Adirondack Trust Co. cut its stake in shares of The Blackstone Group L.P. (NYSE:BX) by 8.8% during the second quarter, Holdings Channel reports. The firm owned 4,116 shares of the asset manager’s stock after selling 395 shares during the period. Adirondack Trust Co.’s holdings in The Blackstone Group L.P. were worth $137,000 as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. Pioneer Investment Management Inc. bought a new stake in shares of The Blackstone Group L.P. during the first quarter valued at approximately $4,771,000. Perkins Capital Management Inc. bought a new stake in shares of The Blackstone Group L.P. during the first quarter valued at approximately $480,000. NEXT Financial Group Inc increased its stake in shares of The Blackstone Group L.P. by 42.4% in the first quarter. NEXT Financial Group Inc now owns 14,016 shares of the asset manager’s stock valued at $432,000 after buying an additional 4,173 shares in the last quarter. Hartwell J M Limited Partnership increased its stake in shares of The Blackstone Group L.P. by 5.4% in the first quarter. Hartwell J M Limited Partnership now owns 40,275 shares of the asset manager’s stock valued at $1,196,000 after buying an additional 2,050 shares in the last quarter. Finally, Arete Wealth Advisors LLC bought a new stake in shares of The Blackstone Group L.P. during the first quarter valued at approximately $2,828,000. Institutional investors and hedge funds own 45.89% of the company’s stock.

The Blackstone Group L.P. (NYSE:BX) opened at 32.30 on Friday. The firm has a market capitalization of $20.96 billion, a price-to-earnings ratio of 14.52 and a beta of 1.32. 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 $33.62 and its 200 day moving average price is $31.41.

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

The company also recently declared a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Monday, July 31st were issued a $0.54 dividend. The ex-dividend date was Thursday, July 27th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 6.69%. The Blackstone Group L.P.’s dividend payout ratio (DPR) is 97.30%.

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BX has been the subject of several analyst reports. Citigroup Inc. reaffirmed a “buy” rating and set a $41.00 target price (up from $40.00) on shares of The Blackstone Group L.P. in a report on Sunday, May 28th. Jefferies Group LLC upped their target price on The Blackstone Group L.P. from $35.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, May 23rd. Vetr downgraded The Blackstone Group L.P. from a “strong-buy” rating to a “buy” rating and set a $33.18 target price for the company. in a report on Wednesday, April 19th. BidaskClub raised The Blackstone Group L.P. from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $37.00 target price on shares of The Blackstone Group L.P. in a report on Friday, July 14th. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $37.34.

In other news, insider Joan Solotar sold 30,500 shares of the business’s stock in a transaction dated 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 $5,005,860.11. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Real Estate Associa Blackstone sold 15,000,000 shares of the business’s stock in a transaction dated Wednesday, June 7th. The shares were 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. Over the last 90 days, insiders sold 15,050,500 shares of company stock worth $392,416,555. Corporate insiders own 1.00% of the company’s stock.

About The Blackstone Group L.P.

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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