Deroy & Devereaux Private Investment Counsel Inc. Purchases 3,156 Shares of Blackstone Group LP (BX)

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Deroy & Devereaux Private Investment Counsel Inc. raised its position in Blackstone Group LP (NYSE:BX) by 7.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 46,298 shares of the asset manager’s stock after purchasing an additional 3,156 shares during the quarter. Deroy & Devereaux Private Investment Counsel Inc.’s holdings in Blackstone Group were worth $1,763,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Blackstone Group in the 1st quarter valued at about $5,369,000. Allianz Asset Management GmbH bought a new position in shares of Blackstone Group in the 1st quarter valued at about $2,716,000. Neville Rodie & Shaw Inc. grew its holdings in shares of Blackstone Group by 4.8% in the 2nd quarter. Neville Rodie & Shaw Inc. now owns 35,092 shares of the asset manager’s stock valued at $1,129,000 after acquiring an additional 1,619 shares in the last quarter. Clinton Group Inc. grew its holdings in shares of Blackstone Group by 23.7% in the 2nd quarter. Clinton Group Inc. now owns 9,758 shares of the asset manager’s stock valued at $314,000 after acquiring an additional 1,867 shares in the last quarter. Finally, First American Trust FSB bought a new position in shares of Blackstone Group in the 2nd quarter valued at about $391,000. 49.00% of the stock is currently owned by hedge funds and other institutional investors.

In other news, insider John G. Finley sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $35.98, for a total transaction of $179,900.00. Following the completion of the sale, the insider now owns 113,003 shares in the company, valued at $4,065,847.94. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider John G. Finley sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $35.76, for a total value of $357,600.00. Following the sale, the insider now owns 113,003 shares of the company’s stock, valued at approximately $4,040,987.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 770,677 shares of company stock valued at $28,061,444. Corporate insiders own 1.00% of the company’s stock.

Several equities analysts have recently weighed in on the company. Zacks Investment Research upgraded Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Wednesday, October 17th. Oppenheimer set a $44.00 price objective on Blackstone Group and gave the company a “buy” rating in a report on Tuesday, October 16th. ValuEngine cut Blackstone Group from a “buy” rating to a “hold” rating in a report on Thursday, October 4th. Argus raised their price objective on Blackstone Group from $39.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, September 25th. Finally, Bank of America raised their price objective on Blackstone Group from $40.00 to $46.00 and gave the company a “buy” rating in a report on Monday, September 24th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $43.45.

Shares of NYSE:BX traded up $1.32 during trading on Tuesday, reaching $31.75. 5,419,239 shares of the stock were exchanged, compared to its average volume of 5,720,749. Blackstone Group LP has a 12 month low of $29.57 and a 12 month high of $40.60. The stock has a market cap of $21.17 billion, a PE ratio of 11.30, a P/E/G ratio of 1.06 and a beta of 1.32. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.72.

Blackstone Group (NYSE:BX) last issued its quarterly earnings data on Thursday, October 18th. The asset manager reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.02. Blackstone Group had a return on equity of 22.99% and a net margin of 22.34%. The company had revenue of $1.83 billion during the quarter, compared to analysts’ expectations of $1.79 billion. During the same quarter in the previous year, the company posted $0.69 earnings per share. The business’s revenue was up 11.1% on a year-over-year basis. Equities research analysts expect that Blackstone Group LP will post 2.87 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 5th. Stockholders of record on Monday, October 29th will be issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 8.06%. The ex-dividend date is Friday, October 26th. This is a boost from Blackstone Group’s previous quarterly dividend of $0.58. Blackstone Group’s payout ratio is currently 91.10%.

Blackstone Group Profile

The Blackstone Group L.P. is a publicly owned hedge fund sponsor. The firm also provides financial advisory 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.

Further Reading: What is a balanced fund?

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

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