Platform Technology Partners Purchases 13,035 Shares of Blackstone Inc. $BX

Platform Technology Partners increased its position in shares of Blackstone Inc. (NYSE:BX) by 52.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,003 shares of the asset manager’s stock after purchasing an additional 13,035 shares during the period. Blackstone accounts for 0.8% of Platform Technology Partners’ portfolio, making the stock its 27th largest holding. Platform Technology Partners’ holdings in Blackstone were worth $4,370,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Family CFO Inc bought a new stake in Blackstone during the fourth quarter valued at about $28,000. Ares Financial Consulting LLC purchased a new stake in shares of Blackstone during the fourth quarter worth about $28,000. Richardson Financial Services Inc. bought a new stake in Blackstone during the 4th quarter valued at approximately $29,000. Strive Asset Management LLC bought a new position in Blackstone in the 3rd quarter worth approximately $30,000. Finally, Palladiem LLC purchased a new stake in Blackstone during the 4th quarter valued at approximately $31,000. Hedge funds and other institutional investors own 70.00% of the company’s stock.

Blackstone Stock Performance

Shares of NYSE:BX opened at $122.73 on Friday. The firm has a fifty day simple moving average of $119.82 and a two-hundred day simple moving average of $128.06. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $190.09. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $91.17 billion, a P/E ratio of 31.39, a PEG ratio of 1.30 and a beta of 1.58.

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 the consensus estimate of $1.34 by $0.02. The firm had revenue of $3.43 billion for the quarter, compared to analysts’ expectations of $3.45 billion. Blackstone had a net margin of 20.67% and a return on equity of 22.86%. The business’s revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.11 EPS. On average, analysts expect 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 issued a $1.16 dividend. The ex-dividend date was Monday, May 4th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 3.8%. Blackstone’s payout ratio is 118.67%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Royal Bank Of Canada began coverage on shares of Blackstone in a report on Monday, June 8th. They issued an “outperform” rating on the stock. Evercore reiterated an “outperform” rating and issued a $150.00 price target on shares of Blackstone in a report on Tuesday, April 21st. Sanford C. Bernstein assumed coverage on shares of Blackstone in a report on Monday, June 8th. They set an “outperform” rating for the company. Jefferies Financial Group lifted their target price on Blackstone from $143.00 to $152.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Finally, Weiss Ratings downgraded Blackstone from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, May 4th. Thirteen analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $149.36.

Insider Activity

In related news, major shareholder Bx Buzz Ml-1 Gp Llc sold 7,477,500 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $3.78, for a total transaction of $28,264,950.00. Following the sale, the insider owned 19,374 shares in the company, valued at approximately $73,233.72. This represents a 99.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Ruth Porat purchased 355 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average price of $123.04 per share, with a total value of $43,679.20. Following the completion of the transaction, the director owned 41,818 shares of the company’s stock, valued at $5,145,286.72. The trade was a 0.86% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have purchased 10,252,345 shares of company stock worth $209,789,893. Company insiders own 1.00% of the company’s stock.

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.