Tiedemann Advisors LLC Invests $246,000 in Blackstone Group LP (NYSE:BX)
Tiedemann Advisors LLC purchased a new position in shares of Blackstone Group LP (NYSE:BX) in the first quarter, HoldingsChannel reports. The institutional investor purchased 5,400 shares of the asset manager’s stock, valued at approximately $246,000.
Several other hedge funds have also modified their holdings of the company. Ayalon Holdings Ltd. increased its position in shares of Blackstone Group by 0.9% during the fourth quarter. Ayalon Holdings Ltd. now owns 20,335 shares of the asset manager’s stock valued at $1,138,000 after purchasing an additional 180 shares during the period. Altium Wealth Management LLC increased its position in shares of Blackstone Group by 4.1% during the fourth quarter. Altium Wealth Management LLC now owns 4,584 shares of the asset manager’s stock valued at $256,000 after purchasing an additional 182 shares during the period. Brookstone Capital Management increased its position in shares of Blackstone Group by 3.3% during the fourth quarter. Brookstone Capital Management now owns 5,818 shares of the asset manager’s stock valued at $325,000 after purchasing an additional 186 shares during the period. First American Trust FSB increased its position in shares of Blackstone Group by 2.0% during the fourth quarter. First American Trust FSB now owns 10,250 shares of the asset manager’s stock valued at $574,000 after purchasing an additional 200 shares during the period. Finally, Compton Capital Management Inc. RI grew its position in Blackstone Group by 0.3% in the fourth quarter. Compton Capital Management Inc. RI now owns 76,949 shares of the asset manager’s stock valued at $4,305,000 after acquiring an additional 200 shares during the period. Institutional investors own 55.43% of the company’s stock.
A number of analysts have weighed in on the company. Wells Fargo & Co upped their price target on Blackstone Group from $58.00 to $63.00 and gave the company an “overweight” rating in a research report on Wednesday. BMO Capital Markets reiterated a “market perform” rating and issued a $53.00 price target on shares of Blackstone Group in a research report on Friday, January 31st. TheStreet cut Blackstone Group from a “b-” rating to a “c” rating in a research report on Thursday, April 23rd. Credit Suisse Group restated a “buy” rating and set a $65.00 target price on shares of Blackstone Group in a report on Sunday, February 2nd. Finally, Argus increased their target price on Blackstone Group from $60.00 to $72.00 and gave the stock a “buy” rating in a report on Monday, February 10th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $58.35.
Blackstone Group (NYSE:BX) last issued its quarterly earnings results on Thursday, April 23rd. The asset manager reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.04). Blackstone Group had a net margin of 27.93% and a return on equity of 13.87%. The firm had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period last year, the company earned $0.71 EPS. Analysts anticipate that Blackstone Group LP will post 2.04 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend was Friday, May 1st. Blackstone Group’s payout ratio is 67.53%.
In related news, major shareholder Blackstone Group Inc bought 610,409 shares of the business’s stock in a transaction on Monday, March 16th. The shares were purchased at an average price of $26.24 per share, with a total value of $16,017,132.16. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders acquired 1,665,085 shares of company stock worth $41,383,583 in the last three months. Insiders own 1.00% of the company’s stock.
Blackstone Group Company 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, and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services. The real estate segment specializes in opportunistic, core+ investments as well as debt investment opportunities collateralized by commercial real estate, and stabilized income-oriented commercial real estate across North America, Europe and Asia.
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