Wells Fargo & Company MN cut its stake in Blackstone Group LP (NYSE:BX) by 2.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,888,519 shares of the asset manager’s stock after selling 70,899 shares during the period. Wells Fargo & Company MN owned approximately 0.43% of Blackstone Group worth $109,994,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Canton Hathaway LLC acquired a new position in shares of Blackstone Group during the 3rd quarter worth $114,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Blackstone Group during the 3rd quarter worth $115,000. Quad Cities Investment Group LLC acquired a new position in shares of Blackstone Group during the 2nd quarter worth $122,000. Rehmann Capital Advisory Group raised its holdings in shares of Blackstone Group by 94.9% during the 2nd quarter. Rehmann Capital Advisory Group now owns 4,850 shares of the asset manager’s stock worth $156,000 after buying an additional 2,362 shares in the last quarter. Finally, Livingston Group Asset Management CO operating as Southport Capital Management acquired a new position in shares of Blackstone Group during the 3rd quarter worth $175,000. 49.13% of the stock is owned by hedge funds and other institutional investors.

BX has been the subject of a number of research analyst reports. Zacks Investment Research raised Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a report on Wednesday, October 17th. Jefferies Financial Group reissued a “buy” rating and set a $42.00 price target on shares of Blackstone Group in a report on Friday, July 20th. Argus boosted their price target on Blackstone Group from $39.00 to $46.00 and gave the stock a “buy” rating in a report on Tuesday, September 25th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $40.00 price target on shares of Blackstone Group in a report on Friday, July 20th. Finally, Oppenheimer set a $42.00 price target on Blackstone Group and gave the stock a “buy” rating in a report on Thursday, July 19th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Blackstone Group has a consensus rating of “Buy” and a consensus price target of $43.45.

In related news, Vice Chairman J Tomilson Hill sold 81,420 shares of the business’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $35.95, for a total transaction of $2,927,049.00. Following the sale, the insider now owns 928,884 shares in the company, valued at approximately $33,393,379.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.00% of the company’s stock.

Shares of BX stock opened at $33.67 on Tuesday. The firm has a market cap of $22.51 billion, a P/E ratio of 11.98, a PEG ratio of 1.14 and a beta of 1.39. Blackstone Group LP has a twelve month low of $29.57 and a twelve month high of $40.60. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.97 and a current ratio of 0.97.

Blackstone Group (NYSE:BX) last issued its quarterly earnings data on Thursday, October 18th. The asset manager reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.02. The business had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.79 billion. Blackstone Group had a return on equity of 22.67% and a net margin of 22.34%. Blackstone Group’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.69 EPS. Equities research analysts expect that Blackstone Group LP will post 2.87 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 5th. Investors of record on Monday, October 29th were given a dividend of $0.64 per share. The ex-dividend date of this dividend was Friday, October 26th. This represents a $2.56 dividend on an annualized basis and a yield of 7.60%. This is a positive change from Blackstone Group’s previous quarterly dividend of $0.58. Blackstone Group’s payout ratio is currently 91.10%.

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About Blackstone Group

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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