Wedbush Securities Inc. raised its stake in Blackstone Group LP (NYSE:BX) by 11.7% in the third quarter, Holdings Channel reports. The fund owned 27,173 shares of the asset manager’s stock after purchasing an additional 2,843 shares during the quarter. Wedbush Securities Inc.’s holdings in Blackstone Group were worth $1,035,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of BX. Wealthsource Partners LLC increased its position in Blackstone Group by 36.4% during the 3rd quarter. Wealthsource Partners LLC now owns 18,148 shares of the asset manager’s stock valued at $691,000 after purchasing an additional 4,844 shares during the period. Fairfield Bush & CO. increased its position in Blackstone Group by 75.5% during the 3rd quarter. Fairfield Bush & CO. now owns 18,600 shares of the asset manager’s stock valued at $708,000 after purchasing an additional 8,000 shares during the period. Cpwm LLC acquired a new stake in Blackstone Group during the 3rd quarter valued at approximately $220,000. Honkamp Krueger Financial Services Inc. acquired a new stake in Blackstone Group during the 3rd quarter valued at approximately $159,000. Finally, Marvin & Palmer Associates Inc. increased its position in Blackstone Group by 15.7% during the 3rd quarter. Marvin & Palmer Associates Inc. now owns 136,182 shares of the asset manager’s stock valued at $5,186,000 after purchasing an additional 18,440 shares during the period. 50.12% of the stock is owned by hedge funds and other institutional investors.

A number of research firms have weighed in on BX. Deutsche Bank decreased their target price on shares of Blackstone Group from $35.00 to $34.00 and set a “hold” rating for the company in a research report on Friday, November 16th. Morgan Stanley decreased their target price on shares of Blackstone Group from $48.00 to $42.00 and set a “buy” rating for the company in a research report on Wednesday, November 14th. Zacks Investment Research raised shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research report on Wednesday, October 17th. Oppenheimer set a $44.00 target price on shares of Blackstone Group and gave the company a “buy” rating in a research report on Tuesday, October 16th. Finally, ValuEngine downgraded shares of Blackstone Group from a “buy” rating to a “hold” rating in a research report on Thursday, October 4th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $42.27.

In related news, major shareholder Blackstone Bgsl Holdings Llc acquired 192,000 shares of Blackstone Group stock in a transaction dated Tuesday, November 6th. The stock was bought at an average price of $25.00 per share, with a total value of $4,800,000.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.00% of the company’s stock.

Shares of BX stock opened at $31.90 on Thursday. The company has a market cap of $21.66 billion, a PE ratio of 11.35, a P/E/G ratio of 1.06 and a beta of 1.37. Blackstone Group LP has a 52 week low of $30.08 and a 52 week high of $40.60. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.97 and a quick ratio of 0.97.

Blackstone Group (NYSE:BX) last announced its quarterly earnings data on Thursday, October 18th. The asset manager reported $0.76 EPS for the quarter, topping the consensus estimate of $0.74 by $0.02. The company had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $1.79 billion. Blackstone Group had a net margin of 22.34% and a return on equity of 22.67%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.69 EPS. On average, sell-side analysts expect that Blackstone Group LP will post 2.96 earnings per share for the current fiscal year.

COPYRIGHT VIOLATION WARNING: This article was originally published by Watch List News and is the sole property of of Watch List News. If you are accessing this article on another site, it was illegally stolen and republished in violation of US & international trademark & copyright legislation. The original version of this article can be viewed at https://www.watchlistnews.com/wedbush-securities-inc-boosts-stake-in-blackstone-group-lp-bx/2665521.html.

About Blackstone Group

The Blackstone Group L.P. is a publicly owned alternative asset manager. The firm also provides capital markets services to its clients. It provides its services to public and corporate pension funds, academic, cultural, and charitable organizations, retirees, sovereign wealth funds, and institutional and individual investors.

Featured Article: Stop Order Uses For Individual Investors

Want to see what other hedge funds are holding BX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackstone Group LP (NYSE:BX).

Institutional Ownership by Quarter for Blackstone Group (NYSE:BX)

Receive News & Ratings for Blackstone Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Blackstone Group and related companies with MarketBeat.com's FREE daily email newsletter.