Blackstone Group LP (NYSE:BX) – Equities researchers at William Blair decreased their Q2 2018 EPS estimates for shares of Blackstone Group in a research report issued to clients and investors on Monday. William Blair analyst C. Shutler now anticipates that the asset manager will post earnings of $0.65 per share for the quarter, down from their previous estimate of $0.71. William Blair also issued estimates for Blackstone Group’s Q3 2018 earnings at $0.69 EPS, Q4 2018 earnings at $0.71 EPS, FY2018 earnings at $2.73 EPS, Q1 2019 earnings at $0.69 EPS and Q2 2019 earnings at $0.65 EPS.
A number of other analysts have also recently issued reports on the company. JPMorgan Chase & Co. upgraded Blackstone Group from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $34.53 to $46.00 in a report on Friday, January 12th. Vetr cut Blackstone Group from a “strong-buy” rating to a “buy” rating and set a $35.50 target price for the company. in a report on Monday, December 4th. Morgan Stanley boosted their target price on Blackstone Group from $40.00 to $41.00 and gave the stock an “overweight” rating in a report on Monday, October 23rd. Bank of America boosted their target price on Blackstone Group from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, October 20th. Finally, Credit Suisse Group reiterated a “buy” rating and set a $47.00 target price on shares of Blackstone Group in a report on Thursday, January 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $39.90.
Blackstone Group (NYSE:BX) last posted its quarterly earnings data on Thursday, February 1st. The asset manager reported $0.71 EPS for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.04. Blackstone Group had a net margin of 20.66% and a return on equity of 22.46%. The company had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the company posted $0.68 EPS. The company’s quarterly revenue was up 19.9% compared to the same quarter last year.
Several institutional investors have recently added to or reduced their stakes in BX. Wealthcare Advisory Partners LLC purchased a new position in shares of Blackstone Group during the 3rd quarter valued at approximately $131,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Blackstone Group during the 4th quarter valued at approximately $160,000. Jacobi Capital Management LLC boosted its stake in shares of Blackstone Group by 65.6% during the 3rd quarter. Jacobi Capital Management LLC now owns 5,771 shares of the asset manager’s stock valued at $192,000 after buying an additional 2,287 shares during the last quarter. Strategic Financial Group LLC purchased a new position in shares of Blackstone Group during the 3rd quarter valued at approximately $200,000. Finally, New England Private Wealth Advisors LLC purchased a new position in shares of Blackstone Group during the 3rd quarter valued at approximately $200,000. Institutional investors own 48.08% of the company’s stock.
In other Blackstone Group news, insider John G. Finley sold 800 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $32.00, for a total value of $25,600.00. Following the completion of the transaction, the insider now owns 87,852 shares in the company, valued at approximately $2,811,264. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Group L.P. Blackstone bought 228,535 shares of Blackstone Group stock in a transaction dated Friday, December 28th. The shares were acquired at an average price of $29.63 per share, with a total value of $6,771,492.05. The disclosure for this purchase can be found here. 1.00% of the stock is owned by corporate insiders.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 20th. Shareholders of record on Monday, February 12th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 9.78%. The ex-dividend date of this dividend is Friday, February 9th. This is a boost from Blackstone Group’s previous quarterly dividend of $0.44. Blackstone Group’s dividend payout ratio is currently 80.73%.
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Blackstone Group Company 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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