Arrow Capital Management LLC Purchases New Holdings in Blackstone Inc. $BX

Arrow Capital Management LLC acquired a new stake in Blackstone Inc. (NYSE:BX) in the 4th quarter, Holdings Channel.com reports. The fund acquired 79,971 shares of the asset manager’s stock, valued at approximately $12,327,000. Blackstone comprises approximately 7.2% of Arrow Capital Management LLC’s holdings, making the stock its 4th biggest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of BX. Walser Wealth Management Company A Ltd Liability Co acquired a new position in shares of Blackstone during the 4th quarter worth $316,000. MV Capital Management Inc. acquired a new position in Blackstone during the fourth quarter worth about $103,000. White Knight Strategic Wealth Advisors LLC boosted its stake in shares of Blackstone by 30.7% in the 4th quarter. White Knight Strategic Wealth Advisors LLC now owns 17,165 shares of the asset manager’s stock valued at $2,646,000 after purchasing an additional 4,029 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in shares of Blackstone during the 4th quarter valued at approximately $22,268,000. Finally, Compound Planning Inc. increased its position in Blackstone by 18.9% during the 4th quarter. Compound Planning Inc. now owns 21,860 shares of the asset manager’s stock worth $3,369,000 after purchasing an additional 3,470 shares in the last quarter. Institutional investors and hedge funds own 70.00% of the company’s stock.

Insider Buying and Selling

In other news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $3.78, for a total value of $28,264,950.00. Following the completion of the sale, the insider owned 19,374 shares in the company, valued at $73,233.72. This represents a 99.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ruth Porat purchased 355 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were purchased at an average cost of $123.04 per share, for a total transaction of $43,679.20. Following the completion of the transaction, the director directly owned 41,818 shares of the company’s stock, valued at $5,145,286.72. This represents a 0.86% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased 9,487,234 shares of company stock worth $189,789,892 in the last ninety days. Corporate insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Oppenheimer boosted their target price on shares of Blackstone from $154.00 to $156.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. Evercore reissued an “outperform” rating and set a $150.00 price objective on shares of Blackstone in a report on Tuesday, April 21st. Argus lowered their target price on Blackstone from $163.00 to $146.00 and set a “buy” rating for the company in a report on Tuesday, April 28th. Piper Sandler lifted their price target on Blackstone from $122.00 to $130.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Finally, JPMorgan Chase & Co. lowered their price objective on Blackstone from $142.00 to $136.00 and set a “neutral” rating for the company in a research note on Friday, April 24th. Thirteen investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $150.86.

Blackstone Trading Down 1.0%

NYSE:BX opened at $123.78 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.76 and a current ratio of 0.76. The firm’s fifty day moving average is $120.98 and its 200-day moving average is $130.40. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $190.09. The firm has a market cap of $91.95 billion, a P/E ratio of 31.66, a P/E/G ratio of 1.36 and a beta of 1.59.

Blackstone (NYSE:BX) last released its quarterly earnings data on Thursday, April 23rd. The asset manager reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.02. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The company had revenue of $3.43 billion during the quarter, compared to analyst estimates of $3.45 billion. During the same quarter in the previous year, the business posted $1.11 EPS. Blackstone’s revenue for the quarter was up 10.0% compared to the same quarter last year. Equities analysts expect that Blackstone Inc. will post 5.9 earnings per share for the current year.

Blackstone Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Stockholders of record on Monday, May 4th were paid a $1.16 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $4.64 annualized dividend and a dividend yield of 3.7%. Blackstone’s dividend payout ratio is 118.67%.

Blackstone Profile

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.