Key Points
- Blackstone major shareholder Private Multi-Asset Blackstone bought 765,111 shares on June 23 for about $20.0 million at an average price of $26.14 per share, boosting its stake by 10.75% to 7,882,145 shares.
- Blackstone shares were under pressure, with the stock down 6.0% and trading at $112.90, below both its 50-day and 200-day moving averages.
- The company recently reported better-than-expected quarterly EPS of $1.36, but revenue slightly missed estimates; analysts still view the stock as a Moderate Buy with a consensus price target of $150.86.
Blackstone Inc. (NYSE:BX - Get Free Report) major shareholder Private Multi-Asset Blackstone acquired 765,111 shares of Blackstone stock in a transaction on Tuesday, June 23rd. The shares were bought at an average price of $26.14 per share, for a total transaction of $20,000,001.54. Following the completion of the purchase, the insider directly owned 7,882,145 shares in the company, valued at $206,039,270.30. The trade was a 10.75% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.
Blackstone Stock Down 6.0%
Shares of Blackstone stock opened at $112.90 on Thursday. 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 business has a 50-day moving average price of $121.16 and a 200 day moving average price of $129.59. Blackstone Inc. has a fifty-two week low of $101.73 and a fifty-two week high of $190.09. The firm has a market cap of $83.87 billion, a P/E ratio of 28.87, a P/E/G ratio of 1.30 and a beta of 1.59.
Blackstone (NYSE:BX - Get Free Report) last issued its earnings results on Thursday, April 23rd. The asset manager reported $1.36 EPS for the quarter, topping the consensus estimate of $1.34 by $0.02. The company had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.45 billion. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The business's revenue was up 10.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.11 EPS. On average, sell-side analysts forecast that Blackstone Inc. will post 5.9 earnings per share for the current fiscal year.
Blackstone Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were issued a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Monday, May 4th. Blackstone's dividend payout ratio is 118.67%.
Hedge Funds Weigh In On Blackstone
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Brighton Jones LLC increased its holdings in shares of Blackstone by 34.6% during the fourth quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager's stock valued at $1,365,000 after purchasing an additional 2,035 shares during the period. Sivia Capital Partners LLC grew its position in Blackstone by 9.3% in the 2nd quarter. Sivia Capital Partners LLC now owns 2,076 shares of the asset manager's stock valued at $310,000 after buying an additional 177 shares in the last quarter. United Bank increased its stake in Blackstone by 14.7% during the 2nd quarter. United Bank now owns 13,528 shares of the asset manager's stock valued at $2,024,000 after buying an additional 1,729 shares during the period. Nebula Research & Development LLC bought a new stake in shares of Blackstone during the 2nd quarter worth about $1,124,000. Finally, Sei Investments Co. boosted its holdings in shares of Blackstone by 1.9% in the second quarter. Sei Investments Co. now owns 452,619 shares of the asset manager's stock valued at $67,703,000 after acquiring an additional 8,655 shares in the last quarter. 70.00% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on BX. Evercore reaffirmed an "outperform" rating and set a $150.00 price objective on shares of Blackstone in a research report on Tuesday, April 21st. Piper Sandler lifted their target price on Blackstone from $122.00 to $130.00 and gave the company a "neutral" rating in a research note on Monday, April 27th. Weiss Ratings cut Blackstone from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday, May 4th. Morgan Stanley reduced their price objective on Blackstone from $215.00 to $184.00 and set an "overweight" rating for the company in a research report on Tuesday, April 21st. Finally, TD Cowen cut their target price on Blackstone from $140.00 to $133.00 and set a "buy" rating on the stock in a research note on Monday, May 18th. Thirteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $150.86.
Check Out Our Latest Research Report on BX
Blackstone Company Profile
(
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.
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