First Republic Investment Management Inc. Raises Stake in Blackstone Group LP (BX)

First Republic Investment Management Inc. lifted its holdings in shares of Blackstone Group LP (NYSE:BX) by 40.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,188,206 shares of the asset manager’s stock after purchasing an additional 342,814 shares during the quarter. First Republic Investment Management Inc. owned about 0.18% of Blackstone Group worth $45,247,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Canton Hathaway LLC acquired a new stake in shares of Blackstone Group during the third quarter worth about $114,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Blackstone Group during the third quarter worth about $115,000. Quad Cities Investment Group LLC acquired a new stake in shares of Blackstone Group during the second quarter worth about $122,000. Rehmann Capital Advisory Group lifted its position in shares of Blackstone Group by 94.9% during the second quarter. Rehmann Capital Advisory Group now owns 4,850 shares of the asset manager’s stock worth $156,000 after purchasing an additional 2,362 shares in the last quarter. Finally, Honkamp Krueger Financial Services Inc. acquired a new stake in shares of Blackstone Group during the third quarter worth about $159,000. 50.12% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages recently weighed in on BX. Zacks Investment Research raised shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a report on Thursday, August 16th. Morgan Stanley reduced their target price on shares of Blackstone Group from $48.00 to $42.00 and set a “buy” rating on the stock in a report on Wednesday, November 14th. JPMorgan Chase & Co. set a $45.00 target price on shares of Blackstone Group and gave the company a “buy” rating in a report on Thursday, September 20th. Argus raised their target price on shares of Blackstone Group from $39.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, September 25th. Finally, ValuEngine raised shares of Blackstone Group from a “hold” rating to a “buy” rating in a report on Saturday, September 22nd. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Blackstone Group has an average rating of “Buy” and an average target price of $42.27.

In related news, major shareholder Blackstone Bgsl Holdings Llc purchased 192,000 shares of the company’s stock in a transaction on Tuesday, November 6th. The shares were bought at an average cost of $25.00 per share, for a total transaction of $4,800,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Shares of Blackstone Group stock opened at $32.71 on Thursday. The company has a market capitalization of $21.66 billion, a price-to-earnings ratio of 11.64, a P/E/G ratio of 1.06 and a beta of 1.37. Blackstone Group LP has a 52 week low of $30.08 and a 52 week high of $40.60. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.97 and a current ratio of 0.97.

Blackstone Group (NYSE:BX) last announced its quarterly earnings results on Thursday, October 18th. The asset manager reported $0.76 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.02. The company had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.79 billion. Blackstone Group had a net margin of 22.34% and a return on equity of 22.67%. The firm’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.69 earnings per share. Analysts anticipate that Blackstone Group LP will post 2.96 EPS for the current fiscal year.

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Blackstone Group Profile

The Blackstone Group L.P. is a publicly owned alternative asset manager. The firm also provides capital markets services to its clients. It provides its services to public and corporate pension funds, academic, cultural, and charitable organizations, retirees, sovereign wealth funds, and institutional and individual investors.

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Institutional Ownership by Quarter for Blackstone Group (NYSE:BX)

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