Blackstone Group LP (BX) Announces Earnings Results


Renaissance Investment Group LLC's holdings in Blackstone Group were worth $4,695,000 as of its most recent SEC filing.

Several large investors have recently added to or reduced their stakes in the company.

During the quarter, Blackstone divested its 25 percent stake in hotel operator Hilton Worldwide Holdings Inc and completed the $1.8 billion initial public offering of Invitation Homes Inc, the second largest IPO ever of a real estate investment trust.

The firm, led by Chief Executive Officer Steve Schwarzman, sold a record $6.2 billion of private equity holdings during the quarter, including majority ownership in cyber-security company Optiv Security and shares of energy exploration company Kosmos Energy Ltd. Sadoff Investment Management LLC increased its stake in The Blackstone Group 1.1% in the third quarter. HL Financial Services LLC now owns 27,302 shares of the company's stock worth $697,000 after buying an additional 90 shares during the period. Wagner Bowman Management Corp raised its stake in Blackstone Group by 9.4% 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. Hedge funds and other institutional investors own 43.26% of the company's stock.

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First Interstate Bank held its stake in The Blackstone Group L.P. (NYSE:BX) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm has a 50-day moving average of $29.68 and a 200 day moving average of $28.13. Blackstone Group LP (NYSE:BX) has risen 11.77% since September 9, 2016 and is uptrending. The firm has a market capitalization of $19.24 billion, a PE ratio of 19.54 and a beta of 1.42. Kentucky-based River Road Asset Mngmt Lc has invested 0.02% in Blackstone Group LP (NYSE:BX). The asset manager reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.04. The business had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.60 billion.

The Blackstone Group L.P. had a return on equity of 15.59% and a net margin of 20.08%. The Blackstone Group L.P.'s quarterly revenue was up 74.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.31 earnings per share. Analysts forecast that Blackstone Group LP will post $2.82 EPS for the current year.

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A number of brokerages have recently commented on BX. Morgan Stanley reissued an "overweight" rating on shares of The Blackstone Group a report on Saturday, December 17th. Zacks Investment Research upgraded shares of Blackstone Group from a "hold" rating to a "buy" rating and set a $34.00 price objective for the company in a research report on Wednesday, January 11th. Vetr lowered shares of Blackstone Group from a "strong-buy" rating to a "buy" rating and set a $30.38 price target for the a research report on Tuesday, January 3rd. Further, analysts have a 12 month target price of $35.00 on company shares. The firm earned "Buy" rating on Friday, November 13 by Standpoint Research.

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Sell-side analysts have also provided a consensus recommendation of 1.90 on company shares. The stock presently has a consensus rating of "Buy" and a consensus target price of $33.15. Goodman Bennett J sold $19.22M worth of stock. The stock was sold at an average price of $30.26, for a total transaction of $19,217,369.50. The sale was disclosed in a filing with the SEC, which is available through this link. The shares were sold at an average price of $29.00, for a total value of $290,000.00. Following the completion of the sale, the insider now directly owns 161,556 shares of the company's stock, valued at $4,963,000.32.

Depending on the earnings numbers reported, The Blackstone Group L.P. (NYSE:BX) stock may see increased volatility following the report.

The private equity and real estate sales helped fuel $1.23 billion of distributable earnings, which reflect profits on asset disposals and fund management fees, compared with $394.2 million a year earlier. Its opportunistic real estate funds advanced 5.7 percent.

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