Blackstone Group (NYSE:BX) Trading Up 10.8% Following Insider Buying Activity
Blackstone Group LP (NYSE:BX) shares were up 10.8% on Tuesday following insider buying activity. The stock traded as high as $41.84 and last traded at $39.92, approximately 10,420,832 shares traded hands during trading. An increase of 60% from the average daily volume of 6,494,188 shares. The stock had previously closed at $36.04.
Specifically, insider John G. Finley sold 25,000 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $63.61, for a total transaction of $1,590,250.00. Following the transaction, the insider now owns 135,489 shares of the company’s stock, valued at approximately $8,618,455.29. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Blackstone Group Inc bought 327,762 shares of Blackstone Group stock in a transaction that occurred on Tuesday, March 10th. The shares were acquired at an average cost of $25.78 per share, for a total transaction of $8,449,704.36. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 1,508,293 shares of company stock worth $37,957,678. 1.00% of the stock is owned by insiders.
Several equities analysts recently commented on BX shares. Wells Fargo & Co increased their target price on shares of Blackstone Group from $60.00 to $64.00 and gave the company an “overweight” rating in a report on Thursday, December 19th. Citigroup raised shares of Blackstone Group from a “neutral” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Wednesday, March 18th. Argus increased their price target on shares of Blackstone Group from $60.00 to $72.00 and gave the company a “buy” rating in a research report on Monday, February 10th. Morgan Stanley dropped their price target on shares of Blackstone Group from $76.00 to $71.00 and set an “overweight” rating for the company in a research report on Friday, March 13th. Finally, Credit Suisse Group reissued a “buy” rating and set a $65.00 price target on shares of Blackstone Group in a research report on Sunday, February 2nd. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $59.20.
Blackstone Group (NYSE:BX) last announced its quarterly earnings results on Thursday, January 30th. The asset manager reported $0.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.06. The business had revenue of $2.09 billion during the quarter, compared to analysts’ expectations of $1.55 billion. Blackstone Group had a net margin of 27.93% and a return on equity of 13.86%. The firm’s revenue for the quarter was up 314.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.02) EPS. On average, analysts expect that Blackstone Group LP will post 2.93 EPS for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Capital World Investors lifted its position in shares of Blackstone Group by 7.2% in the 4th quarter. Capital World Investors now owns 33,010,804 shares of the asset manager’s stock worth $1,846,624,000 after purchasing an additional 2,214,993 shares during the period. Capital International Investors lifted its position in shares of Blackstone Group by 10.1% in the 4th quarter. Capital International Investors now owns 13,600,316 shares of the asset manager’s stock worth $760,802,000 after purchasing an additional 1,252,438 shares during the period. State Street Corp lifted its position in shares of Blackstone Group by 626.8% in the 4th quarter. State Street Corp now owns 6,740,073 shares of the asset manager’s stock worth $377,040,000 after purchasing an additional 5,812,651 shares during the period. CIBC Private Wealth Group LLC lifted its position in shares of Blackstone Group by 30.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 5,357,906 shares of the asset manager’s stock worth $299,722,000 after purchasing an additional 1,258,192 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Blackstone Group by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 4,935,530 shares of the asset manager’s stock worth $275,720,000 after purchasing an additional 125,463 shares during the period. 55.40% of the stock is owned by institutional investors and hedge funds.
Blackstone Group Company Profile (NYSE:BX)
The Blackstone Group Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia.
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