Sit Investment Associates Inc. Purchased $265,000 in Blackstone Group LP (NYSE:BX)

Sit Investment Associates Inc. Purchased $265,000 in Blackstone Group LP (NYSE:BX)

Sit Investment Associates Inc. bought a new stake in shares of Blackstone Group LP (NYSE:BX) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 8,900 shares of the asset manager’s stock, valued at approximately $265,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in BX. Rehmann Capital Advisory Group boosted its holdings in shares of Blackstone Group by 12.2% during the 3rd quarter. Rehmann Capital Advisory Group now owns 5,443 shares of the asset manager’s stock valued at $207,000 after purchasing an additional 593 shares during the last quarter. Coe Capital Management LLC boosted its holdings in shares of Blackstone Group by 8.2% during the 3rd quarter. Coe Capital Management LLC now owns 15,595 shares of the asset manager’s stock valued at $594,000 after purchasing an additional 1,180 shares during the last quarter. Leavell Investment Management Inc. boosted its holdings in shares of Blackstone Group by 3.4% during the 3rd quarter. Leavell Investment Management Inc. now owns 45,000 shares of the asset manager’s stock valued at $1,714,000 after purchasing an additional 1,500 shares during the last quarter. LLBH Private Wealth Management LLC boosted its holdings in shares of Blackstone Group by 2.5% during the 3rd quarter. LLBH Private Wealth Management LLC now owns 74,298 shares of the asset manager’s stock valued at $2,829,000 after purchasing an additional 1,791 shares during the last quarter. Finally, TRUE Private Wealth Advisors boosted its holdings in shares of Blackstone Group by 10.4% during the 3rd quarter. TRUE Private Wealth Advisors now owns 19,107 shares of the asset manager’s stock valued at $728,000 after purchasing an additional 1,805 shares during the last quarter. Institutional investors and hedge funds own 50.35% of the company’s stock.

Blackstone Group stock traded down $0.46 during midday trading on Monday, reaching $33.30. The stock had a trading volume of 3,021,210 shares, compared to its average volume of 4,113,201. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.97 and a quick ratio of 0.97. Blackstone Group LP has a 52-week low of $26.88 and a 52-week high of $40.60. The firm has a market capitalization of $22.21 billion, a P/E ratio of 14.73, a price-to-earnings-growth ratio of 3.14 and a beta of 1.43.

Blackstone Group (NYSE:BX) last posted its quarterly earnings data on Thursday, January 31st. The asset manager reported ($0.02) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.05). Blackstone Group had a return on equity of 16.33% and a net margin of 22.56%. The firm had revenue of $504.98 million during the quarter, compared to analysts’ expectations of $381.19 million. During the same period last year, the company earned $0.71 earnings per share. The business’s revenue for the quarter was down 74.2% compared to the same quarter last year. Research analysts anticipate that Blackstone Group LP will post 2.7 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 19th. Investors of record on Monday, February 11th will be given a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 6.97%. The ex-dividend date is Friday, February 8th. Blackstone Group’s dividend payout ratio (DPR) is currently 113.27%.

Several research analysts have commented on the stock. Zacks Investment Research raised shares of Blackstone Group from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Wednesday, October 17th. Morgan Stanley decreased their target price on shares of Blackstone Group from $48.00 to $42.00 and set a “buy” rating on the stock in a research report on Wednesday, November 14th. Deutsche Bank decreased their target price on shares of Blackstone Group from $35.00 to $34.00 and set a “hold” rating on the stock in a research report on Friday, November 16th. Finally, Oppenheimer set a $44.00 target price on shares of Blackstone Group and gave the company a “buy” rating in a research report on Tuesday, October 16th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $42.54.

Blackstone Group Profile

The Blackstone Group L.P. is a publicly owned alternative asset manager. The firm also provides capital markets services to its clients. It provides its services to public and corporate pension funds, academic, cultural, and charitable organizations, retirees, sovereign wealth funds, and institutional and individual investors.

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