Modus Advisors LLC Increases Position in The Blackstone Group Inc. (NYSE:BX)


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Modus Advisors LLC boosted its holdings in The Blackstone Group Inc. (NYSE:BX) by 8.0% during the first quarter, Holdings Channel.com reports. The fund owned 30,461 shares of the asset manager’s stock after acquiring an additional 2,246 shares during the period. Modus Advisors LLC’s holdings in The Blackstone Group were worth $2,270,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of BX. Curbstone Financial Management Corp acquired a new stake in shares of The Blackstone Group during the 1st quarter worth about $450,000. Chickasaw Capital Management LLC boosted its stake in shares of The Blackstone Group by 2.6% during the 1st quarter. Chickasaw Capital Management LLC now owns 10,256 shares of the asset manager’s stock worth $764,000 after purchasing an additional 260 shares during the last quarter. Bard Financial Services Inc. acquired a new stake in shares of The Blackstone Group during the 4th quarter worth about $1,321,000. Rollins Financial acquired a new stake in shares of The Blackstone Group during the 4th quarter worth about $324,000. Finally, Valley Brook Capital Group acquired a new stake in shares of The Blackstone Group during the 4th quarter worth about $34,000. 59.77% of the stock is currently owned by hedge funds and other institutional investors.

In other news, major shareholder Blackstone Group Inc sold 2,370,632 shares of the firm’s stock in a transaction that occurred on Wednesday, March 24th. The shares were sold at an average price of $37.00, for a total transaction of $87,713,384.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.00% of the stock is currently owned by company insiders.

Shares of BX traded up $0.58 during mid-day trading on Thursday, reaching $75.81. 19,542 shares of the stock traded hands, compared to its average volume of 2,815,032. The firm has a market cap of $51.84 billion, a price-to-earnings ratio of 70.31 and a beta of 1.33. The stock has a fifty day simple moving average of $71.82 and a 200 day simple moving average of $63.18. The Blackstone Group Inc. has a 12-month low of $45.05 and a 12-month high of $76.25. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.42.

The Blackstone Group (NYSE:BX) last posted its quarterly earnings data on Tuesday, January 26th. The asset manager reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.20. The firm had revenue of $3.63 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter in the prior year, the business earned $0.71 EPS. The company’s revenue for the quarter was up 73.5% on a year-over-year basis. On average, equities research analysts expect that The Blackstone Group Inc. will post 2.45 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 16th. Stockholders of record on Monday, February 8th were given a dividend of $0.7175 per share. The ex-dividend date was Friday, February 5th. This represents a $2.87 dividend on an annualized basis and a dividend yield of 3.79%. This is an increase from The Blackstone Group’s previous quarterly dividend of $0.54. The Blackstone Group’s dividend payout ratio (DPR) is presently 166.23%.

Several research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on shares of The Blackstone Group from $58.00 to $62.00 and gave the stock a “hold” rating in a report on Thursday, January 28th. They noted that the move was a valuation call. Credit Suisse Group increased their price objective on shares of The Blackstone Group from $72.00 to $78.00 and gave the stock an “outperform” rating in a report on Thursday, January 28th. Barclays increased their price objective on shares of The Blackstone Group from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, January 28th. Oppenheimer reiterated a “market perform” rating on shares of The Blackstone Group in a report on Wednesday, March 24th. Finally, Piper Sandler started coverage on shares of The Blackstone Group in a report on Thursday, January 14th. They set an “overweight” rating and a $71.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $68.96.

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

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