New Jersey Better Educational Savings Trust lowered its stake in shares of The Blackstone Group L.P. (NYSE:BX) by 47.6% during the second quarter, Holdings Channel reports. The firm owned 11,000 shares of the asset manager’s stock after selling 10,000 shares during the period. New Jersey Better Educational Savings Trust’s holdings in The Blackstone Group L.P. were worth $367,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in BX. Morgan Stanley increased its stake in shares of The Blackstone Group L.P. by 6.0% in the first quarter. Morgan Stanley now owns 32,790,651 shares of the asset manager’s stock worth $973,884,000 after buying an additional 1,859,744 shares during the last quarter. Janus Capital Management LLC increased its stake in shares of The Blackstone Group L.P. by 15.8% in the first quarter. Janus Capital Management LLC now owns 18,754,093 shares of the asset manager’s stock worth $556,990,000 after buying an additional 2,565,390 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of The Blackstone Group L.P. by 6.9% in the first quarter. Massachusetts Financial Services Co. MA now owns 12,972,178 shares of the asset manager’s stock worth $385,275,000 after buying an additional 841,476 shares during the last quarter. Bank of Montreal Can increased its stake in shares of The Blackstone Group L.P. by 107.7% in the second quarter. Bank of Montreal Can now owns 11,475,121 shares of the asset manager’s stock worth $382,695,000 after buying an additional 5,951,587 shares during the last quarter. Finally, Clearbridge Investments LLC increased its stake in shares of The Blackstone Group L.P. by 2.0% in the first quarter. Clearbridge Investments LLC now owns 6,422,392 shares of the asset manager’s stock worth $190,745,000 after buying an additional 125,477 shares during the last quarter. 45.89% of the stock is currently owned by institutional investors and hedge funds.

The Blackstone Group L.P. (NYSE BX) opened at 31.95 on Friday. The Blackstone Group L.P. has a 52-week low of $23.33 and a 52-week high of $35.09. The company has a 50 day moving average of $33.59 and a 200 day moving average of $31.43. The company has a market capitalization of $20.73 billion, a PE ratio of 14.37 and a beta of 1.32.

The Blackstone Group L.P. (NYSE:BX) last posted its quarterly earnings results on Thursday, July 20th. The asset manager reported $0.59 EPS for the quarter, missing the Zacks’ consensus estimate of $0.62 by $0.03. The Blackstone Group L.P. had a return on equity of 18.97% and a net margin of 22.88%. The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same period in the prior year, the firm posted $0.44 earnings per share. On average, equities research analysts forecast that The Blackstone Group L.P. will post $2.85 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Monday, July 31st were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 6.76%. The ex-dividend date of this dividend was Thursday, July 27th. The Blackstone Group L.P.’s payout ratio is 97.30%.

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A number of equities research analysts have recently issued reports on BX shares. Vetr raised shares of The Blackstone Group L.P. from a “buy” rating to a “strong-buy” rating and set a $34.51 price target on the stock in a report on Tuesday, May 2nd. BidaskClub downgraded shares of The Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. Morgan Stanley reissued an “overweight” rating and issued a $40.00 price target (up from $37.00) on shares of The Blackstone Group L.P. in a report on Tuesday, July 25th. Zacks Investment Research downgraded shares of The Blackstone Group L.P. from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. Finally, Jefferies Group LLC reissued a “buy” rating on shares of The Blackstone Group L.P. in a report on Thursday, April 27th. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $37.34.

In other The Blackstone Group L.P. news, insider Joan Solotar sold 30,500 shares of The Blackstone Group L.P. stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $33.31, for a total value of $1,015,955.00. Following the sale, the insider now owns 150,281 shares of the company’s stock, valued at approximately $5,005,860.11. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Real Estate Associa Blackstone sold 15,000,000 shares of The Blackstone Group L.P. stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $26.05, for a total value of $390,750,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,050,500 shares of company stock worth $392,416,555. Corporate insiders own 1.00% of the company’s stock.

The Blackstone Group L.P. 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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Institutional Ownership by Quarter for The Blackstone Group L.P. (NYSE:BX)

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