Key Points
- Major shareholder Holdings L.P. Blackstone sold 124,600 shares at an average price of $16.40, for total proceeds of approximately $2.04 million; the transaction was disclosed in an SEC filing.
- Blackstone reported quarterly earnings of $1.52 per share, beating estimates of $1.34, while revenue rose 35.9% year over year to $5.04 billion.
- The company increased its quarterly dividend to $1.29 per share, representing a $5.16 annualized payout and a 4.5% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $148.71.
Blackstone Inc. (NYSE:BX - Get Free Report) major shareholder Holdings L.P. Blackstone sold 124,600 shares of Blackstone stock in a transaction dated Friday, September 25th. The stock was sold at an average price of $16.40, for a total value of $2,043,440.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases with the SEC.
Blackstone Trading Down 3.3%
NYSE:BX opened at $114.52 on Tuesday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.63. Blackstone Inc. has a 52-week low of $101.73 and a 52-week high of $177.23. The stock's 50 day moving average price is $133.62 and its 200 day moving average price is $123.98. The company has a market capitalization of $85.96 billion, a PE ratio of 25.62, a P/E/G ratio of 1.33 and a beta of 1.56.
Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The asset manager reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.18. The business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $3.42 billion. Blackstone had a return on equity of 23.77% and a net margin of 21.84%.The company's revenue was up 35.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.98 earnings per share. On average, research analysts anticipate that Blackstone Inc. will post 5.98 EPS for the current year.
Blackstone Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 10th. Shareholders of record on Monday, August 3rd were given a dividend of $1.29 per share. This represents a $5.16 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Monday, August 3rd. This is an increase from Blackstone's previous quarterly dividend of $1.16. Blackstone's payout ratio is 115.44%.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on the stock. Barclays increased their target price 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. Keefe, Bruyette & Woods raised Blackstone to a "hold" rating in a research report on Monday, July 20th. Oppenheimer boosted their target price on Blackstone from $140.00 to $171.00 and gave the company an "outperform" rating in a report on Thursday, August 27th. UBS Group reiterated a "neutral" rating and issued a $122.00 price objective on shares of Blackstone in a research report on Wednesday, September 23rd. Finally, Argus upped their price objective on shares of Blackstone from $146.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Thirteen equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, Blackstone currently has an average rating of "Moderate Buy" and an average target price of $148.71.
Get Our Latest Report on Blackstone
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in the stock. SlateStone Wealth LLC boosted its position in Blackstone by 1.9% during the fourth quarter. SlateStone Wealth LLC now owns 3,997 shares of the asset manager's stock worth $616,000 after purchasing an additional 75 shares during the period. Founders Financial Securities LLC lifted its stake in shares of Blackstone by 4.1% during the 4th quarter. Founders Financial Securities LLC now owns 1,928 shares of the asset manager's stock worth $297,000 after buying an additional 76 shares during the last quarter. Hudock Inc. boosted its holdings in shares of Blackstone by 0.3% during the 2nd quarter. Hudock Inc. now owns 22,369 shares of the asset manager's stock worth $2,632,000 after buying an additional 77 shares during the period. GHP Investment Advisors Inc. raised its holdings in Blackstone by 4.4% in the 1st quarter. GHP Investment Advisors Inc. now owns 1,888 shares of the asset manager's stock valued at $217,000 after acquiring an additional 79 shares during the period. Finally, Prentice Wealth Management LLC boosted its holdings in shares of Blackstone by 1.3% during the first quarter. Prentice Wealth Management LLC now owns 6,256 shares of the asset manager's stock worth $719,000 after acquiring an additional 80 shares during the period. 70.00% of the stock is owned by hedge funds and other institutional investors.
About Blackstone
(
Get Free Report)
Blackstone Inc is a global alternative asset management firm that provides investment solutions to institutional investors, companies, financial advisers and individual investors. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson, the company has developed a broad platform spanning private markets and other alternative investments.
Blackstone's businesses include private equity, real estate, credit and insurance, infrastructure, secondaries and hedge fund solutions. Its investment activities may involve acquiring and managing companies, commercial and residential properties, infrastructure assets, private credit and other investments on behalf of its clients.
The firm serves clients and invests across North America, Europe, Asia-Pacific and other international markets.
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