Bristol Advisors LLC raised its stake in The Blackstone Group L.P. (NYSE:BX) by 332.0% during the second quarter, Holdings Channel reports. The institutional investor owned 85,100 shares of the asset manager’s stock after buying an additional 65,400 shares during the period. The Blackstone Group L.P. accounts for approximately 1.9% of Bristol Advisors LLC’s holdings, making the stock its 7th largest position. Bristol Advisors LLC’s holdings in The Blackstone Group L.P. were worth $2,838,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the company. Riverpark Capital Management LLC increased its stake in The Blackstone Group L.P. by 15.6% in the second quarter. Riverpark Capital Management LLC now owns 1,257,856 shares of the asset manager’s stock worth $41,950,000 after buying an additional 169,695 shares during the period. LLBH Private Wealth Management LLC purchased a new stake in The Blackstone Group L.P. during the second quarter worth $969,000. NewSquare Capital LLC increased its stake in The Blackstone Group L.P. by 4.2% in the second quarter. NewSquare Capital LLC now owns 35,427 shares of the asset manager’s stock worth $1,181,000 after buying an additional 1,424 shares during the period. Fishman Jay A Ltd. MI increased its stake in The Blackstone Group L.P. by 2.8% in the second quarter. Fishman Jay A Ltd. MI now owns 539,169 shares of the asset manager’s stock worth $17,981,000 after buying an additional 14,450 shares during the period. Finally, Pinnacle Financial Partners Inc. increased its stake in The Blackstone Group L.P. by 195.1% in the second quarter. Pinnacle Financial Partners Inc. now owns 62,985 shares of the asset manager’s stock worth $2,101,000 after buying an additional 41,640 shares during the period. 46.44% of the stock is owned by hedge funds and other institutional investors.

The Blackstone Group L.P. (NYSE:BX) opened at 32.26 on Wednesday. The Blackstone Group L.P. has a 52-week low of $23.33 and a 52-week high of $35.09. The company’s 50 day moving average price is $33.54 and its 200 day moving average price is $31.46. The company has a market cap of $20.93 billion, a P/E ratio of 14.51 and a beta of 1.32.

The Blackstone Group L.P. (NYSE:BX) last posted its earnings results on Thursday, July 20th. The asset manager reported $0.59 EPS for the quarter, missing the consensus estimate of $0.62 by $0.03. The Blackstone Group L.P. had a net margin of 22.88% and a return on equity of 18.97%. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the company posted $0.44 EPS. Equities research analysts anticipate that The Blackstone Group L.P. will post $2.85 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Monday, July 31st were given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 6.70%. The ex-dividend date of this dividend was Thursday, July 27th. The Blackstone Group L.P.’s dividend payout ratio is currently 97.30%.

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A number of equities research analysts have recently weighed in on BX shares. Vetr downgraded The Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $33.18 price target for the company. in a research note on Wednesday, April 19th. Jefferies Group LLC reaffirmed a “buy” rating on shares of The Blackstone Group L.P. in a research note on Thursday, April 27th. Citigroup Inc. raised The Blackstone Group L.P. from a “neutral” rating to a “buy” rating and increased their price objective for the company from $32.00 to $40.00 in a report on Monday, May 22nd. Credit Suisse Group increased their price objective on The Blackstone Group L.P. from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, May 23rd. Finally, BidaskClub lowered The Blackstone Group L.P. from a “buy” rating to a “hold” rating in a report on Thursday, June 15th. Three research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. The Blackstone Group L.P. has a consensus rating of “Buy” and an average target price of $37.34.

In related news, major shareholder Real Estate Associa Blackstone sold 15,000,000 shares of the stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $26.05, for a total transaction of $390,750,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Joan Solotar sold 30,500 shares of the 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 directly owns 150,281 shares in the company, valued at approximately $5,005,860.11. The disclosure for this sale can be found here. Insiders have sold 15,050,500 shares of company stock worth $392,416,555 in the last three months. 1.00% of the stock is currently owned by company insiders.

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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