Strategic Wealth Management Inc. lifted its stake in shares of Blackstone Group LP (NYSE:BX) by 13.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 52,570 shares of the asset manager’s stock after purchasing an additional 6,250 shares during the period. Blackstone Group accounts for about 2.4% of Strategic Wealth Management Inc.’s portfolio, making the stock its 17th largest holding. Strategic Wealth Management Inc.’s holdings in Blackstone Group were worth $2,568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently modified their holdings of BX. Baltimore Washington Financial Advisors Inc. acquired a new position in Blackstone Group in the third quarter valued at approximately $13,092,000. Enlightenment Research LLC acquired a new position in Blackstone Group in the third quarter valued at approximately $2,183,000. Signaturefd LLC lifted its holdings in Blackstone Group by 49.1% in the third quarter. Signaturefd LLC now owns 1,640 shares of the asset manager’s stock valued at $80,000 after acquiring an additional 540 shares during the last quarter. CIBC Private Wealth Group LLC lifted its holdings in Blackstone Group by 2,994.1% in the third quarter. CIBC Private Wealth Group LLC now owns 4,099,714 shares of the asset manager’s stock valued at $200,230,000 after acquiring an additional 3,967,214 shares during the last quarter. Finally, Douglas Lane & Associates LLC lifted its holdings in Blackstone Group by 6.2% in the third quarter. Douglas Lane & Associates LLC now owns 1,379,286 shares of the asset manager’s stock valued at $67,364,000 after acquiring an additional 80,631 shares during the last quarter. Institutional investors and hedge funds own 47.10% of the company’s stock.
In other Blackstone Group news, major shareholder Blackstone Group Inc bought 64,708 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was acquired at an average price of $7.82 per share, for a total transaction of $506,016.56. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christopher Striano sold 7,000 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $48.23, for a total transaction of $337,610.00. Following the sale, the insider now owns 36,186 shares of the company’s stock, valued at approximately $1,745,250.78. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 694,319 shares of company stock valued at $5,581,544 and sold 9,161,966 shares valued at $300,689,747. Corporate insiders own 1.00% of the company’s stock.
A number of research analysts have commented on the company. Citigroup cut Blackstone Group from a “buy” rating to a “neutral” rating and set a $52.00 price target on the stock. in a research note on Wednesday, September 18th. They noted that the move was a valuation call. S&P Equity Research cut Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 24th. ValuEngine cut Blackstone Group from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Oppenheimer cut Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 24th. They noted that the move was a valuation call. Finally, BMO Capital Markets assumed coverage on Blackstone Group in a research note on Monday, October 7th. They set a “market perform” rating and a $44.00 price target on the stock. Nine analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Blackstone Group has an average rating of “Hold” and a consensus price target of $50.44.
NYSE:BX traded up $0.95 during trading hours on Thursday, hitting $47.76. The company’s stock had a trading volume of 75,884 shares, compared to its average volume of 10,239,889. The stock has a market capitalization of $30.76 billion, a P/E ratio of 21.15, a price-to-earnings-growth ratio of 1.03 and a beta of 1.45. The stock has a fifty day moving average of $49.79 and a 200-day moving average of $44.44. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.82. Blackstone Group LP has a 52-week low of $26.88 and a 52-week high of $55.17.
Blackstone Group (NYSE:BX) last released its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.07. Blackstone Group had a net margin of 20.51% and a return on equity of 11.30%. The company had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the firm posted $0.90 earnings per share. Blackstone Group’s revenue for the quarter was down 43.5% on a year-over-year basis. On average, sell-side analysts forecast that Blackstone Group LP will post 2.27 earnings per share for the current year.
Blackstone Group Profile
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.
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