Blackstone's Profit More Than Doubles on Record Asset Sales

The fund owned 158,050 shares of the asset manager's stock after buying an additional 14,894 shares during the period.

A number of institutional investors have recently made changes to their positions in BX. Pittenger & Anderson Inc. now owns 4,000 shares of the asset manager's stock valued at $108,000 after buying an additional 450 shares during the last quarter. Advantage Investment Management LLC acquired a new position in Blackstone Group during the fourth quarter valued at approximately $111,000. Wagner Bowman Management Corp raised its stake in Blackstone Group by 9.4% in the third quarter. Wagner Bowman Management Corp now owns 13,322 shares of the asset manager's stock worth $340,000 after buying an additional 1,150 shares during the period. Looking at this figure it suggests that the shares of The Blackstone Group L.P. (BX) may be overvalued, however, this can also depend upon the situation of the market; if the market is strong then it could suggest that The Blackstone Group L.P. (BX) is a good investment, however if the market is weaker then it could suggest that the shares are undervalued. Sanders Morris Harris Inc. raised its stake in Blackstone Group by 33.5% in the third quarter.

The Blackstone Group L.P. (NYSE:BX) shares climbs 1.55% to $30.06 on Wednesday. The fund owned 12,060 shares of the company's stock at the end of the fourth quarter. $36.22's average target is 22.65% above currents $29.53 stock price. The firm has a market cap of $18.53 billion, a price-to-earnings ratio of 18.46 and a beta of 1.42. The current share price indicates that stock is -4.05% away from its one year high and is moving 40.11% ahead of its 52-week low.

Blackstone Group (NYSE:BX) last announced its quarterly earnings results on Thursday, January 26th. The asset manager reported $0.82 earnings per share for the quarter, topping the Zacks' consensus estimate of $0.67 by $0.15.

Blackstone Group LP executives said they are preparing to launch new ventures in infrastructure investing and other areas after the private-equity firm notched a record quarter for sales of older investments. Insiders sold a total of 19,466,594 shares of company stock worth $441,273,703 over the last quarter. During the same period a year ago, the company earned $0.37 earnings per share.

This surpassed the analysts' average estimate of 68 cents per share, according to Thomson Reuters I/B/E/S.

ILLEGAL ACTIVITY WARNING: This story was first published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this article on another website, it was illegally copied and reposted in violation of United States and worldwide trademark and copyright law.

Depending on the earnings numbers reported, The Blackstone Group L.P. (NYSE:BX) stock may see increased volatility following the report. Buy rating has been given by 5 analysts to the company stock whereas 2 analysts given UNDERPERFORM rating to stock and 19 analysts given HOLD rating.

"Greater than forecast performance fees drove the beat", Jefferies LLC analysts wrote in a research note. Finally, Barclays PLC reissued a "buy" rating and set a $34.00 price target on shares of Blackstone Group in a research note on Sunday, January 15th. Finally, Zacks Investment Research downgraded shares of Blackstone Group from a "buy" rating to a "hold" rating in a research report on Tuesday, January 31st. The company presently has an average rating of "Buy" and an average price target of $33.15.

In other news, insider John G. Finley sold 20,000 shares of the firm's stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $30.72, for a total transaction of $614,400.00. Following the transaction, the insider now directly owns 161,556 shares in the company, valued at approximately $4,963,000.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

In other news, Director Bennett J. Goodman sold 635,075 shares of the business's stock in a transaction on Friday, February 10th.

The stock added in the prior trading session by 1.55%, closing at the stock price of $30.06. The disclosure for this sale can be found here.

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.

The firm is the world's largest private-equity manager and one of the largest private owners of real estate.

Blackstone's private equity business reported a 291 percent rise in ENI, with its buyout funds appreciating 6.9 percent in the quarter.

Recommended News

  • U.S. crude oil stocks drop

    Stockpiles expanded to 535.5 million barrels at the end of March, the highest in weekly data compiled by Bloomberg since 1982. Oil prices extended losses Wednesday as official data showed the first weekly climb in US gasoline supplies in two months.
    Pacers playoff picture still unclear

    Pacers playoff picture still unclear

    In regard to improving this Brooklyn team, Atkinson emphasized, "I'm so focused on how we can get the guys on our roster better ". At one point, Brooklyn was down by 21 points, as the Nets trailed the Bulls 43-22 with five minutes left in the first half.
    Canaccord Genuity Reiterated Wh Smith (LON:SMWH) As 'Hold'

    Canaccord Genuity Reiterated Wh Smith (LON:SMWH) As 'Hold'

    Morgan Stanley maintained Meggitt plc (LON:MGGT) on Wednesday, October 28 with "Equalwt/In-Line" rating. RBC Capital Markets maintained WH Smith Plc (LON:SMWH) on Monday, January 18 with "Outperform" rating.
  • Sharks vs. Oilers: NHL Stanley Cup Playoffs Odds and Prediction

    Sharks vs. Oilers: NHL Stanley Cup Playoffs Odds and Prediction

    Defensively, the San Jose Sharks are allowing 2.4 goals per game and are killing 80.7 percent of their opponents power plays. Joonas Donskoi collected a puck behind the Oilers; net that had been rimmed around the boards by Marc-Edouard Vlasic.
    Leicester went down fighting in Champions League quarterfinals

    Leicester went down fighting in Champions League quarterfinals

    Shakespeare's tactical change was "fantastic", he said, and it had been "almost a pleasure to compete" against Leicester. However, Leicester themselves threatened on the break, with Shinji Okazaki firing over from a Riyad Mahrez pass.
    FCC votes to allow some broadcasters to buy more TV stations

    FCC votes to allow some broadcasters to buy more TV stations

    Democratic FCC Commissioner Mignon Clyburn said the ruling "opens the door to immediate price hikes" to small businesses. First adopted in 1985, it has allowed media companies to count only half the coverage area reach of their UHF stations.
  • Zuckerberg has Some Ambitious Plans for Facebook

    Facebook today announced it will launch an augmented reality developer platform that will change the way we use our phones. Facebook will raise the bar by doing so, especially to compete against Snap Inc, the maker of Snapchat.
    Theresa May and EU's Antonio Tajani discuss red lines for Brexit

    Theresa May and EU's Antonio Tajani discuss red lines for Brexit

    Hungary's foreign minister says a free-trade agreement between the European Union and Britain should be part of Britain's EU exit. The European Parliament will have to approve any deal agreed between Britain and the 27-member EU.

    Petitions to cancel Turkey vote result rejected

    President Recep Tayyip Erdogan has also suggested holding a referendum on whether to bring back capital punishment. The board met for seven hours Wednesday before rejecting the request.
  • United Airlines can't say if video has hit sales

    United Airlines can't say if video has hit sales

    Now, the airline's CEO says no employees will be fired over the incident. " The buck stops here ". But he said the company had not considered sacking anybody over it.

    Leishman and Smith five back at RBC Heritage

    Competing for his first PGA Tour win at the tricky Pete Dye layout proved too daunting for the inexperienced Schniederjans. DeLaet was second after a 69, his third straight sub-70 round after having just five in five previous appearances here.
    IMF's Warning on US Debt

    IMF's Warning on US Debt

    Developing nations were predicted to expand at a 4.5% rate this year and 4.8% in 2018, a marked improvement from 4.1 percent growth in 2016.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.