Asset Dedication LLC Makes New Investment in Blackstone Group LP (NYSE:BX)

Asset Dedication LLC purchased a new stake in Blackstone Group LP (NYSE:BX) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 4,500 shares of the asset manager’s stock, valued at approximately $220,000.

A number of other hedge funds have also modified their holdings of BX. Janus Henderson Group PLC boosted its position in Blackstone Group by 127.5% in the 2nd quarter. Janus Henderson Group PLC now owns 16,212,003 shares of the asset manager’s stock valued at $720,137,000 after buying an additional 9,085,152 shares during the period. Nuveen Asset Management LLC purchased a new position in Blackstone Group in the 2nd quarter valued at approximately $234,576,000. CIBC Private Wealth Group LLC boosted its position in Blackstone Group by 2,994.1% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,099,714 shares of the asset manager’s stock valued at $200,230,000 after buying an additional 3,967,214 shares during the period. Artemis Investment Management LLP lifted its position in shares of Blackstone Group by 92.0% during the 2nd quarter. Artemis Investment Management LLP now owns 2,050,040 shares of the asset manager’s stock worth $90,868,000 after purchasing an additional 982,153 shares during the last quarter. Finally, Sandler Capital Management purchased a new stake in shares of Blackstone Group during the 2nd quarter worth $25,941,000. 47.88% of the stock is owned by institutional investors.

Shares of Blackstone Group stock traded up $0.13 during trading on Friday, hitting $51.53. 5,109,765 shares of the stock were exchanged, compared to its average volume of 4,077,599. Blackstone Group LP has a 12-month low of $26.88 and a 12-month high of $55.17. The stock has a market cap of $34.92 billion, a price-to-earnings ratio of 22.80, a price-to-earnings-growth ratio of 1.64 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. The firm’s 50-day moving average price is $50.10 and its 200 day moving average price is $46.28.

Blackstone Group (NYSE:BX) last announced its quarterly earnings results 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 net margin of 27.05% and a return on equity of 7.71%. The firm had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the previous year, the company earned $0.63 earnings per share. Blackstone Group’s quarterly revenue was down 9.9% compared to the same quarter last year. As a group, research analysts forecast that Blackstone Group LP will post 2.28 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 12th. Investors of record on Monday, November 4th will be given a $0.49 dividend. The ex-dividend date of this dividend is Friday, November 1st. This is a boost from Blackstone Group’s previous quarterly dividend of $0.48. This represents a $1.96 dividend on an annualized basis and a yield of 3.80%. Blackstone Group’s payout ratio is 86.73%.

Several research firms have recently issued reports on BX. Oppenheimer cut shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 24th. They noted that the move was a valuation call. Citigroup cut shares of Blackstone Group from a “buy” rating to a “neutral” rating and set a $52.00 price objective for the company. in a research report on Wednesday, September 18th. They noted that the move was a valuation call. Bank of America cut shares of Blackstone Group from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $54.00 to $52.00 in a research report on Monday, October 14th. Wells Fargo & Co began coverage on shares of Blackstone Group in a research report on Tuesday, October 1st. They set an “outperform” rating and a $60.00 price objective for the company. Finally, S&P Equity Research cut shares of Blackstone Group from an “outperform” rating to a “market perform” rating in a research report on Tuesday, September 24th. Nine equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $52.63.

In related news, major shareholder Blackstone Group Inc purchased 79,368 shares of Blackstone Group stock in a transaction that occurred on Wednesday, August 14th. The stock was purchased at an average cost of $7.07 per share, with a total value of $561,131.76. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Hamilton E. James sold 280,046 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $51.73, for a total transaction of $14,486,779.58. The disclosure for this sale can be found here. Over the last three months, insiders purchased 629,611 shares of company stock valued at $5,075,527 and sold 16,299,557 shares valued at $558,804,845. 1.00% of the stock is owned by 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.

See Also: Index Funds

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

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