Valley Brook Capital Group acquired a new stake in The Blackstone Group Inc. (NYSE:BX) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 525 shares of the asset manager’s stock, valued at approximately $34,000.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Marshall Wace LLP acquired a new position in The Blackstone Group in the first quarter valued at $50,000. AXA S.A. purchased a new position in The Blackstone Group during the 3rd quarter worth approximately $54,000. Segall Bryant & Hamill LLC acquired a new position in The Blackstone Group during the third quarter worth approximately $327,000. Advisors Asset Management Inc. purchased a new stake in The Blackstone Group in the third quarter valued at approximately $51,000. Finally, Peapack Gladstone Financial Corp boosted its holdings in shares of The Blackstone Group by 7.1% in the third quarter. Peapack Gladstone Financial Corp now owns 38,009 shares of the asset manager’s stock valued at $1,984,000 after acquiring an additional 2,525 shares during the period. 59.77% of the stock is currently owned by institutional investors and hedge funds.
In related news, major shareholder Blackstone Group Inc sold 2,370,632 shares of the business’s stock in a transaction dated Wednesday, March 24th. The shares were sold at an average price of $37.00, for a total value of $87,713,384.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.00% of the company’s stock.
The Blackstone Group (NYSE:BX) last posted its quarterly earnings results on Tuesday, January 26th. The asset manager reported $1.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.20. The company had revenue of $3.63 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same quarter in the previous year, the business posted $0.71 earnings per share. The Blackstone Group’s revenue was up 73.5% on a year-over-year basis. On average, equities research analysts anticipate that The Blackstone Group Inc. will post 2.45 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, February 16th. Stockholders of record on Monday, February 8th were given a $0.7175 dividend. The ex-dividend date was Friday, February 5th. This represents a $2.87 dividend on an annualized basis and a dividend yield of 3.81%. This is a boost from The Blackstone Group’s previous quarterly dividend of $0.54. The Blackstone Group’s dividend payout ratio (DPR) is currently 166.23%.
BX has been the topic of a number of recent research reports. Piper Sandler initiated coverage on shares of The Blackstone Group in a report on Thursday, January 14th. They issued an “overweight” rating and a $71.00 target price on the stock. Morgan Stanley upped their target price on shares of The Blackstone Group from $84.00 to $90.00 and gave the company an “overweight” rating in a report on Monday, March 22nd. Barclays increased their target price on shares of The Blackstone Group from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, January 28th. BMO Capital Markets boosted their price target on The Blackstone Group from $63.00 to $72.00 and gave the company a “market perform” rating in a research report on Thursday, January 28th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of The Blackstone Group in a research report on Wednesday, March 24th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $68.96.
The Blackstone Group Company Profile
The Blackstone Group Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.
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