Blackstone (NYSE:BX) Director Buys $44,604.72 in Stock

Blackstone Inc. (NYSE:BX) Director Ruth Porat purchased 369 shares of the stock in a transaction dated Monday, November 9th. The shares were bought at an average price of $120.88 per share, with a total value of $44,604.72. Following the completion of the acquisition, the director directly owned 42,558 shares of the company’s stock, valued at approximately $5,144,411.04. This represents a 0.87% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Ruth Porat also recently made the following trade(s):

• On Monday, November 9th, Ruth Porat acquired 84 shares of Blackstone stock. The shares were purchased at an average cost of $119.92 per share, for a total transaction of $10,073.28.

Blackstone Price Performance

BX stock traded down $3.43 during midday trading on Thursday, reaching $118.58. 2,883,807 shares of the stock were exchanged, compared to its average volume of 6,045,565. The stock has a market capitalization of $89.07 billion, a PE ratio of 26.35, a P/E/G ratio of 1.56 and a beta of 1.52. Blackstone Inc. has a 52 week low of $101.73 and a 52 week high of $165.14. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.71 and a quick ratio of 0.72. The company has a fifty day moving average price of $118.93 and a 200 day moving average price of $122.90.

Blackstone (NYSE:BX) last issued its earnings results on Thursday, October 22nd. The asset manager reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.06. The business had revenue of $3.06 billion during 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 for the quarter was down .8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.80 EPS. As a group, analysts expect that Blackstone Inc. will post 5.89 EPS for the current fiscal year.

Blackstone Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 9th. Stockholders of record on Monday, November 2nd were paid a $1.12 dividend. This is a decrease from Blackstone’s previous quarterly dividend of $1.29. This represents a $4.48 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend was Monday, November 2nd. Blackstone’s payout ratio is currently 99.56%.

Institutional Investors Weigh In On Blackstone

Large investors have recently modified their holdings of the company. Wellington Altus USA Inc. acquired a new position in Blackstone in the second quarter valued at $26,000. DiPaolo Financial Group Inc. acquired a new stake in Blackstone during the 3rd quarter worth about $28,000. Bell Investment Advisors Inc bought a new position in shares of Blackstone in the 2nd quarter worth about $30,000. Addison Advisors LLC acquired a new position in shares of Blackstone in the 2nd quarter valued at about $30,000. Finally, NBH Bank acquired a new position in shares of Blackstone in the 2nd quarter valued at about $30,000. 70.00% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Blackstone

Investors following BX have been watching these headlines:

• 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: A data-center campus developer backed by Blackstone secured more than $1.5 billion in financing, highlighting activity in the firm’s digital-infrastructure portfolio; the report does not specify a direct financial benefit to BX. Data center financing 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

Wall Street Analyst Weigh In

BX has been the topic of several recent research reports. Keefe, Bruyette & Woods upgraded shares of Blackstone to a “hold” rating in a research report on Monday, July 20th. Citigroup restated a “market outperform” rating on shares of Blackstone in a research report on Friday, October 23rd. TD Cowen dropped their price target on shares of Blackstone from $154.00 to $144.00 and set a “buy” rating for the company in a research note on Monday, October 12th. Royal Bank Of Canada lifted their price target on shares of Blackstone from $161.00 to $169.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Finally, Argus boosted their price objective on shares of Blackstone from $146.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Thirteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $144.57.

Blackstone Company Profile

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.