PE, credit and hedge-fund-of-fund businesses buoy Blackstone's Q1 earnings
First-quarter economic net income rose to $986 million, or 82 cents a share, from $370.7 million, or 31 cents a share, a year earlier. The stock of Blackstone Group LP (NYSE:BX) earned "Overweight" rating by Barclays Capital on Thursday, October 13. Oliver Luxxe Assets LLC's holdings in Blackstone Group were worth $4,621,000 as of its most recent SEC filing.
Several large investors have recently added to or reduced their stakes in the company.
Blackstone, led by CEO Steve Schwarzman, sold a record $6.2bn of private equity holdings during the quarter, including majority ownership in cyber-security company Optiv Security and shares of energy exploration company Kosmos Energy. Evercore Wealth Management LLC raised its stake in The Blackstone Group L.P.by 0.3% in the second quarter. Sadoff Investment Management LLC increased its stake in The Blackstone Group L.P.by 1.1% in the third quarter. Tower Bridge Advisors now owns 249,730 shares of the company's stock valued at $6,376,000 after buying an additional 37,600 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in The Blackstone Group L.P.by 15.0% in the third quarter. SOL Capital Management CO now owns 125,110 shares of the asset manager's stock valued at $3,194,000 after buying an additional 3,900 shares during the last quarter. Institutional investors and hedge funds own 43.26% of the company's stock.
The Blackstone Group L.P. (NYSE:BX) shares climbs 1.55% to $30.06 on Wednesday.
Shares of Blackstone rose 4.1 percent to $31.30 in early trading in NY. The firm's 50-day moving average price is $29.68 and its 200-day moving average price is $27.99. Blackstone Group LP has a one year low of $22.45 and a one year high of $31.69. The stock has a market capitalization of $19.30 billion, a PE ratio of 19.23 and a beta of 1.42.
The asset manager reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.15. Blackstone Group's revenue was up 108.1% on a year-over-year basis.
The firm's profit rose to $461.8 million, or 69 cents a share, from $159.8 million, or 23 cents a share, in the same period a year earlier.
A number of equities analysts have weighed in on BX shares.
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Blackstone Group (NYSE:BX) last announced its quarterly earnings results on Thursday, April 20th.
A number of institutional investors have recently made changes to their positions in BX. The Pennsylvania-based Susquehanna International Group Ltd Liability Partnership has invested 0.06% in Blackstone Group LP (NYSE:BX).
FT reports, The 16 analysts offering 12 month price targets for D.R. Horton, Inc. have a median target of 35.00, with a high estimate of 40.00 and a low estimate of 27.50. The stock of Blackstone Group LP (NYSE:BX) has "Hold" rating given on Friday, March 11 by Deutsche Bank. At present, 0 analysts call it Sell, while 8 think it is Hold. The stock now has an average rating of "Buy" and an average target price of $33.15. Also, insider John G. Finley sold 20,000 shares of Blackstone Group stock in a transaction on Wednesday, February 15th. The stock was sold at an average price of $30.26, for a total value of $19,217,369.50. Following the sale, the director now owns 315,331 shares of the company's stock, valued at approximately $9,541,916.06. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The stock was sold at an average price of $30.72, for a total transaction of $614,400.00. Insiders own 1.00% of the company's stock.
The Blackstone Group L.P. (NYSE:BX) yearly performance is 8.07% and net profit margin is 20.30%. The Company's alternative asset management businesses include investment vehicles focused on private equity, real estate, hedge fund solutions, non-investment grade credit, secondary funds and other multi-asset class strategies.
Blackstone Group LP, the largest manager of private equity and real estate assets, reported a bigger-than-expected jump in quarterly earnings on Thursday after the Wall Street rally helped it realize record proceeds from sales of its holdings.