Wintrust Investments LLC reduced its stake in The Blackstone Group Inc. (NYSE:BX) by 2.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,298 shares of the asset manager’s stock after selling 599 shares during the quarter. Wintrust Investments LLC’s holdings in The Blackstone Group were worth $2,652,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the business. Waddell & Reed Financial Inc. increased its position in The Blackstone Group by 21.2% during the first quarter. Waddell & Reed Financial Inc. now owns 1,658,777 shares of the asset manager’s stock worth $123,629,000 after acquiring an additional 290,433 shares during the period. Cadinha & Co. LLC acquired a new stake in The Blackstone Group during the first quarter worth approximately $17,545,000. Resources Investment Advisors LLC. grew its position in The Blackstone Group by 2.6% during the first quarter. Resources Investment Advisors LLC. now owns 44,885 shares of the asset manager’s stock worth $3,345,000 after buying an additional 1,137 shares in the last quarter. Forsta AP Fonden grew its position in The Blackstone Group by 0.9% during the first quarter. Forsta AP Fonden now owns 130,500 shares of the asset manager’s stock worth $9,726,000 after buying an additional 1,100 shares in the last quarter. Finally, Ashfield Capital Partners LLC grew its position in The Blackstone Group by 4.3% during the second quarter. Ashfield Capital Partners LLC now owns 49,234 shares of the asset manager’s stock worth $4,783,000 after buying an additional 2,033 shares in the last quarter. 63.16% of the stock is currently owned by hedge funds and other institutional investors.
In other news, major shareholder Lifesciences Iii L.P. Clarus purchased 150,000 shares of the company’s stock in a transaction dated Tuesday, July 20th. The shares were purchased at an average price of $16.00 per share, for a total transaction of $2,400,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Joseph Baratta sold 669 shares of the business’s stock in a transaction that occurred on Friday, June 25th. The stock was sold at an average price of $98.93, for a total transaction of $66,184.17. Following the completion of the transaction, the director now owns 1,283,592 shares in the company, valued at approximately $126,985,756.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 508,477 shares of company stock valued at $40,210,412. Corporate insiders own 1.00% of the company’s stock.
The Blackstone Group (NYSE:BX) last posted its earnings results on Wednesday, July 21st. The asset manager reported $0.82 EPS for the quarter, beating the consensus estimate of $0.77 by $0.05. The firm had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $1.92 billion. The Blackstone Group had a return on equity of 15.88% and a net margin of 26.67%. The business’s quarterly revenue was up 90.3% on a year-over-year basis. During the same period last year, the company earned $0.43 earnings per share. Research analysts forecast that The Blackstone Group Inc. will post 3.7 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, August 9th. Shareholders of record on Monday, August 2nd were given a $0.8475 dividend. The ex-dividend date of this dividend was Friday, July 30th. This represents a $3.39 annualized dividend and a yield of 2.56%. The Blackstone Group’s dividend payout ratio is presently 105.66%.
BX has been the subject of several recent analyst reports. Citigroup upped their price objective on shares of The Blackstone Group from $91.00 to $100.00 and gave the stock a “neutral” rating in a research report on Monday, July 12th. Argus upped their price objective on shares of The Blackstone Group from $100.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, July 23rd. Zacks Investment Research downgraded shares of The Blackstone Group from a “buy” rating to a “hold” rating and set a $139.00 price objective for the company. in a research report on Tuesday. boosted 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, Deutsche Bank Aktiengesellschaft upgraded shares of The Blackstone Group from a “hold” rating to a “buy” rating and boosted their price objective for the company from $103.00 to $135.00 in a research report on Wednesday, August 11th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, The Blackstone Group currently has an average rating of “Buy” and a consensus target price of $98.55.
About The Blackstone Group
The Blackstone Group, Inc engages in the provision of investment and fund management services. It operates through the following segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit. The Private Equity segment consists of flagship corporate private equity funds, Blackstone Capital Partners funds, sector-focused corporate private equity funds, including energy-focused funds, Blackstone Energy Partners funds, and core private equity fund, Blackstone Core Equity Partners.
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