GAMMA Investing LLC raised its holdings in Blackstone Inc. (NYSE:BX – Free Report) by 42.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,191 shares of the asset manager’s stock after buying an additional 4,838 shares during the period. GAMMA Investing LLC’s holdings in Blackstone were worth $1,905,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in BX. Vanguard Group Inc. raised its stake in Blackstone by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 71,667,695 shares of the asset manager’s stock worth $11,046,859,000 after purchasing an additional 840,258 shares in the last quarter. Morgan Stanley boosted its stake in shares of Blackstone by 2.0% in the 4th quarter. Morgan Stanley now owns 32,862,165 shares of the asset manager’s stock valued at $5,065,374,000 after purchasing an additional 636,613 shares in the last quarter. State Street Corp increased its position in Blackstone by 0.6% during the 4th quarter. State Street Corp now owns 31,542,009 shares of the asset manager’s stock worth $4,861,885,000 after purchasing an additional 179,213 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Blackstone by 3.4% during the first quarter. Bank of America Corp DE now owns 11,538,067 shares of the asset manager’s stock valued at $1,326,762,000 after purchasing an additional 384,264 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Blackstone in the fourth quarter worth $1,275,747,000. 70.00% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In other news, major shareholder Private Multi-Asset Blackstone acquired 765,111 shares of Blackstone stock in a transaction on Tuesday, June 23rd. The stock was acquired at an average cost of $26.14 per share, for a total transaction of $20,000,001.54. Following the purchase, the insider owned 7,882,145 shares in the company, valued at $206,039,270.30. This trade represents a 10.75% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Vikrant Sawhney sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $135.55, for a total transaction of $4,066,500.00. Following the completion of the transaction, the insider owned 869,669 shares in the company, valued at approximately $117,883,632.95. This represents a 3.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have purchased a total of 10,825,959 shares of company stock worth $224,789,900 over the last quarter. 1.00% of the stock is owned by insiders.
Blackstone Stock Performance
Blackstone (NYSE:BX – Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The asset manager reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.18. Blackstone had a net margin of 21.84% and a return on equity of 23.77%. The company had revenue of $5.04 billion during the quarter, compared to analyst estimates of $3.42 billion. During the same period last year, the business earned $0.98 EPS. Blackstone’s quarterly revenue was up 35.9% compared to the same quarter last year. On average, analysts anticipate that Blackstone Inc. will post 6 EPS for the current fiscal year.
Blackstone Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, August 10th. Stockholders of record on Monday, August 3rd will be paid a $1.29 dividend. This is an increase from Blackstone’s previous quarterly dividend of $1.16. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Monday, August 3rd. Blackstone’s payout ratio is currently 115.44%.
Analyst Upgrades and Downgrades
Several analysts have recently commented on the stock. Jefferies Financial Group raised their price objective on shares of Blackstone from $143.00 to $152.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. HSBC reaffirmed a “hold” rating and set a $135.00 target price on shares of Blackstone in a research report on Monday, July 20th. Zacks Research upgraded shares of Blackstone from a “strong sell” rating to a “hold” rating in a research note on Monday, June 8th. Evercore reiterated an “outperform” rating and issued a $150.00 target price on shares of Blackstone in a research note on Tuesday, April 21st. Finally, Dbs Bank upgraded shares of Blackstone to a “moderate buy” rating in a research note on Wednesday, May 27th. Thirteen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $147.95.
Read Our Latest Report on Blackstone
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.
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