D.A. Davidson & CO. Sells 13,464 Shares of Blackstone Group LP (BX)

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D.A. Davidson & CO. reduced its stake in Blackstone Group LP (NYSE:BX) by 15.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 74,748 shares of the asset manager’s stock after selling 13,464 shares during the period. D.A. Davidson & CO.’s holdings in Blackstone Group were worth $2,405,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of BX. Massachusetts Financial Services Co. MA raised its position in Blackstone Group by 11.7% during the first quarter. Massachusetts Financial Services Co. MA now owns 14,119,617 shares of the asset manager’s stock valued at $451,123,000 after purchasing an additional 1,477,246 shares in the last quarter. Neuberger Berman Group LLC raised its position in Blackstone Group by 166.1% during the first quarter. Neuberger Berman Group LLC now owns 5,737,885 shares of the asset manager’s stock valued at $183,325,000 after purchasing an additional 3,581,736 shares in the last quarter. Wells Fargo & Company MN raised its position in Blackstone Group by 0.7% during the first quarter. Wells Fargo & Company MN now owns 3,637,265 shares of the asset manager’s stock valued at $116,210,000 after purchasing an additional 26,677 shares in the last quarter. Amundi Pioneer Asset Management Inc. raised its position in Blackstone Group by 0.7% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 3,559,655 shares of the asset manager’s stock valued at $113,731,000 after purchasing an additional 23,863 shares in the last quarter. Finally, Beck Mack & Oliver LLC raised its position in Blackstone Group by 1.1% during the second quarter. Beck Mack & Oliver LLC now owns 3,432,778 shares of the asset manager’s stock valued at $110,432,000 after purchasing an additional 36,924 shares in the last quarter. Institutional investors and hedge funds own 48.47% of the company’s stock.

BX has been the subject of several research analyst reports. Jefferies Financial Group reiterated a “buy” rating and set a $42.00 price target on shares of Blackstone Group in a report on Friday, July 20th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $40.00 price target on shares of Blackstone Group in a report on Friday, July 20th. Oppenheimer set a $42.00 price target on shares of Blackstone Group and gave the stock a “buy” rating in a report on Thursday, July 19th. Credit Suisse Group lowered their price target on shares of Blackstone Group from $48.00 to $47.00 and set an “outperform” rating for the company in a report on Friday, July 20th. Finally, Morgan Stanley lowered their price target on shares of Blackstone Group from $41.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, July 12th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $41.44.

In related news, insider John G. Finley sold 20,000 shares of the stock in a transaction on Tuesday, June 12th. The stock was sold at an average price of $33.23, for a total value of $664,600.00. Following the completion of the sale, the insider now directly owns 113,003 shares in the company, valued at $3,755,089.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Shares of Blackstone Group opened at $35.77 on Friday, Marketbeat.com reports. The firm has a market cap of $23.52 billion, a PE ratio of 12.05, a P/E/G ratio of 1.10 and a beta of 1.36. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.02 and a quick ratio of 1.02. Blackstone Group LP has a 52-week low of $29.57 and a 52-week high of $37.52.

Blackstone Group (NYSE:BX) last announced its quarterly earnings results on Thursday, July 19th. The asset manager reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.17. The company had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $1.74 billion. Blackstone Group had a net margin of 22.12% and a return on equity of 23.11%. The company’s revenue for the quarter was up 71.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.59 earnings per share. sell-side analysts anticipate that Blackstone Group LP will post 3.05 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, August 6th. Stockholders of record on Monday, July 30th were issued a dividend of $0.58 per share. The ex-dividend date was Friday, July 27th. This is an increase from Blackstone Group’s previous quarterly dividend of $0.35. This represents a $2.32 annualized dividend and a dividend yield of 6.49%. Blackstone Group’s dividend payout ratio is 82.56%.

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.

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

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