Commonwealth Equity Services LLC cut its holdings in Blackstone Group LP (NYSE:BX) by 12.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 438,193 shares of the asset manager’s stock after selling 63,428 shares during the quarter. Commonwealth Equity Services LLC owned about 0.07% of Blackstone Group worth $16,686,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. CIBC Asset Management Inc raised its holdings in Blackstone Group by 6.5% in the second quarter. CIBC Asset Management Inc now owns 23,365 shares of the asset manager’s stock worth $752,000 after purchasing an additional 1,421 shares during the period. Leavell Investment Management Inc. raised its holdings in Blackstone Group by 3.4% in the third quarter. Leavell Investment Management Inc. now owns 45,000 shares of the asset manager’s stock worth $1,714,000 after purchasing an additional 1,500 shares during the period. Syntal Capital Partners LLC raised its holdings in Blackstone Group by 5.8% in the second quarter. Syntal Capital Partners LLC now owns 29,039 shares of the asset manager’s stock worth $934,000 after purchasing an additional 1,593 shares during the period. Aviance Capital Partners LLC raised its holdings in Blackstone Group by 4.8% in the second quarter. Aviance Capital Partners LLC now owns 34,623 shares of the asset manager’s stock worth $1,113,000 after purchasing an additional 1,600 shares during the period. Finally, Wealthstreet Investment Advisors LLC raised its holdings in Blackstone Group by 5.4% in the second quarter. Wealthstreet Investment Advisors LLC now owns 33,155 shares of the asset manager’s stock worth $1,067,000 after purchasing an additional 1,705 shares during the period. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Shares of BX stock opened at $33.36 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.71. Blackstone Group LP has a 1 year low of $29.57 and a 1 year high of $40.60. The firm has a market capitalization of $21.98 billion, a price-to-earnings ratio of 10.99, a price-to-earnings-growth ratio of 1.11 and a beta of 1.39.

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

The firm also recently declared a quarterly dividend, which was paid on Monday, November 5th. Shareholders of record on Monday, October 29th were paid a $0.64 dividend. This is a positive change from Blackstone Group’s previous quarterly dividend of $0.58. This represents a $2.56 annualized dividend and a yield of 7.67%. The ex-dividend date of this dividend was Friday, October 26th. Blackstone Group’s payout ratio is presently 91.10%.

In other Blackstone Group news, Vice Chairman J Tomilson Hill sold 81,420 shares of Blackstone Group stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $35.95, for a total value of $2,927,049.00. Following the sale, the insider now directly owns 928,884 shares in the company, valued at approximately $33,393,379.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.00% of the stock is currently owned by insiders.

A number of brokerages recently commented on BX. Zacks Investment Research upgraded shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a report on Wednesday, October 17th. Credit Suisse Group dropped their price objective on shares of Blackstone Group from $48.00 to $47.00 and set an “outperform” rating on the stock in a report on Friday, July 20th. Oppenheimer set a $42.00 price objective on shares of Blackstone Group and gave the stock a “buy” rating in a report on Thursday, July 19th. Keefe, Bruyette & Woods restated a “buy” rating and set a $40.00 price objective on shares of Blackstone Group in a report on Friday, July 20th. Finally, Jefferies Financial Group restated a “buy” rating and set a $42.00 price objective on shares of Blackstone Group in a report on Friday, July 20th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Blackstone Group presently has an average rating of “Buy” and a consensus price target of $43.45.

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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.

Read More: What is a Leveraged Buyout (LBO)?

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

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