Blackstone's Profit More Than Doubles on Record Asset Sales

Blackstone's Q1 earnings soar to $1.62B on asset sales AUM hits $310B

Blackstone's Q1 earnings soar to $1.62B on asset sales AUM hits $310B

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.

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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.

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