Transcend Wealth Collective LLC bought a new position in shares of Blackstone Group LP (NYSE:BX) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 158,396 shares of the asset manager’s stock, valued at approximately $8,861,000. Blackstone Group comprises about 2.4% of Transcend Wealth Collective LLC’s portfolio, making the stock its 4th biggest holding.
A number of other hedge funds have also bought and sold shares of BX. Allworth Financial LP increased its stake in Blackstone Group by 359.8% during the fourth quarter. Allworth Financial LP now owns 469 shares of the asset manager’s stock worth $26,000 after acquiring an additional 367 shares during the last quarter. Howard Wealth Management LLC acquired a new stake in shares of Blackstone Group in the fourth quarter valued at $27,000. Carmichael Hill & Associates Inc. acquired a new stake in shares of Blackstone Group in the fourth quarter valued at $28,000. Orion Portfolio Solutions LLC acquired a new stake in shares of Blackstone Group in the fourth quarter valued at $42,000. Finally, Vectors Research Management LLC acquired a new stake in shares of Blackstone Group in the third quarter valued at $49,000. 55.40% of the stock is owned by institutional investors.
A number of brokerages have recently weighed in on BX. Credit Suisse Group reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Blackstone Group in a research note on Sunday, February 2nd. Bank of America dropped their price objective on Blackstone Group from $52.00 to $40.00 and set a “neutral” rating for the company in a research note on Monday. Barclays reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Blackstone Group in a research note on Sunday, February 2nd. Citigroup raised Blackstone Group from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Wednesday, March 18th. Finally, Argus lifted their price objective on Blackstone Group from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Monday, February 10th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $59.20.
Blackstone Group (NYSE:BX) last released its earnings results on Thursday, January 30th. The asset manager reported $0.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.06. The firm had revenue of $2.09 billion during the quarter, compared to analyst estimates of $1.55 billion. Blackstone Group had a return on equity of 13.86% and a net margin of 27.93%. Blackstone Group’s revenue was up 314.2% compared to the same quarter last year. During the same period last year, the business posted ($0.02) earnings per share. As a group, sell-side analysts expect that Blackstone Group LP will post 2.93 EPS for the current year.
In related news, major shareholder Blackstone Group Inc bought 156,792 shares of the firm’s stock in a transaction that occurred on Monday, March 23rd. The stock was purchased at an average cost of $21.85 per share, for a total transaction of $3,425,905.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John G. Finley sold 25,000 shares of Blackstone Group stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $63.61, for a total value of $1,590,250.00. Following the completion of the transaction, the insider now owns 135,489 shares of the company’s stock, valued at $8,618,455.29. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 1,665,085 shares of company stock valued at $41,383,583. 1.00% of the stock is currently owned by company insiders.
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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