Key Points
- Blackstone insider John Finley sold 45,000 shares at an average price of $147.11, generating approximately $6.62 million. His remaining stake fell 8.02% to 516,017 shares.
- Blackstone reported a strong quarter, with earnings of $1.52 per share versus the $1.34 consensus estimate and revenue of $5.04 billion, up 35.9% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $147.95.
- The company increased its quarterly dividend to $1.29 per share, equivalent to a $5.16 annualized payout and a 3.5% yield, while institutional investors own about 70% of the stock.
Blackstone Inc. (NYSE:BX - Get Free Report) Director Ruth Porat acquired 371 shares of the company's stock in a transaction dated Monday, August 10th. The shares were bought at an average price of $137.17 per share, for a total transaction of $50,890.07. Following the purchase, the director owned 42,189 shares in the company, valued at approximately $5,787,065.13. This represents a 0.89% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.
Ruth Porat also recently made the following trade(s):
- On Monday, August 10th, Ruth Porat purchased 84 shares of Blackstone stock. The shares were purchased at an average cost of $137.32 per share, for a total transaction of $11,534.88.
Blackstone Stock Down 0.3%
Shares of BX stock opened at $146.71 on Thursday. Blackstone Inc. has a 52-week low of $101.73 and a 52-week high of $190.09. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.76 and a current ratio of 0.72. The stock has a market cap of $110.12 billion, a price-to-earnings ratio of 32.82, a PEG ratio of 1.63 and a beta of 1.56. The firm's 50-day moving average is $125.33 and its 200-day moving average is $122.56.
Blackstone (NYSE:BX - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.18. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The firm had revenue of $5.04 billion for the quarter, compared to analyst estimates of $3.42 billion. During the same quarter in the prior year, the company earned $0.98 earnings per share. The business's revenue for the quarter was up 35.9% compared to the same quarter last year. Sell-side analysts predict that Blackstone Inc. will post 6 EPS for the current year.
Blackstone Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were issued a dividend of $1.29 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $5.16 annualized dividend and a yield of 3.5%. This is a positive change from Blackstone's previous quarterly dividend of $1.16. Blackstone's payout ratio is 115.44%.
Institutional Investors Weigh In On Blackstone
A number of large investors have recently added to or reduced their stakes in the stock. Brighton Jones LLC lifted its position in shares of Blackstone by 34.6% during the 4th quarter. Brighton Jones LLC now owns 7,917 shares of the asset manager's stock valued at $1,365,000 after acquiring an additional 2,035 shares during the period. Sivia Capital Partners LLC raised its stake in Blackstone by 9.3% in the second quarter. Sivia Capital Partners LLC now owns 2,076 shares of the asset manager's stock valued at $310,000 after purchasing an additional 177 shares in the last quarter. United Bank grew its stake in Blackstone by 14.7% during the second quarter. United Bank now owns 13,528 shares of the asset manager's stock worth $2,024,000 after buying an additional 1,729 shares in the last quarter. Nebula Research & Development LLC acquired a new position in shares of Blackstone in the 2nd quarter valued at approximately $1,124,000. Finally, Sei Investments Co. boosted its position in shares of Blackstone by 1.9% during the 2nd quarter. Sei Investments Co. now owns 452,619 shares of the asset manager's stock worth $67,703,000 after acquiring an additional 8,655 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on BX. BNP Paribas Exane reduced their target price on shares of Blackstone from $126.00 to $125.00 and set a "neutral" rating for the company in a report on Tuesday, June 30th. Weiss Ratings upgraded shares of Blackstone from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, July 24th. Dbs Bank raised Blackstone to a "moderate buy" rating in a research report on Wednesday, May 27th. Citizens Jmp dropped their price target on Blackstone from $190.00 to $165.00 and set a "market outperform" rating for the company in a report on Thursday, July 9th. Finally, Evercore reaffirmed an "outperform" rating and issued a $150.00 price objective on shares of Blackstone in a report on Tuesday, April 21st. Thirteen investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, Blackstone presently has an average rating of "Moderate Buy" and an average price target of $147.95.
View Our Latest Stock Report on BX
Key Blackstone News
Here are the key news stories impacting Blackstone this week:
- Positive Sentiment: Analysts maintain a consensus “Moderate Buy” rating on BX, with 13 Buy ratings and 11 Holds. The average price target is $147.95, broadly consistent with the stock’s current trading level. Blackstone Receives Moderate Buy Rating
- Positive Sentiment: Blackstone and Quebec pension fund La Caisse agreed to acquire a 25% stake in Air Canada’s Aeroplan loyalty program for nearly $2 billion. The deal expands Blackstone’s alternative-investment exposure and could create future asset-management and fee revenue. Blackstone, La Caisse to Buy Aeroplan Stake
- Positive Sentiment: A Blackstone-backed consortium is reportedly acquiring 27 properties from H&R REIT, adding to the firm’s real-estate portfolio and potentially increasing investment-management revenue. Blackstone-Backed Consortium to Acquire H&R Properties
- Neutral Sentiment: Director Ruth Porat purchased 455 shares for approximately $62,400, a modest increase in her holdings. The purchase may signal confidence, but its size is unlikely to materially affect BX. Blackstone Insider Purchase Filing
- Negative Sentiment: Blackstone is reportedly considering abandoning plans to raise approximately $3 billion of debt for a cash-return transaction. Dropping the plan could reduce near-term capital-return flexibility and introduces uncertainty around allocation of capital. Blackstone Considers Scrapping $3 Billion Debt Plan
- Negative Sentiment: Insiders sold 54,500 shares worth roughly $8 million. CAO David Payne reduced his holdings by 12.85%, while John G. Finley cut his position by 8.02%; although such sales may reflect personal financial planning, they can weigh on sentiment. Blackstone Insider Selling
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.
Further Reading
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