BlackRock Inc. Raises Stock Holdings in The Blackstone Group Inc. (NYSE:BX)

BlackRock Inc. lifted its holdings in The Blackstone Group Inc. (NYSE:BX) by 31.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 30,579,280 shares of the asset manager’s stock after purchasing an additional 7,339,615 shares during the period. BlackRock Inc.’s holdings in The Blackstone Group were worth $2,970,472,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Moseley Investment Management Inc. raised its holdings in shares of The Blackstone Group by 5.4% in the second quarter. Moseley Investment Management Inc. now owns 8,964 shares of the asset manager’s stock worth $871,000 after buying an additional 460 shares during the period. Deutsche Bank AG raised its holdings in shares of The Blackstone Group by 266.8% in the second quarter. Deutsche Bank AG now owns 2,974,044 shares of the asset manager’s stock worth $288,899,000 after buying an additional 2,163,243 shares during the period. Gerber Kawasaki Wealth & Investment Management increased its holdings in The Blackstone Group by 10.0% during the 2nd quarter. Gerber Kawasaki Wealth & Investment Management now owns 23,280 shares of the asset manager’s stock worth $2,261,000 after purchasing an additional 2,124 shares during the period. Pallas Capital Advisors LLC purchased a new position in The Blackstone Group during the 2nd quarter worth $260,000. Finally, Lord Abbett & CO. LLC increased its holdings in The Blackstone Group by 252.5% during the 2nd quarter. Lord Abbett & CO. LLC now owns 2,393,023 shares of the asset manager’s stock worth $232,459,000 after purchasing an additional 1,714,186 shares during the period. Hedge funds and other institutional investors own 63.16% of the company’s stock.

In other news, major shareholder Lifesciences Iii L.P. Clarus purchased 150,000 shares of the stock in a transaction on Tuesday, July 20th. The stock was bought at an average price of $16.00 per share, with a total value of $2,400,000.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Holdings L.P. Blackstone II sold 335,000 shares of The Blackstone Group stock in a transaction dated Tuesday, August 24th. The stock was sold at an average price of $60.00, for a total value of $20,100,000.00. The disclosure for this sale can be found here. Insiders sold a total of 508,477 shares of company stock valued at $40,210,412 in the last three months. Insiders own 1.00% of the company’s stock.

Shares of NYSE:BX opened at $127.57 on Wednesday. The Blackstone Group Inc. has a 12-month low of $49.26 and a 12-month high of $136.88. The business’s fifty day simple moving average is $118.20 and its 200-day simple moving average is $97.74. The company has a market capitalization of $87.51 billion, a PE ratio of 19.69 and a beta of 1.35. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.31.

The Blackstone Group (NYSE:BX) last posted its quarterly earnings data on Wednesday, July 21st. The asset manager reported $0.82 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.05. The firm had revenue of $2.12 billion during the quarter, compared to analysts’ expectations of $1.92 billion. The Blackstone Group had a return on equity of 15.88% and a net margin of 26.67%. The business’s quarterly revenue was up 90.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.43 EPS. Research analysts predict that The Blackstone Group Inc. will post 3.7 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 9th. Stockholders of record on Monday, August 2nd were given a $0.8475 dividend. The ex-dividend date of this dividend was Friday, July 30th. This represents a $3.39 dividend on an annualized basis and a dividend yield of 2.66%. The Blackstone Group’s payout ratio is 105.66%.

Several research firms have commented on BX. Citigroup raised their price objective on The Blackstone Group from $91.00 to $100.00 and gave the stock a “neutral” rating in a report on Monday, July 12th. Argus raised their price objective on The Blackstone Group from $100.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, July 23rd. raised their price objective on The Blackstone Group from $91.00 to $100.00 and gave the stock a “neutral” rating in a report on Monday, July 12th. Zacks Investment Research downgraded The Blackstone Group from a “buy” rating to a “hold” rating and set a $139.00 price objective on the stock. in a report on Tuesday, September 14th. Finally, Morgan Stanley lifted their price target on The Blackstone Group from $98.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, July 20th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, The Blackstone Group currently has a consensus rating of “Buy” and an average price target of $98.55.

The Blackstone Group Profile

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

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