Transcend Wealth Collective LLC purchased a new position in Blackstone Group LP (NYSE:BX) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 158,396 shares of the asset manager’s stock, valued at approximately $8,861,000. Blackstone Group makes up about 2.4% of Transcend Wealth Collective LLC’s investment portfolio, making the stock its 4th largest holding.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Allworth Financial LP boosted its holdings in Blackstone Group by 359.8% during the 4th quarter. Allworth Financial LP now owns 469 shares of the asset manager’s stock valued at $26,000 after acquiring an additional 367 shares during the period. Howard Wealth Management LLC purchased a new stake in shares of Blackstone Group in the 4th quarter worth $27,000. Carmichael Hill & Associates Inc. purchased a new stake in shares of Blackstone Group in the 4th quarter worth $28,000. Orion Portfolio Solutions LLC purchased a new stake in shares of Blackstone Group in the 4th quarter worth $42,000. Finally, Vectors Research Management LLC purchased a new stake in shares of Blackstone Group in the 3rd quarter worth $49,000. 55.40% of the stock is currently owned by institutional investors.
NYSE:BX traded up $5.18 during mid-day trading on Thursday, hitting $48.00. 12,232,690 shares of the company’s stock traded hands, compared to its average volume of 6,688,038. The company has a fifty day moving average of $53.85 and a 200 day moving average of $53.78. Blackstone Group LP has a twelve month low of $33.00 and a twelve month high of $64.97. The company has a market capitalization of $26.89 billion, a P/E ratio of 15.89, a P/E/G ratio of 0.79 and a beta of 1.54. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.07 and a current ratio of 1.07.
Several brokerages have weighed in on BX. Barclays reiterated a “buy” rating and issued a $70.00 target price on shares of Blackstone Group in a report on Sunday, February 2nd. Wells Fargo & Co upped their price objective on Blackstone Group from $60.00 to $64.00 and gave the stock an “overweight” rating in a research note on Thursday, December 19th. Morgan Stanley decreased their price objective on Blackstone Group from $76.00 to $71.00 and set an “overweight” rating for the company in a research note on Friday, March 13th. Deutsche Bank upped their price objective on Blackstone Group from $50.00 to $55.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Finally, Citigroup upgraded 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. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $59.20.
In other news, major shareholder Blackstone Group Inc acquired 236,157 shares of the business’s stock in a transaction dated Thursday, March 19th. The shares were acquired at an average cost of $20.33 per share, with a total value of $4,801,071.81. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John G. Finley sold 25,000 shares of the stock in a transaction dated 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 directly owns 135,489 shares in the company, valued at $8,618,455.29. The disclosure for this sale can be found here. Insiders have purchased a total of 1,665,085 shares of company stock worth $41,383,583 over the last ninety days. 1.00% of the stock is currently owned by corporate 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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