Reliance Trust Co. of Delaware Purchases 5,700 Shares of Blackstone Group LP (BX)

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Reliance Trust Co. of Delaware increased its position in shares of Blackstone Group LP (NYSE:BX) by 59.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,298 shares of the asset manager’s stock after acquiring an additional 5,700 shares during the period. Reliance Trust Co. of Delaware’s holdings in Blackstone Group were worth $583,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in BX. BlackRock Inc. bought a new position in shares of Blackstone Group during the first quarter worth approximately $5,369,000. Clarus Wealth Advisors increased its position in Blackstone Group by 180.1% in the third quarter. Clarus Wealth Advisors now owns 8,534 shares of the asset manager’s stock worth $325,000 after purchasing an additional 5,487 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Blackstone Group by 2.8% in the second quarter. PNC Financial Services Group Inc. now owns 708,399 shares of the asset manager’s stock worth $22,790,000 after purchasing an additional 19,278 shares during the last quarter. Independent Advisor Alliance increased its position in Blackstone Group by 7.8% in the second quarter. Independent Advisor Alliance now owns 59,405 shares of the asset manager’s stock worth $1,911,000 after purchasing an additional 4,304 shares during the last quarter. Finally, OppenheimerFunds Inc. increased its position in Blackstone Group by 1.4% in the second quarter. OppenheimerFunds Inc. now owns 1,098,800 shares of the asset manager’s stock worth $35,348,000 after purchasing an additional 15,000 shares during the last quarter. Institutional investors and hedge funds own 49.00% of the company’s stock.

In related news, insider John G. Finley sold 5,000 shares of the company’s stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $35.98, for a total value of $179,900.00. Following the completion of the sale, the insider now directly owns 113,003 shares of the company’s stock, valued at $4,065,847.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman J Tomilson Hill sold 674,257 shares of the company’s stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $36.48, for a total transaction of $24,596,895.36. Following the completion of the sale, the insider now directly owns 928,884 shares of the company’s stock, valued at $33,885,688.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 770,677 shares of company stock valued at $28,061,444. 1.00% of the stock is owned by insiders.

BX has been the subject of several recent analyst reports. Morgan Stanley reaffirmed a “buy” rating on shares of Blackstone Group in a research note on Friday, September 14th. JMP Securities lifted their price objective on shares of Blackstone Group from $39.00 to $43.00 and gave the stock an “outperform” rating in a research note on Monday, September 24th. ValuEngine raised shares of Blackstone Group from a “hold” rating to a “buy” rating in a research note on Saturday, September 22nd. Zacks Investment Research raised shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Thursday, August 16th. Finally, Argus lifted their price objective on shares of Blackstone Group from $39.00 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday, September 25th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $43.45.

Shares of BX opened at $32.36 on Thursday. The firm has a market cap of $21.18 billion, a PE ratio of 11.52, a P/E/G ratio of 1.06 and a beta of 1.32. Blackstone Group LP has a 12-month low of $29.57 and a 12-month high of $40.60. 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 earnings results on Thursday, October 18th. The asset manager reported $0.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.02. The firm had revenue of $1.83 billion during the quarter, compared to analyst estimates of $1.79 billion. Blackstone Group had a net margin of 22.34% and a return on equity of 22.99%. The business’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.69 earnings per share. Analysts predict that Blackstone Group LP will post 2.87 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 5th. Investors of record on Monday, October 29th will be paid a $0.64 dividend. The ex-dividend date of this dividend is Friday, October 26th. This is a positive change from Blackstone Group’s previous quarterly dividend of $0.58. This represents a $2.56 dividend on an annualized basis and a yield of 7.91%. Blackstone Group’s dividend payout ratio is 91.10%.

Blackstone Group Company 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.

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

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