National Asset Management Inc. lowered its position in The Blackstone Group Inc. (NYSE:BX) by 21.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 58,468 shares of the asset manager’s stock after selling 16,004 shares during the quarter. National Asset Management Inc.’s holdings in The Blackstone Group were worth $5,523,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Waddell & Reed Financial Inc. lifted its position in shares of The Blackstone Group by 21.2% during the 1st quarter. Waddell & Reed Financial Inc. now owns 1,658,777 shares of the asset manager’s stock worth $123,629,000 after buying an additional 290,433 shares during the period. Cadinha & Co. LLC acquired a new stake in The Blackstone Group during the 1st quarter valued at $17,545,000. Resources Investment Advisors LLC. increased its holdings in The Blackstone Group by 2.6% during the 1st quarter. Resources Investment Advisors LLC. now owns 44,885 shares of the asset manager’s stock valued at $3,345,000 after purchasing an additional 1,137 shares in the last quarter. Forsta AP Fonden increased its holdings in The Blackstone Group by 0.9% during the 1st quarter. Forsta AP Fonden now owns 130,500 shares of the asset manager’s stock valued at $9,726,000 after purchasing an additional 1,100 shares in the last quarter. Finally, Ashfield Capital Partners LLC increased its holdings in The Blackstone Group by 4.3% during the 2nd quarter. Ashfield Capital Partners LLC now owns 49,234 shares of the asset manager’s stock valued at $4,783,000 after purchasing an additional 2,033 shares in the last quarter. Institutional investors own 63.16% of the company’s stock.
Shares of NYSE:BX traded up $0.41 during midday trading on Wednesday, reaching $131.01. The company had a trading volume of 11,868 shares, compared to its average volume of 3,329,406. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.31. The business’s 50 day moving average price is $115.08 and its 200 day moving average price is $95.55. The stock has a market cap of $89.87 billion, a PE ratio of 20.15 and a beta of 1.35. The Blackstone Group Inc. has a 1-year low of $49.26 and a 1-year high of $132.33.
The firm also recently announced a quarterly dividend, which was paid on Monday, August 9th. Shareholders of record on Monday, August 2nd were paid a dividend of $0.8475 per share. This represents a $3.39 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend was Friday, July 30th. The Blackstone Group’s payout ratio is presently 105.66%.
In related news, CAO David Payne sold 3,693 shares of the stock in a transaction on Friday, September 10th. The stock was sold at an average price of $129.00, for a total value of $476,397.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Baratta sold 669 shares of the stock in a transaction on Friday, June 25th. The shares were sold at an average price of $98.93, for a total value of $66,184.17. Following the completion of the sale, the director now owns 1,283,592 shares of the company’s stock, valued at $126,985,756.56. The disclosure for this sale can be found here. Insiders have sold 508,477 shares of company stock valued at $40,210,412 over the last 90 days. Corporate insiders own 1.00% of the company’s stock.
A number of equities research analysts recently weighed in on BX shares. Argus raised their price target on The Blackstone Group from $100.00 to $125.00 and gave the company a “buy” rating in a report on Friday, July 23rd. Deutsche Bank Aktiengesellschaft raised The Blackstone Group from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $103.00 to $135.00 in a research note on Wednesday, August 11th. Morgan Stanley lifted their price objective on The Blackstone Group from $98.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 20th. Citigroup lifted their price objective on The Blackstone Group from $91.00 to $100.00 and gave the stock a “neutral” rating in a research note on Monday, July 12th. Finally, lifted their price objective on The Blackstone Group from $91.00 to $100.00 and gave the stock a “neutral” rating in a research note on Monday, July 12th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $98.55.
The Blackstone Group Company Profile
The Blackstone Group, Inc engages in the provision of investment and fund management services. It operates through the following segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit. The Private Equity segment consists of flagship corporate private equity funds, Blackstone Capital Partners funds, sector-focused corporate private equity funds, including energy-focused funds, Blackstone Energy Partners funds, and core private equity fund, Blackstone Core Equity Partners.
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