additional 1,211,146 shares during the period. Finally, Swedbank boosted its stake in The Blackstone Group L.P. by 14.6% during the 3rd quarter. Swedbank now owns 5,433,122 shares of the asset manager’s stock worth $181,303,000 after purchasing an additional 693,200 shares during the period. Hedge funds and other institutional investors own 45.41% of the company’s stock.
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Shares of The Blackstone Group L.P. (NYSE:BX) opened at 33.05 on Tuesday. The firm has a market cap of $21.45 billion, a PE ratio of 14.86 and a beta of 1.33. The stock has a 50 day moving average of $33.17 and a 200 day moving average of $32.53. The Blackstone Group L.P. has a 1-year low of $23.33 and a 1-year high of $35.09.
The Blackstone Group L.P. (NYSE:BX) last released its quarterly earnings results on Thursday, October 19th. The asset manager reported $0.69 EPS for the quarter, topping the consensus estimate of $0.55 by $0.14. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.39 billion. The Blackstone Group L.P. had a net margin of 22.88% and a return on equity of 19.90%. The company’s quarterly revenue was up 21.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.57 earnings per share. Equities research analysts anticipate that The Blackstone Group L.P. will post $2.79 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 6th. Stockholders of record on Monday, October 30th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, October 27th. This represents a $1.76 annualized dividend and a dividend yield of 5.33%. The Blackstone Group L.P.’s dividend payout ratio is currently 76.19%.
A number of analysts recently weighed in on the stock. BidaskClub upgraded shares of The Blackstone Group L.P. from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 19th. Morgan Stanley reiterated an “overweight” rating and set a $40.00 price target (up previously from $37.00) on shares of The Blackstone Group L.P. in a research note on Tuesday, July 25th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $37.00 price target on shares of The Blackstone Group L.P. in a research note on Friday, July 14th. Deutsche Bank AG increased their price target on shares of The Blackstone Group L.P. from $32.00 to $33.00 and gave the stock a “hold” rating in a research note on Friday, July 21st. Finally, Bank of America Corporation increased their price target on shares of The Blackstone Group L.P. from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, October 20th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. The Blackstone Group L.P. currently has an average rating of “Buy” and an average target price of $38.42.
The Blackstone Group L.P. Profile
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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