Key Points
- Major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 Blackstone shares on June 16 at an average price of $3.78, worth about $28.3 million. The sale cut its stake by 99.74%, leaving just 19,374 shares.
- Blackstone recently reported stronger-than-expected quarterly earnings, posting EPS of $1.36 versus the $1.34 consensus estimate. Revenue rose 10% year over year to $3.43 billion.
- Analyst sentiment remains mixed but constructive, with a consensus rating of “Moderate Buy” and an average price target of $150.86. Recent target cuts from some firms were offset by upgrades or positive ratings from others.
Blackstone Inc. (NYSE:BX - Get Free Report) major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of Blackstone stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total value of $28,264,950.00. Following the completion of the transaction, the insider owned 19,374 shares in the company, valued at $73,233.72. The trade was a 99.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.
Blackstone Stock Performance
Shares of NYSE:BX opened at $123.78 on Friday. The firm has a market capitalization of $91.95 billion, a PE ratio of 31.66, a P/E/G ratio of 1.36 and a beta of 1.59. Blackstone Inc. has a 12 month low of $101.73 and a 12 month high of $190.09. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.76 and a quick ratio of 0.76. The business has a 50-day moving average of $120.98 and a two-hundred day moving average of $130.40.
Blackstone (NYSE:BX - Get Free Report) last issued its earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.34 by $0.02. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The business had revenue of $3.43 billion during the quarter, compared to analysts' expectations of $3.45 billion. During the same quarter in the previous year, the business earned $1.11 EPS. The company's revenue for the quarter was up 10.0% on a year-over-year basis. As a group, research analysts forecast that Blackstone Inc. will post 5.9 earnings per share for the current year.
Blackstone Cuts Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Stockholders of record on Monday, May 4th were given a $1.16 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $4.64 annualized dividend and a dividend yield of 3.7%. Blackstone's dividend payout ratio is presently 118.67%.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of BX. FAS Wealth Partners Inc. boosted its holdings in Blackstone by 9.7% in the first quarter. FAS Wealth Partners Inc. now owns 28,072 shares of the asset manager's stock valued at $3,228,000 after purchasing an additional 2,493 shares during the last quarter. Evansbrook LLC increased its holdings in Blackstone by 4.7% during the 1st quarter. Evansbrook LLC now owns 2,695 shares of the asset manager's stock worth $310,000 after purchasing an additional 122 shares during the last quarter. DV Trading LLC boosted its stake in shares of Blackstone by 186.2% during the 1st quarter. DV Trading LLC now owns 2,006 shares of the asset manager's stock valued at $231,000 after buying an additional 1,305 shares during the last quarter. Parallel Advisors LLC grew its position in shares of Blackstone by 5.1% during the first quarter. Parallel Advisors LLC now owns 24,678 shares of the asset manager's stock worth $2,838,000 after buying an additional 1,187 shares in the last quarter. Finally, Caerus Investment Advisors LLC acquired a new stake in Blackstone in the first quarter valued at $204,000. Institutional investors and hedge funds own 70.00% of the company's stock.
Wall Street Analyst Weigh In
Several analysts recently issued reports on the company. UBS Group lowered their price target on Blackstone from $171.00 to $137.00 and set a "neutral" rating for the company in a report on Friday, February 20th. Barclays decreased their target price on Blackstone from $126.00 to $124.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 8th. Morgan Stanley dropped their target price on Blackstone from $215.00 to $184.00 and set an "overweight" rating on the stock in a report on Tuesday, April 21st. Zacks Research upgraded Blackstone from a "strong sell" rating to a "hold" rating in a report on Monday, June 8th. Finally, BMO Capital Markets lifted their price objective on shares of Blackstone from $126.00 to $132.00 and gave the company an "outperform" rating in a research note on Monday, April 13th. Thirteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $150.86.
Read Our Latest Analysis 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.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
