Key Points
- Blackstone director Ruth Porat bought 453 shares in two transactions on November 9 for about $54,700, increasing her stake by 0.87% through the 369-share purchase described in the filing.
- Blackstone’s latest quarterly EPS of $1.32 topped estimates, but revenue fell 0.8% year over year and missed expectations; the company also reduced its quarterly dividend from $1.29 to $1.12 per share.
- Analysts’ consensus rating is Moderate Buy, with an average price target of $144.57; shares recently opened at $118.58.
Blackstone Inc. (NYSE:BX - Get Free Report) Director Ruth Porat bought 369 shares of the firm's stock in a transaction that occurred on Monday, November 9th. The shares were purchased at an average price of $120.88 per share, for a total transaction of $44,604.72. Following the transaction, the director owned 42,558 shares of the company's stock, valued at $5,144,411.04. The trade was a 0.87% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.
Ruth Porat also recently made the following trade(s):
- On Monday, November 9th, Ruth Porat bought 84 shares of Blackstone stock. The stock was purchased at an average cost of $119.92 per share, with a total value of $10,073.28.
Blackstone Trading Down 2.8%
Shares of BX opened at $118.58 on Friday. Blackstone Inc. has a fifty-two week low of $101.73 and a fifty-two week high of $165.14. The company has a market capitalization of $89.07 billion, a PE ratio of 26.35, a price-to-earnings-growth ratio of 1.55 and a beta of 1.52. The stock has a fifty day moving average of $118.93 and a two-hundred day moving average of $122.90. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.72 and a current ratio of 0.71.
Blackstone (NYSE:BX - Get Free Report) last posted its quarterly earnings data on Thursday, October 22nd. The asset manager reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.06. The business had revenue of $3.06 billion for the quarter, compared to analysts' expectations of $3.27 billion. Blackstone had a return on equity of 23.16% and a net margin of 22.11%. The business's revenue was down .8% on a year-over-year basis. During the same quarter last year, the firm earned $0.80 earnings per share. As a group, analysts forecast that Blackstone Inc. will post 5.89 EPS for the current year.
Blackstone Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, November 9th. Investors of record on Monday, November 2nd were given a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a yield of 3.8%. This is a drop from Blackstone's previous quarterly dividend of $1.29. The ex-dividend date was Monday, November 2nd. Blackstone's dividend payout ratio (DPR) is currently 99.56%.
Analysts Set New Price Targets
Several analysts have commented on BX shares. Oppenheimer lifted their price target on Blackstone from $164.00 to $168.00 and gave the company an "outperform" rating in a report on Friday, October 23rd. Argus increased their price objective on shares of Blackstone from $146.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Citigroup reissued a "market outperform" rating on shares of Blackstone in a research report on Friday, October 23rd. Barclays lowered their target price on shares of Blackstone from $128.00 to $124.00 and set an "equal weight" rating for the company in a report on Thursday, October 8th. Finally, Royal Bank Of Canada upped their price target on shares of Blackstone from $161.00 to $169.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Thirteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, Blackstone currently has a consensus rating of "Moderate Buy" and an average price target of $144.57.
Get Our Latest Research Report on Blackstone
Institutional Investors Weigh In On Blackstone
A number of institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Blackstone during the second quarter worth about $6,112,162,000. Bank of America Corp DE acquired a new position in shares of Blackstone in the 2nd quarter valued at about $1,364,373,000. Legal & General Group Plc acquired a new position in shares of Blackstone in the 2nd quarter valued at about $605,267,000. Bank of New York Mellon Corp grew its holdings in shares of Blackstone by 8.0% during the 1st quarter. Bank of New York Mellon Corp now owns 4,520,908 shares of the asset manager's stock worth $519,859,000 after purchasing an additional 333,798 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Blackstone by 1.2% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,353,274 shares of the asset manager's stock worth $512,250,000 after purchasing an additional 52,755 shares in the last quarter. Hedge funds and other institutional investors own 70.00% of the company's stock.
Trending Headlines about Blackstone
These are some of the BX headlines that stood out recently:
- Positive Sentiment: Director Ruth Porat disclosed two purchases on November 9 totaling 453 shares for about $54,700. The buying may be viewed as a vote of confidence, though the purchases were modest relative to her reported holdings. SEC ownership filing
- Positive Sentiment: Blackstone will provide Pfizer up to $1.5 billion to support development of an investigational obesity drug. The deal offers potential exposure to a large healthcare market, although returns depend on the drug’s development and commercial prospects. Reuters article
- Neutral Sentiment: Technical analysis said BX’s broader bullish setup remains intact but selling pressure is testing a breakout. Another report described performance as mixed, with recent monthly gains but weaker year-to-date returns. Technical analysis
About Blackstone
(
Get Free Report)
Blackstone Inc. is a global alternative asset manager that invests on behalf of institutional and individual investors. Its businesses span private equity, real estate, credit and insurance, infrastructure, and multi-asset investing, with strategies that include private funds and investment products for a range of clients. Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson, the firm initially focused on mergers and acquisitions advisory work before expanding into investment management.
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