Short Interest in Blackstone Group LP (NYSE:BX) Drops By 34.5%

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Blackstone Group LP (NYSE:BX) was the recipient of a significant decline in short interest in August. As of August 15th, there was short interest totalling 10,683,600 shares, a decline of 34.5% from the July 15th total of 16,315,200 shares. Based on an average daily trading volume, of 6,810,000 shares, the short-interest ratio is presently 1.6 days. Approximately 1.7% of the shares of the stock are short sold.

A number of brokerages have recently issued reports on BX. Morgan Stanley upped their target price on shares of Blackstone Group from $54.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Deutsche Bank upped their target price on shares of Blackstone Group from $42.00 to $45.00 and gave the stock a “hold” rating in a research report on Friday, July 19th. Citigroup set a $52.00 target price on shares of Blackstone Group and gave the stock a “buy” rating in a research report on Friday, July 19th. JMP Securities lowered shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a research report on Monday, July 8th. Finally, Oppenheimer set a $52.00 target price on shares of Blackstone Group and gave the stock a “buy” rating in a research report on Friday, July 19th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $48.10.

Shares of BX stock traded up $0.45 during trading hours on Tuesday, reaching $49.69. 3,710,945 shares of the company were exchanged, compared to its average volume of 4,991,787. The stock’s fifty day moving average is $47.27 and its two-hundred day moving average is $40.47. Blackstone Group has a fifty-two week low of $26.88 and a fifty-two week high of $50.08. The company has a market cap of $32.79 billion, a price-to-earnings ratio of 21.99, a P/E/G ratio of 1.03 and a beta of 1.47. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.89 and a quick ratio of 0.89.

Blackstone Group (NYSE:BX) last announced its quarterly earnings data on Thursday, July 18th. The asset manager reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ 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 business had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the business posted $0.90 earnings per share. Blackstone Group’s revenue was down 43.5% compared to the same quarter last year. On average, research analysts anticipate that Blackstone Group will post 2.32 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 29th were issued a $0.48 dividend. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.92 annualized dividend and a yield of 3.86%. Blackstone Group’s dividend payout ratio is currently 84.96%.

In other Blackstone Group news, insider Christopher Striano sold 7,000 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $48.23, for a total value of $337,610.00. Following the transaction, the insider now directly owns 36,186 shares in the company, valued at $1,745,250.78. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Blackstone Group Inc purchased 49,000 shares of Blackstone Group stock in a transaction on Monday, August 26th. The stock was purchased at an average price of $8.10 per share, for a total transaction of $396,900.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 577,319 shares of company stock worth $4,576,514. Company insiders own 1.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Valley National Advisers Inc. increased its stake in Blackstone Group by 1.0% in the second quarter. Valley National Advisers Inc. now owns 23,348 shares of the asset manager’s stock valued at $1,037,000 after purchasing an additional 233 shares in the last quarter. Ashfield Capital Partners LLC increased its stake in Blackstone Group by 0.7% in the second quarter. Ashfield Capital Partners LLC now owns 33,573 shares of the asset manager’s stock valued at $1,491,000 after purchasing an additional 242 shares in the last quarter. Cottage Street Advisors LLC increased its stake in Blackstone Group by 0.3% in the second quarter. Cottage Street Advisors LLC now owns 75,450 shares of the asset manager’s stock valued at $3,351,000 after purchasing an additional 247 shares in the last quarter. BB&T Corp increased its stake in Blackstone Group by 2.3% in the second quarter. BB&T Corp now owns 10,949 shares of the asset manager’s stock valued at $486,000 after purchasing an additional 250 shares in the last quarter. Finally, Girard Partners LTD. increased its stake in Blackstone Group by 4.0% in the second quarter. Girard Partners LTD. now owns 7,546 shares of the asset manager’s stock valued at $335,000 after purchasing an additional 291 shares in the last quarter. Institutional investors and hedge funds own 45.05% of the company’s stock.

Blackstone Group Company 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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