Key Points
- Blackstone major shareholder Holdings L.P. sold 25,000 shares of BX at an average price of $19.00, totaling $475,000. The sale reduced its stake by 16.67%, leaving it with 125,000 shares.
- Blackstone recently reported better-than-expected quarterly earnings of $1.36 per share versus $1.34 expected, with revenue of $3.43 billion and 10% year-over-year revenue growth.
- The company paid a quarterly dividend of $1.16 per share, equal to $4.64 annually and a 3.8% yield, though its dividend payout ratio is elevated at 118.67%.
Blackstone Inc. (NYSE:BX - Get Free Report) major shareholder Holdings L.P. Blackstone sold 25,000 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $19.00, for a total transaction of $475,000.00. Following the completion of the transaction, the insider directly owned 125,000 shares of the company's stock, valued at $2,375,000. This trade represents a 16.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
Blackstone Stock Performance
NYSE:BX opened at $122.86 on Wednesday. Blackstone Inc. has a 12-month low of $101.73 and a 12-month high of $190.09. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $91.27 billion, a PE ratio of 31.42, a price-to-earnings-growth ratio of 1.32 and a beta of 1.63. The firm has a 50-day moving average price of $116.70 and a 200 day moving average price of $135.35.
Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.02. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The firm had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.45 billion. During the same quarter in the prior year, the business posted $1.11 earnings per share. The company's quarterly revenue was up 10.0% compared to the same quarter last year. Research analysts anticipate that Blackstone Inc. will post 5.91 earnings per share for the current fiscal year.
Blackstone Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Stockholders of record on Monday, May 4th were issued a dividend of $1.16 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $4.64 annualized dividend and a dividend yield of 3.8%. Blackstone's dividend payout ratio (DPR) is presently 118.67%.
Institutional Trading of Blackstone
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Jain Global LLC bought a new stake in Blackstone during the 3rd quarter worth about $9,116,000. Fayez Sarofim & Co lifted its position in Blackstone by 1.9% during the 3rd quarter. Fayez Sarofim & Co now owns 1,270,608 shares of the asset manager's stock worth $217,083,000 after buying an additional 24,237 shares in the last quarter. Natixis Advisors LLC lifted its position in Blackstone by 20.4% during the 3rd quarter. Natixis Advisors LLC now owns 840,401 shares of the asset manager's stock worth $143,582,000 after buying an additional 142,479 shares in the last quarter. Close Asset Management Ltd lifted its position in Blackstone by 16,035.1% during the 3rd quarter. Close Asset Management Ltd now owns 1,140,264 shares of the asset manager's stock worth $194,746,000 after buying an additional 1,133,197 shares in the last quarter. Finally, Whittier Trust Co. lifted its position in Blackstone by 2.1% during the 3rd quarter. Whittier Trust Co. now owns 346,318 shares of the asset manager's stock worth $58,337,000 after buying an additional 7,053 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company's stock.
Analyst Ratings Changes
Several analysts have recently weighed in on the stock. Royal Bank Of Canada set a $173.00 price objective on shares of Blackstone in a report on Friday, April 24th. Weiss Ratings lowered shares of Blackstone from a "hold (c)" rating to a "hold (c-)" rating in a report on Monday, May 4th. Zacks Research lowered shares of Blackstone from a "hold" rating to a "strong sell" rating in a report on Wednesday, April 29th. Jefferies Financial Group raised their price target on shares of Blackstone from $143.00 to $152.00 and gave the company a "buy" rating in a report on Tuesday. Finally, Piper Sandler raised their price target on shares of Blackstone from $122.00 to $130.00 and gave the company a "neutral" rating in a report on Monday, April 27th. Eleven investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $151.36.
Read Our Latest Research Report on BX
About Blackstone
(
Get Free Report)
Blackstone Inc (NYSE: BX) is a global investment firm focused on alternative asset management. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson and headquartered in New York City, the firm organizes and manages investment vehicles that acquire and operate businesses, real estate and credit investments, as well as provide hedge fund solutions and other alternative strategies for institutional and individual investors.
Blackstone's business is organized around several principal investment platforms.
Further Reading
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