Beaumont Financial Partners LLC Buys New Shares in The Blackstone Group Inc. (NYSE:BX)
Beaumont Financial Partners LLC bought a new stake in The Blackstone Group Inc. (NYSE:BX) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,451 shares of the asset manager’s stock, valued at approximately $224,000.
A number of other hedge funds have also recently added to or reduced their stakes in BX. Professional Financial Advisors LLC bought a new stake in The Blackstone Group in the third quarter valued at $26,000. Catalyst Private Wealth LLC bought a new stake in The Blackstone Group in the third quarter valued at $26,000. CVA Family Office LLC bought a new stake in The Blackstone Group in the third quarter valued at $29,000. Planned Solutions Inc. bought a new stake in The Blackstone Group in the third quarter valued at $30,000. Finally, American Research & Management Co. increased its stake in The Blackstone Group by 525.0% in the third quarter. American Research & Management Co. now owns 625 shares of the asset manager’s stock valued at $33,000 after purchasing an additional 525 shares in the last quarter. Institutional investors and hedge funds own 59.77% of the company’s stock.
In related news, major shareholder Blackstone Bdc Holdings Llc bought 997,940 shares of the company’s stock in a transaction that occurred on Thursday, January 7th. The shares were bought at an average price of $25.00 per share, for a total transaction of $24,948,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Holdings L.P. Blackstone III purchased 42,425 shares of the company’s stock in a transaction dated Monday, January 4th. The shares were acquired at an average price of $34.93 per share, for a total transaction of $1,481,905.25. The disclosure for this purchase can be found here. Insiders own 1.00% of the company’s stock.
The Blackstone Group (NYSE:BX) last posted its earnings results on Tuesday, January 26th. The asset manager reported $1.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.20. The company had revenue of $3.63 billion during the quarter, compared to analysts’ expectations of $2.28 billion. During the same period in the prior year, the business posted $0.71 earnings per share. The company’s revenue for the quarter was up 73.5% on a year-over-year basis. As a group, analysts forecast that The Blackstone Group Inc. will post 2.45 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 16th. Shareholders of record on Monday, February 8th were paid a dividend of $0.7175 per share. This is a positive change from The Blackstone Group’s previous quarterly dividend of $0.54. This represents a $2.87 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date was Friday, February 5th. The Blackstone Group’s dividend payout ratio (DPR) is currently 166.23%.
Several equities research analysts have recently commented on BX shares. Morgan Stanley boosted their target price on shares of The Blackstone Group from $68.00 to $78.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 26th. Zacks Investment Research raised shares of The Blackstone Group from a “hold” rating to a “buy” rating and set a $66.00 target price for the company in a research report on Tuesday, January 12th. Oppenheimer raised shares of The Blackstone Group from a “market perform” rating to an “outperform” rating and set a $58.00 target price for the company in a research report on Thursday, October 29th. BMO Capital Markets boosted their target price on shares of The Blackstone Group from $63.00 to $72.00 and gave the stock a “market perform” rating in a research report on Thursday, January 28th. Finally, Piper Sandler began coverage on shares of The Blackstone Group in a research report on Thursday, January 14th. They set an “overweight” rating and a $71.00 target price for the company. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $66.79.
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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