Beck Mack & Oliver LLC trimmed its position in Blackstone Group LP (NYSE:BX) by 2.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,201,632 shares of the asset manager’s stock after selling 80,041 shares during the quarter. Blackstone Group accounts for approximately 5.5% of Beck Mack & Oliver LLC’s portfolio, making the stock its 2nd largest holding. Beck Mack & Oliver LLC owned about 0.48% of Blackstone Group worth $156,368,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Burt Wealth Advisors purchased a new stake in shares of Blackstone Group during the 3rd quarter valued at about $26,000. Cypress Capital Management LLC WY purchased a new stake in shares of Blackstone Group during the 2nd quarter valued at about $25,000. Lenox Wealth Advisors LLC purchased a new stake in shares of Blackstone Group during the 3rd quarter valued at about $28,000. Hartford Financial Management Inc. purchased a new stake in shares of Blackstone Group during the 3rd quarter valued at about $30,000. Finally, TCI Wealth Advisors Inc. purchased a new stake in shares of Blackstone Group during the 3rd quarter valued at about $32,000. Institutional investors own 47.88% of the company’s stock.
Several equities research analysts recently commented on the company. Citigroup downgraded Blackstone Group from a “buy” rating to a “neutral” rating and set a $52.00 target price on the stock. in a report on Wednesday, September 18th. They noted that the move was a valuation call. S&P Equity Research lowered Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 24th. Bank of America lowered Blackstone Group from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $54.00 to $52.00 in a research note on Monday, October 14th. Oppenheimer lowered Blackstone Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 24th. They noted that the move was a valuation call. Finally, Barclays set a $53.00 price objective on Blackstone Group and gave the company a “buy” rating in a research note on Friday, October 11th. Nine equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $52.63.
Blackstone Group (NYSE:BX) last issued its quarterly earnings data on Wednesday, October 23rd. The asset manager reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. Blackstone Group had a return on equity of 7.71% and a net margin of 27.05%. The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same quarter last year, the firm earned $0.63 EPS. Blackstone Group’s quarterly revenue was down 9.9% on a year-over-year basis. On average, analysts anticipate that Blackstone Group LP will post 2.28 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 12th. Shareholders of record on Monday, November 4th will be paid a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date is Friday, November 1st. This is a positive change from Blackstone Group’s previous quarterly dividend of $0.48. Blackstone Group’s dividend payout ratio (DPR) is 86.73%.
In other news, Vice Chairman Hamilton E. James sold 280,046 shares of Blackstone Group stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $51.73, for a total value of $14,486,779.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joan Solotar sold 25,000 shares of Blackstone Group stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $53.83, for a total value of $1,345,750.00. Following the completion of the transaction, the insider now owns 235,803 shares of the company’s stock, valued at approximately $12,693,275.49. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 529,611 shares of company stock valued at $4,281,527 and have sold 16,299,557 shares valued at $558,804,845. 1.00% of the stock is owned by company insiders.
Blackstone Group 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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