Private Multi-Asset Blackstone Buys 765,111 Shares of Blackstone (NYSE:BX) Stock

Blackstone Inc. (NYSE:BX) major shareholder Private Multi-Asset Blackstone acquired 765,111 shares of the business’s stock in a transaction on Tuesday, June 23rd. The stock was purchased at an average price of $26.14 per share, for a total transaction of $20,000,001.54. Following the acquisition, the insider directly owned 7,882,145 shares in the company, valued at $206,039,270.30. This represents a 10.75% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Blackstone Stock Up 1.0%

Shares of NYSE BX opened at $114.17 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. Blackstone Inc. has a 1 year low of $101.73 and a 1 year high of $190.09. The stock’s 50-day simple moving average is $120.91 and its 200-day simple moving average is $129.32. The firm has a market cap of $84.81 billion, a price-to-earnings ratio of 29.20, a PEG ratio of 1.23 and a beta of 1.59.

Blackstone (NYSE:BX) last announced its earnings results on Thursday, April 23rd. The asset manager reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.02. Blackstone had a return on equity of 22.86% and a net margin of 20.67%.The company had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.45 billion. During the same period in the prior year, the company posted $1.11 EPS. Blackstone’s quarterly revenue was up 10.0% on a year-over-year basis. As a group, equities analysts anticipate that Blackstone Inc. will post 5.9 earnings per share for the current fiscal year.

Blackstone Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, May 11th. Stockholders of record on Monday, May 4th were given 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 4.1%. Blackstone’s payout ratio is presently 118.67%.

Hedge Funds Weigh In On Blackstone

Several hedge funds and other institutional investors have recently modified their holdings of the company. FAS Wealth Partners Inc. lifted its position in Blackstone by 9.7% in the 1st quarter. FAS Wealth Partners Inc. now owns 28,072 shares of the asset manager’s stock valued at $3,228,000 after purchasing an additional 2,493 shares during the last quarter. Evansbrook LLC increased its stake in shares of Blackstone by 4.7% in the first quarter. Evansbrook LLC now owns 2,695 shares of the asset manager’s stock valued at $310,000 after purchasing an additional 122 shares during the period. DV Trading LLC boosted its position in shares of Blackstone by 186.2% during the first quarter. DV Trading LLC now owns 2,006 shares of the asset manager’s stock worth $231,000 after buying an additional 1,305 shares during the period. Parallel Advisors LLC grew its holdings in Blackstone by 5.1% in the 1st quarter. Parallel Advisors LLC now owns 24,678 shares of the asset manager’s stock worth $2,838,000 after buying an additional 1,187 shares in the last quarter. Finally, Caerus Investment Advisors LLC bought a new stake in Blackstone during the 1st quarter valued at $204,000. Institutional investors and hedge funds own 70.00% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on BX shares. HSBC lowered their price objective on Blackstone from $164.00 to $131.00 and set a “hold” rating for the company in a report on Friday, April 10th. Morgan Stanley dropped their price target on Blackstone from $215.00 to $184.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 21st. Piper Sandler lifted their price objective on shares of Blackstone from $122.00 to $130.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Barclays dropped their target price on shares of Blackstone from $126.00 to $124.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 8th. Finally, The Goldman Sachs Group decreased their price target on shares of Blackstone from $118.00 to $116.00 and set a “neutral” rating for the company in a report on Friday, April 24th. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $150.86.

About Blackstone

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.