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

Blackstone Inc. (NYSE:BX) major shareholder Private Multi-Asset Blackstone acquired 765,111 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were bought at an average cost of $26.14 per share, with a total value of $20,000,001.54. Following the purchase, the insider owned 7,882,145 shares in the company, valued at approximately $206,039,270.30. The trade was a 10.75% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Blackstone Price Performance

Blackstone stock opened at $112.90 on Thursday. 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 company has a market cap of $83.87 billion, a price-to-earnings ratio of 28.87, a PEG ratio of 1.30 and a beta of 1.59. Blackstone Inc. has a 1 year low of $101.73 and a 1 year high of $190.09. The firm has a 50 day moving average price of $121.16 and a 200 day moving average price of $129.59.

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

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Stockholders of record on Monday, May 4th were issued a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Monday, May 4th. Blackstone’s dividend payout ratio (DPR) is 118.67%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Redwood Financial Network Corp grew its holdings in Blackstone by 1.8% during the 2nd quarter. Redwood Financial Network Corp now owns 3,588 shares of the asset manager’s stock valued at $537,000 after purchasing an additional 65 shares in the last quarter. Benchmark Financial Wealth Advisors LLC boosted its position in Blackstone by 0.9% in the 4th quarter. Benchmark Financial Wealth Advisors LLC now owns 7,748 shares of the asset manager’s stock valued at $1,194,000 after buying an additional 69 shares during the last quarter. Parcion Private Wealth LLC grew its stake in shares of Blackstone by 0.6% during the fourth quarter. Parcion Private Wealth LLC now owns 10,935 shares of the asset manager’s stock valued at $1,686,000 after acquiring an additional 70 shares in the last quarter. Trivium Point Advisory LLC increased its position in shares of Blackstone by 2.6% during the fourth quarter. Trivium Point Advisory LLC now owns 2,713 shares of the asset manager’s stock worth $418,000 after acquiring an additional 70 shares during the last quarter. Finally, Zacks Investment Management boosted its holdings in Blackstone by 2.1% in the third quarter. Zacks Investment Management now owns 3,453 shares of the asset manager’s stock valued at $590,000 after purchasing an additional 71 shares during the last quarter. 70.00% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BX has been the subject of a number of research analyst reports. JPMorgan Chase & Co. dropped their target price on shares of Blackstone from $142.00 to $136.00 and set a “neutral” rating for the company in a research report on Friday, April 24th. BMO Capital Markets boosted their price objective on shares of Blackstone from $126.00 to $132.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Dbs Bank raised shares of Blackstone to a “moderate buy” rating in a research report on Wednesday, May 27th. Zacks Research upgraded shares of Blackstone from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. Finally, The Goldman Sachs Group lowered their price target on 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 given a Hold rating to the stock. According to data from MarketBeat.com, the company 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.