Key Points
- Blackstone insider Vikrant Sawhney sold 30,000 shares at an average price of $135.55, generating approximately $4.07 million. His remaining stake totaled 869,669 shares.
- Blackstone reported strong quarterly results, with EPS of $1.52 beating estimates and revenue rising 35.9% year over year to $5.04 billion.
- The company raised its quarterly dividend to $1.29 per share, equivalent to a 3.8% annualized yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $147.95.
Blackstone Inc. (NYSE:BX - Get Free Report) insider Vikrant Sawhney sold 30,000 shares of the company's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $135.55, for a total value of $4,066,500.00. Following the completion of the transaction, the insider directly owned 869,669 shares of the company's stock, valued at $117,883,632.95. The trade was a 3.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.
Blackstone Stock Performance
NYSE:BX opened at $136.03 on Thursday. The stock has a market capitalization of $101.06 billion, a PE ratio of 30.43, a P/E/G ratio of 1.52 and a beta of 1.56. The company has a fifty day moving average of $122.73 and a two-hundred day moving average of $123.17. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.76 and a current ratio of 0.72. Blackstone Inc. has a fifty-two week low of $101.73 and a fifty-two week high of $190.09.
Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.18. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The firm had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $3.42 billion. During the same quarter in the prior year, the firm earned $0.98 EPS. The company's revenue for the quarter was up 35.9% on a year-over-year basis. As a group, research analysts forecast that Blackstone Inc. will post 6 earnings per share for the current fiscal year.
Blackstone Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Monday, August 3rd will be paid a $1.29 dividend. This is a boost from Blackstone's previous quarterly dividend of $1.16. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Monday, August 3rd. Blackstone's dividend payout ratio is presently 115.44%.
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on BX shares. The Goldman Sachs Group lifted their target price on shares of Blackstone from $114.00 to $127.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Barclays raised their price target on shares of Blackstone from $119.00 to $128.00 and gave the stock an "equal weight" rating in a research note on Friday, July 24th. TD Cowen upped their price objective on shares of Blackstone from $133.00 to $145.00 and gave the company a "buy" rating in a research note on Friday, July 24th. Dbs Bank raised shares of Blackstone to a "moderate buy" rating in a research note on Wednesday, May 27th. Finally, Rothschild & Co Redburn cut their price target on Blackstone from $134.00 to $130.00 and set a "neutral" rating for the company in a report on Tuesday, June 9th. Thirteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Blackstone presently has a consensus rating of "Moderate Buy" and an average price target of $147.95.
Read Our Latest Research Report on BX
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in BX. Bridgewater Advisors Inc. purchased a new stake in Blackstone in the second quarter valued at $2,291,000. SFE Investment Counsel acquired a new stake in shares of Blackstone during the 2nd quarter worth about $8,894,000. BIP Wealth LLC purchased a new stake in Blackstone in the 2nd quarter valued at about $962,000. Next Capital Management LLC acquired a new stake in shares of Blackstone during the second quarter valued at about $2,965,000. Finally, Everett Harris & Co. CA purchased a new stake in shares of Blackstone in the 2nd quarter valued at approximately $289,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.
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].
