Pin Oak Investment Advisors Inc. purchased a new position in shares of Blackstone Group LP (NYSE:BX) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 87,142 shares of the asset manager’s stock, valued at approximately $2,790,000. Blackstone Group accounts for about 2.1% of Pin Oak Investment Advisors Inc.’s investment portfolio, making the stock its 6th biggest holding.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wealthcare Advisory Partners LLC acquired a new stake in shares of Blackstone Group during the third quarter worth about $131,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Blackstone Group during the fourth quarter worth about $160,000. James Hambro & Partners bought a new position in shares of Blackstone Group during the fourth quarter worth about $183,000. New England Private Wealth Advisors LLC bought a new position in shares of Blackstone Group during the third quarter worth about $200,000. Finally, Beacon Investment Advisory Services Inc. bought a new position in shares of Blackstone Group during the third quarter worth about $206,000. 48.37% of the stock is currently owned by institutional investors.
Blackstone Group stock opened at $33.27 on Thursday. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.19 and a quick ratio of 1.19. The firm has a market capitalization of $22,006.93, a P/E ratio of 15.26, a price-to-earnings-growth ratio of 1.13 and a beta of 1.33. Blackstone Group LP has a one year low of $28.85 and a one year high of $37.52.
Blackstone Group (NYSE:BX) last posted its quarterly earnings results on Thursday, February 1st. The asset manager reported $0.71 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.04. The firm had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.73 billion. Blackstone Group had a return on equity of 22.27% and a net margin of 20.66%. The business’s revenue was up 19.9% compared to the same quarter last year. During the same period last year, the company earned $0.68 earnings per share. equities research analysts predict that Blackstone Group LP will post 3.11 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, February 20th. Shareholders of record on Monday, February 12th were paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 10.22%. This is an increase from Blackstone Group’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Friday, February 9th. Blackstone Group’s dividend payout ratio (DPR) is currently 155.96%.
In other Blackstone Group news, major shareholder Group L.P. Blackstone bought 228,535 shares of Blackstone Group stock in a transaction dated Thursday, December 28th. The stock was bought at an average cost of $29.63 per share, for a total transaction of $6,771,492.05. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Vice Chairman J Tomilson Hill sold 53,037 shares of Blackstone Group stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $34.01, for a total value of $1,803,788.37. Following the transaction, the insider now owns 1,010,304 shares of the company’s stock, valued at $34,360,439.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 672,000 shares of company stock valued at $23,130,874. Corporate insiders own 1.00% of the company’s stock.
A number of research analysts recently issued reports on BX shares. Vetr upgraded Blackstone Group from a “buy” rating to a “strong-buy” rating and set a $35.50 price objective for the company in a report on Monday, November 27th. JPMorgan Chase & Co. upgraded Blackstone Group from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $34.53 to $46.00 in a report on Friday, January 12th. Credit Suisse Group reiterated a “buy” rating and set a $47.00 price objective on shares of Blackstone Group in a report on Thursday, January 11th. Zacks Investment Research downgraded Blackstone Group from a “hold” rating to a “sell” rating in a report on Monday, February 12th. Finally, ValuEngine upgraded Blackstone Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, March 1st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Blackstone Group has a consensus rating of “Buy” and a consensus price target of $39.90.
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Blackstone Group Profile
The Blackstone Group L.P. is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, non-investment grade credit, secondary private equity funds of funds and multi-asset class strategies. It operates through four segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit.
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