The Blackstone Group L.P. (BX) Position Raised by ProVise Management Group LLC
ProVise Management Group LLC boosted its position in shares of The Blackstone Group L.P. (NYSE:BX) by 3.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,558 shares of the asset manager’s stock after purchasing an additional 2,633 shares during the period. ProVise Management Group LLC’s holdings in The Blackstone Group L.P. were worth $2,755,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BX. Janus Henderson Group PLC grew its holdings in The Blackstone Group L.P. by 1,142.0% during the 2nd quarter. Janus Henderson Group PLC now owns 8,062,439 shares of the asset manager’s stock valued at $268,879,000 after purchasing an additional 7,413,287 shares in the last quarter. Capital World Investors grew its holdings in The Blackstone Group L.P. by 101.0% during the 2nd quarter. Capital World Investors now owns 3,988,250 shares of the asset manager’s stock worth $133,008,000 after acquiring an additional 2,004,000 shares in the last quarter. Global Thematic Partners LLC acquired a new position in The Blackstone Group L.P. during the 2nd quarter worth $57,533,000. FMR LLC grew its holdings in The Blackstone Group L.P. by 3.5% during the 2nd quarter. FMR LLC now owns 40,769,760 shares of the asset manager’s stock worth $1,359,671,000 after acquiring an additional 1,387,363 shares in the last quarter. Finally, Fred Alger Management Inc. grew its holdings in The Blackstone Group L.P. by 23.8% during the 2nd quarter. Fred Alger Management Inc. now owns 6,289,738 shares of the asset manager’s stock worth $209,763,000 after acquiring an additional 1,211,146 shares in the last quarter. 46.58% of the stock is owned by institutional investors and hedge funds.
The Blackstone Group L.P. (NYSE:BX) traded up $0.01 during mid-day trading on Tuesday, hitting $31.84. 1,393,458 shares of the company’s stock were exchanged, compared to its average volume of 4,196,748. The Blackstone Group L.P. has a one year low of $25.57 and a one year high of $35.09. The company has a market cap of $38,590.00, a P/E ratio of 11.43, a price-to-earnings-growth ratio of 0.58 and a beta of 1.42. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.05 and a quick ratio of 1.05.
The Blackstone Group L.P. (NYSE:BX) last released its quarterly earnings results on Thursday, October 19th. The asset manager reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.14. The Blackstone Group L.P. had a net margin of 22.88% and a return on equity of 19.71%. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.39 billion. During the same period in the previous year, the firm earned $0.57 EPS. The Blackstone Group L.P.’s revenue was up 21.4% on a year-over-year basis. sell-side analysts anticipate that The Blackstone Group L.P. will post 2.75 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, November 6th. Investors of record on Monday, October 30th were issued a $0.44 dividend. The ex-dividend date was Friday, October 27th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 5.53%. The Blackstone Group L.P.’s payout ratio is currently 75.86%.
BX has been the subject of several research reports. BidaskClub lowered shares of The Blackstone Group L.P. from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating on shares of The Blackstone Group L.P. in a report on Thursday, October 19th. Vetr lowered shares of The Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $37.15 price target for the company. in a report on Monday, September 25th. Zacks Investment Research raised shares of The Blackstone Group L.P. from a “sell” rating to a “hold” rating in a report on Monday, October 2nd. Finally, Bank of America Corporation lifted their price target on shares of The Blackstone Group L.P. from $38.00 to $40.00 and gave the company a “buy” rating in a report on Friday, October 20th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. The Blackstone Group L.P. has a consensus rating of “Buy” and a consensus price target of $38.25.
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The Blackstone Group L.P. 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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