RiverPark Advisors LLC lowered its holdings in The Blackstone Group Inc. (NYSE:BX) by 13.8% during the 1st quarter, Holdings Channel reports. The firm owned 372,753 shares of the asset manager’s stock after selling 59,704 shares during the period. The Blackstone Group makes up about 4.6% of RiverPark Advisors LLC’s investment portfolio, making the stock its largest holding. RiverPark Advisors LLC’s holdings in The Blackstone Group were worth $27,781,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. BlackRock Inc. grew its holdings in The Blackstone Group by 15.6% during the first quarter. BlackRock Inc. now owns 23,239,665 shares of the asset manager’s stock valued at $1,732,052,000 after purchasing an additional 3,142,840 shares during the period. Morgan Stanley boosted its holdings in The Blackstone Group by 5.9% in the 4th quarter. Morgan Stanley now owns 20,017,438 shares of the asset manager’s stock valued at $1,297,331,000 after purchasing an additional 1,121,123 shares during the period. Capital International Investors grew its position in shares of The Blackstone Group by 1.9% during the 1st quarter. Capital International Investors now owns 16,319,894 shares of the asset manager’s stock valued at $1,216,322,000 after purchasing an additional 307,477 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of The Blackstone Group by 10.5% in the first quarter. Royal Bank of Canada now owns 16,084,321 shares of the asset manager’s stock worth $1,198,766,000 after purchasing an additional 1,530,100 shares during the period. Finally, CIBC Private Wealth Group LLC raised its position in shares of The Blackstone Group by 5.9% in the first quarter. CIBC Private Wealth Group LLC now owns 9,929,224 shares of the asset manager’s stock worth $740,026,000 after buying an additional 552,507 shares in the last quarter. 60.65% of the stock is currently owned by institutional investors.
Several analysts have weighed in on BX shares. raised their price target on The Blackstone Group from $91.00 to $100.00 and gave the company a “neutral” rating in a report on Monday, July 12th. Oppenheimer reaffirmed a “market perform” rating on shares of The Blackstone Group in a research note on Wednesday, March 24th. Morgan Stanley boosted their price target on shares of The Blackstone Group from $98.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday. Citigroup raised their price objective on shares of The Blackstone Group from $91.00 to $100.00 and gave the company a “neutral” rating in a research report on Monday, July 12th. Finally, Argus upped their target price on shares of The Blackstone Group from $82.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, April 27th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $86.42.
The Blackstone Group (NYSE:BX) last issued its earnings results on Wednesday, April 21st. The asset manager reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.24. The Blackstone Group had a net margin of 26.66% and a return on equity of 15.52%. The firm had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter last year, the business earned $0.46 earnings per share. Analysts anticipate that The Blackstone Group Inc. will post 3.63 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, May 10th. Shareholders of record on Monday, May 3rd were given a $0.82 dividend. This represents a $3.28 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date was Friday, April 30th. The Blackstone Group’s payout ratio is 123.77%.
In related news, major shareholder Lifesciences Iii L.P. Clarus purchased 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 11th. The shares were acquired at an average price of $17.00 per share, for a total transaction of $510,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Hamilton E. James sold 78,947 shares of the business’s stock in a transaction on Wednesday, May 5th. The shares were sold at an average price of $88.34, for a total transaction of $6,974,177.98. Following the transaction, the insider now directly owns 921,053 shares in the company, valued at $81,365,822.02. The disclosure for this sale can be found here. Insiders sold 7,656,272 shares of company stock worth $230,663,723 in the last 90 days. Corporate insiders own 1.00% of the company’s stock.
The Blackstone Group Profile
The Blackstone Group Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.
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