Wells Fargo & Company MN lifted its position in shares of Blackstone Group LP (NYSE:BX) by 4.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,673,160 shares of the asset manager’s stock after acquiring an additional 162,768 shares during the period. Wells Fargo & Company MN owned approximately 0.58% of Blackstone Group worth $122,573,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently modified their holdings of the company. Edgemoor Investment Advisors Inc. increased its position in Blackstone Group by 24.7% in the 3rd quarter. Edgemoor Investment Advisors Inc. now owns 145,843 shares of the asset manager’s stock valued at $4,867,000 after acquiring an additional 28,910 shares during the period. Legal & General Group Plc increased its position in shares of Blackstone Group by 9.3% during the third quarter. Legal & General Group Plc now owns 1,193,543 shares of the asset manager’s stock worth $39,834,000 after buying an additional 101,093 shares during the period. Amundi Pioneer Asset Management Inc. increased its position in shares of Blackstone Group by 38.9% during the third quarter. Amundi Pioneer Asset Management Inc. now owns 1,333,073 shares of the asset manager’s stock worth $44,485,000 after buying an additional 373,646 shares during the period. New England Private Wealth Advisors LLC acquired a new stake in shares of Blackstone Group during the third quarter worth $200,000. Finally, Oppenheimer & Co. Inc. increased its position in shares of Blackstone Group by 6.6% during the third quarter. Oppenheimer & Co. Inc. now owns 200,450 shares of the asset manager’s stock worth $6,689,000 after buying an additional 12,425 shares during the period. 46.91% of the stock is owned by institutional investors.
Several equities research analysts have recently weighed in on BX shares. Bank of America increased their price objective on shares of Blackstone Group from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, October 20th. Vetr cut shares of Blackstone Group from a “strong-buy” rating to a “buy” rating and set a $35.50 price objective for the company. in a research report on Monday. Zacks Investment Research lowered shares of Blackstone Group from a “hold” rating to a “sell” rating in a research note on Monday, September 25th. BidaskClub lowered shares of Blackstone Group from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 16th. Finally, Credit Suisse Group cut their target price on shares of Blackstone Group from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 30th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $38.25.
Blackstone Group (NYSE:BX) last released its quarterly earnings data on Thursday, October 19th. The asset manager reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.14. Blackstone Group had a net margin of 22.88% and a return on equity of 19.71%. The firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.39 billion. During the same period last year, the firm earned $0.57 earnings per share. The business’s quarterly revenue was up 21.4% compared to the same quarter last year. equities research analysts anticipate that Blackstone Group LP will post 2.78 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, November 6th. Stockholders of record on Monday, October 30th were issued a $0.44 dividend. The ex-dividend date of this dividend was Friday, October 27th. This represents a $1.76 annualized dividend and a dividend yield of 5.57%. Blackstone Group’s dividend payout ratio is currently 76.19%.
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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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